Martin Lewis, Money Saving Expert, appeared recently on his ITV programme, The Martin Lewis Money Show Live. In his 30-minute slot, he discussed a wide range of issues, but one of particular interest was securing a free Will. A Will, formally known as a Last Will and Testament, is a legal document which outlines a person’s wishes for what happens to their assets after they pass away.
It is often seen as a key document to ensure people can protect their loved ones and have their wishes met when they are no longer here.
Laying out one’s wishes before death can also prove particularly important in legally reducing Inheritance Tax, something which Martin touched upon in his show.
Inheritance Tax is charged at 40 percent on the value of an estate above a certain threshold, and so it is understandable many people will want to avoid this where possible.
One way to do so, Martin explained, is taking action ahead of Free Wills Month.
Martin, though, stressed the importance of creating a Will for those worried about Inheritance Tax, or other aspects of their lives.
He explained: “Wills are important if you want to choose where your assets go.
“Most crucially, if you’re living with someone but not married or in a civil partnership, the law doesn’t care if you’ve been together 20 years and have 19 children, you still have no legal status.
“One of you, if you died, the other, for example, may not be able to live in the house afterwards, and that’s what a Will helps with.
“Equally, if you have children under 18 and you want to dictate where you want them to live or what you want to happen to them if God forbid something should happen to you, a Will helps.
“If you have substantial assets or if you are worried about Inheritance Tax, or other specific wishes, a Will will help with that.
“Even if you are slightly younger, it is worth getting a Will too.”
When making a Will there will be important considerations for Britons to bear in mind, such as who will inherit what, who will ensure wishes are met after a person passes away, and who to choose to witness the signing of the document.
However, it is important to note a Will can be legally changed later down the line, by making a new Will altogether, so Britons do not have to worry about life changes.
Martin, however, left a final warning, urging Britons to act fast if they wish to take advantage of the deal.
He said: “Bookings open at 9am on Monday, but it fills up fast.
“That is why I’m giving you a heads up now. Get that in your diary.”
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip