March is Free Wills Month
Martin Lewis urges anyone over 55 to do one thing(Image: ITV)
Martin Lewis is urging anyone over the age of 55 to save you, and your family thousands of pounds in the future.
This March is Free Wills Month, a vital act for anyone wanting to avoid inheritance tax bills.
It may be a morbid topic, but failing to act could see your money end up being given to the wrong person thanks to the way default ‘intestacy’ laws work.
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This is where the person leaving money behind doesn’t have a will, or an up-to-date will.
Speaking on the latest episode of The Martin Lewis Money Show Live on Tuesday, March 3, Martin said: “Free solicitor drafted wills, they usually cost hundreds of pounds. Solicitor drafted is the gold standard.
“So let’s just start on the basic point. If you’ve got assets, you do a will, so you get to decide where they go. If you die without a will, what’s called the intestacy laws dictate where your assets go.
“In England for example the first £322,000 go to your spouse and then after that the rest would be split between your spouse and your children and a whole load of other complexities… so you’re not deciding.
“The Free Wills Month Scheme is on in March for those aged 55+.
“Solicitor drafted wills, that’s the gold standard, or mirror wills, that’s when there’s two of you and basically it’s the same thing but in reverse.”
The service can be found at FreeWillsMonth.org.uk.
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