Martin Lewis issued a stark warning to couples about their financial arrangements should one partner pass away. During his appearance on the Martin Lewis Money Show Live on ITV this week, the personal finance guru bluntly stated that if a couple is not married and one of them dies without a will, the surviving partner will receive nothing.
Mr Lewis’s comments come as Will Aid month is observed, a time when solicitors offer their services for free in return for a charitable donation. He emphasised the importance of having a will if individuals want control over where their assets go after their death, otherwise, the law decides.
He explained: “If you have assets, do a will, then you get to decide where they go. If not, what’s called the intestacy laws will decide where your assets go. It depends on which UK nation you’re in. Go on to Gov.uk and have a look at what the situation would be in your case, especially if you’ve got dependent children.”
A crucial factor is whether or not a person is married. Mr Lewis clarified: “In most cases, if you’re not married, nothing will go to your partner. If you don’t have a will or you have a blended family, you want to give money to your children from your first marriage. But it might all go to your current partner.”
“Wills are crucial in all these situations. Plus, dying intestate can also delay and complicate the process of dealing with your estate.”
Intestate refers to dying without a will, as one viewer explained on the show: “My uncle died Intestate in 2022. It took 13 months for letters of administration to be granted. My parents left Wales last year, and probate took eight weeks.”
Mr Lewis explained: “People often say they’re not making a will because everything will go to their spouse or partner anyway. But having a will actually speeds up the process when they’re already dealing with grief. In many cases, if you’ve already got a will, check if it’s current, especially if you’ve recently married because in England, Wales and Northern Ireland, getting married can often invalidate a will. Interestingly, getting married can do this, but getting divorced doesn’t. But hey, that’s how it works. So you’ll need to make a new will.”
Financial guru Mr Lewis has highlighted the value of Will Aid month, where solicitors recommend a donation of £100 for a will or £180 for a mirror will – significantly less expensive than regular charges. He remarked: “If you can’t afford it, you can give less. But please don’t game it because it is set up to give money to charity.”
On the topic of pensions, he emphasised the importance of keeping your beneficiary information current, cautioning: “Pensions don’t go in your will, so you need to make sure you have an up-to-date expression of wishes or nomination form with your pension provider. I hear too many cases where people haven’t updated it. They pass away. They haven’t changed it since they got divorced. It still says I want it to go to my ex-partner and that causes some real problems. While these expressions of wishing forms aren’t binding, they are what pension firms look at.”
He advises: “So make sure your expression of wishing on your pension is up to date because they don’t go in your will.”
To secure a Will Aid appointment in November 2024, visit https://www.willaid.org.uk/ for further details.