3 days Ago By [email protected] (James Rodger, Hannah Giacardi)
Money-saving guru Martin Lewis has sounded the alarm as time for UK residents to bag a free will is running out. With two-thirds of Brits either lacking an up-to-date will or not having one at all, as per Will Aid’s findings, the MoneySavingExpert founder it's crunch time to get your affairs in order. Solicitor Nick Hall, from London -based firm Gunnercooke, has said not having a will: "It's like having a boat but no one's steering it.
" Meanwhile, Richard Millar, who heads Free Wills Month, highlighted the common tendency to shelve will writing to the bottom of our 'to-do list'. "It's not an exciting thing. There is obviously an element of thinking about your own mortality which we're not particularly good at engaging in in the UK," he commented.
Peter de Vena Franks, Campaign Director at Will Aid spoke on the subject: "It's not just about how many assets and what assets you have. Having somebody pass away is a really stressful time anyway, and not knowing what that person wanted in terms of their funeral wishes, their record collection, for instance, and some of their stuff which may not have value, just adds a huge amount of extra stress at what is clearly an awful time." Individuals have a golden opportunity to write a "basic" will without charge during March, October, and November.
Hall also gives a crucial tip: "If you get divorced, it doesn't destroy your will, but it treats your spouse as having died, so the next clause in your will comes in to effect, and that may not be what you want." Mr Lewis' Money Saving Expert site cautions: "Making a will is one of those things that many people put off. In fact, 52% of those who voted in our last wills' poll either don't have one or do but it's out of date.
That's a concerning figure, given that more than £5 trillion is expected to pass between generations over the next 30 years." "But where there's a will in place, it can be an important way to protect your family and loved ones: saving on inheritance tax, and hopefully heading off family disputes about how your possessions should be divided.".
