Martin Lewis urges Brits to tackle ‘uncomfortable but necessary’ issue now

Although death is an inevitability for us all, it’s something many of us are reluctant to discuss.

According to Martin Lewis however, putting this ‘uncomfortable but necessary’ issue off puts your loved ones at risk of red tape and financial difficulty when you pass, potentially compounding their grief.

In the latest edition of his newsletter, the Money Saving Expert founder encouraged people to have ‘a difficult conversation’ now, regardless of your age or health.

‘While it’s understandable to want to avoid these topics, the knock-on financial and emotional costs of not engaging are worse,’ Martin wrote. ‘And this isn’t just for those with grey hair — anyone with dependants should be thinking about this.’

Alongside the fact it’s upsetting, for some, the unwillingness to address the prospect of dying is down to concerns over wills being costly or complicated. But with MSE’s handy tips, planning ahead is easier (and cheaper) than you’d think, so there’s no excuse not to.

Making a will

First on Martin’s list is wills, which he says are crucial for everyone with ‘a house, savings, a business, or people you’d like to look after when you’re gone.’

Without one, intestacy rules mean you have no say in what goes where, with your estate being shared out in a standard way that might not align with your wishes. Plus, dying will-less could end up forcing your loved ones to deal with all sorts of additional bureaucracy hurdles while they’re already grieving.

If you can afford to get a solicitor to draft a will for you, this is ‘the gold standard’. If not though, you can likely take advantage of various schemes that keep costs down.

Free Wills Month, held in October and March each year, allows over-55s to get a solicitor-drafted (or updated) will for free at locations across the UK. As it’s run by charities, you’ll be asked to bequeath some money to the likes of Age UK or Samaritans as part of the service, but this isn’t compulsory. If your financial affairs are particularly complicated, you may also have to pay an additional fee.

Alternatively, Will Aid month (November) is open to everyone over 18, offering wills for a suggested charity donation of £100 or £180. Martin advises booking a slot ahead of time for this scheme – they’re open now – as it does tend to book up fast.

Alongside these recommendations, the budgeting guru offered the following advice for wills:

• , especially if you’ve got married since you made it. ‘An out-of-date will is almost as bad as no will,’ comments Martin.
• If you die before taking your pension, the provider or trustees decide what to do with it, which means it could be left to an ex partner.
• Unmarried couples often don’t have legal status, so Martin advises: ‘Get a will, a contract, a civil partnership or tie the knot.’ 
• Ensure you discuss and set out legal guardianship of your children in the event both parents die, as otherwise the courts will decide who takes care of them.
• From photos to social media accounts, you can list the digital assets you want to pass on, on paper, and add a ‘legacy contact’ on platforms like Apple, Facebook, Google and append it to your will so your nominated loved ones are able to access them when you’re gone.

Power of attorney

It’s not just about divvying up assets. Martin says choosing who gets power of attorney (PoA) – dealing with your money and care if you’re unable to – is ‘arguably more important than a will,’ yet recent polls show that only 26% of those with a will had a PoA.

MSE recommends filling out a free Lasting Power of Attorney form via the government’s website, whereby you can nominate a trusted friend or relative to look after your affairs if needed. If your affairs are more complex however, it’s likely worth getting a solicitor to sort it.

Without a PoA, your loved ones will have to go through the Court of Protection (or the sheriff court in Scotland, or Office of Care and Protection in Northern Ireland) if the worst happens – a costly and difficult process.

Funeral planning

Last but not least, don’t forget to consider how your send-off will be paid for, since cremations and funerals can cost from £1,500 to upwards of £3,500 depending on what you want.

A prepaid funeral plan can save your loved ones the stress of organising it and coming up with cash during an already difficult time, and you should also leave them notes about your preferences on being laid to rest.

‘Do be aware,’ adds Martin, ‘Plans often exclude things such as burial plots, headstones, flowers, embalming and wake costs, so there can be £100s or £1,000s more to be paid by loved ones.’

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