Martin Lewis urges Brits to tackle ‘uncomfortable but necessary’ problem

Although death is inevitable for all of us, many of us refuse to discuss it.

However, according to Martin Lewis, removing this ‘inconvenient but necessary’ problem puts your loved ones at risk of accidents and financial difficulties when you graduate, which can add to your grief.

In the latest edition of the newsletter, the founder of Money Saving Expert is encouraging people to have ‘the tough conversations’ today, no matter your age or health.

“While it’s understandable to want to avoid the topic, the financial and emotional cost of not doing so is worse,” Martin wrote. ‘And it’s not just for people with gray hair – anyone with a dependent should think about it.’

Besides the fact that it is upsetting, for some, the unwillingness to address the prospect of dying down to concerns over will be expensive or complicated. But with MSE’s practical tips, planning is easier (and cheaper) than you might think, so there’s no reason not to.

Make a will

The first on Martin’s list is a will, which he says is important for everyone with a ‘home, savings, business, or someone who likes to look after you when you’re gone.’

Without one, the rules of intestacy mean you have no say in what happens next, with your property being divided in a default way that may not be in accordance with your wishes. In addition, death will not force loved ones to overcome various additional bureaucratic obstacles while grieving.

If you can get a lawyer to draft a will for you, this is the ‘gold standard’. If not, you can take advantage of various schemes that reduce costs.

Free Wills Month, which takes place in October and March each year, allows over-55s to get a will drawn up (or updated) for free at locations across the UK. When run by a charity, you will be asked to give money to the likes of Age UK or Samaritans as part of the service, but this is not compulsory. If your financial affairs are too complicated, you may also have to pay additional fees.

Alternatively, Will Aid month (November) is open to all over 18s, offering a will for a suggested charity donation of £100 or £180. Martin advises booking a slot in advance for this scheme – it’s currently open – as it tends to fill up quickly .

In addition to these recommendations, the budgeting guru offers the following advice for wills:

• Check out his will so farespecially if you’ve been married since you made it. ‘Having expired is almost as good as never,’ commented Martin.
• Update the expression of desire (or nomination) form for retirement if your circumstances change. If you die before taking your pension, your provider or trustee decides what to do with it, meaning it can be left to your ex-partner.
• Do not assume ‘common law’ status. Unmarried couples often have no legal status, so Martin advises: ‘Get a will, contract, civil partnership or bond.’
• Consider who is looking after the children. Make sure you discuss and determine the legal guardianship of your children if their parents die, because if not, the court will decide who takes care of them.
• Don’t forget digital assets. From photos to social media accounts, you can register the digital assets you want to pass on, on paper, and add ‘legacy contacts’ on platforms like Apple, Facebook, Google and add them to your will so that your loved ones can choose. to access when you’re away.

Power of attorney

It’s not just about divvying up assets. Martin says that choosing who gets a power of attorney (PoA) – looking after your money and looking after you if you can’t – is ‘arguably more important than a will,’ but a new poll shows that only 26% of people who have a will actually have a will. POA.

MSE recommends filling out a free Lasting Power of Attorney form through the government website, so you can nominate a trusted friend or relative to take care of your affairs if necessary. If your case is more complicated, it’s worth getting a lawyer to sort it out.

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

Funeral arrangements

Finally, don’t forget to consider how to pay for your delivery, as cremation and burial can cost anywhere from £1,500 to £3,500, depending on what you want.

A prepaid funeral plan can save your loved ones the stress of arranging and raising money during a difficult time, and it also gives you a record of your options at the time of burial.

‘Be aware,’ added Martin, ‘Plans often don’t include things like grave plots, headstones, flowers, embalming and wake costs, so there could be another £100 or £1,000 to pay for loved ones.’

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