Martin Lewis has highlighted the crucial time to get free wills drafted, emphasising the importance of avoiding turmoil and distress for loved ones after one’s demise.
The Money-Saving Expert became notably poignant on his latest podcast, pressing listeners to take action on their will and inheritance arrangements to spare their family any ‘pain’ following their passing.
During The Martin Lewis Podcast, he conveyed that creating this essential document need not be a financial burden.
A listener named Sarah prompted the discussion with her concerns about her complex family dynamics. She shared: “I have two children from a former marriage, my husband has one son from a former marriage.
“He thinks we could just do a quickie free will, I think we have to do something a bit more involved due to the complexity of our situation.”
Agreeing with Sarah, Martin acknowledged that those with “more complicated” familial ties should consider a solicitor-drafted will, which he regards as the “gold standard” in will preparation. Yet, he also warned his audience not to equate the gold standard with exorbitant costs.
Money-saving guru Martin Lewis has revealed some insider tips on how to get your will sorted without breaking the bank. He explained: “Solicitor-drafted wills don’t have to be that expensive.
“There are two schemes during the year where you can either do it for free or for a £100 donation. Will Aid, which takes place in November and Free Wills Month which, confusingly, takes place twice a year in March and October. Whether you’re a March or October depends where you live in the country.”
Despite wills typically being outside his usual advice spectrum, the financial whizz didn’t stop there, offering additional savvy solutions: “You might be a member of a trade union in which case you could be able to get a free will. There are free wills that are offered, solicitor drafted wills these are, offered by some charities.”
He also highlighted that while there are free online options that solicitors check, they aren’t necessarily solicitor-drafted, and mentioned several “low-cost hybrids” such as Co-op Legal Services.
Addressing the specific needs of those with complex family situations, like Sarah who has children from a previous relationship, Martin stressed the importance of getting it right: “In the situation where you’ve got children from a previous relationship, I think it’s worth making sure you get it right. The pain after someone’s passed away when the will is wrong is difficult. If you haven’t got very much to leave then it isn’t much of a big deal.”
