Financial guru Martin Lewis is urging anyone over 40 to have an 'unpleasant issues' chat with loved ones.
In his latest MSE newsletter, Martin shared how an experience has been 'seared' into his memory when a a group of women aged between 40 and 50 came to him asking for advice after their partners had died. He is now urging others to be prepared financially and let loved ones know what to expect.
Martin said: "Three women once came up to me after a talk. It's a while ago now, but it's still vividly seared into my memory. All were in their 40s to 50s. They weren't together, but one after another, each told me they'd very recently lost their husbands and were desperate: "I'm in dire straits, where do I start?"
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"Their partners were caring men, who'd hoped to ease their wife's burden by dealing with all the family finances. Yet that kindness was a curse. It loaded financial misery on to grief, leaving them inexperienced and ill-equipped for a solo financial future."
He added: "This isn't a gender issue, it could've equally been true in reverse. The problem is a lack of communication and preparation for one of many possible changes of circumstance.
"What I'm about to explain isn't pleasant, but it is important. The financial and emotional cost to loved ones of ignoring this can be dire."
The Money Saving Expert shared how a fan tweeted explaining how her friend had passed away and didn't leave a will, and there is now a custody battle for an 11 year-old daughter and the house.
Margaret explained: "My friend just passed away. A single parent with a child of 11. No will or wishes for her daughter. Now a custody battle with her brother and a boyfriend for the daughter and a house."
This comes as November will mark Will Aid month. It runs across the whole UK and is open to anyone over 18. In return for a suggested £100 donation, or £180 for couples, solicitors give time for simple wills. The donation can be spread across nine charities including Age UK and Save the Children and Martin reckons it's 'likely far cheaper' that normal.
He added: "If you can't afford it, you can give less, but don't game it as it is for charity."
You can see MSE's full explanation on rights, how to get a will and what happens if you die without one here.
For those who are in a relationship, Martin warned that they might mean nothing under the law.
He urged: "Get a will, a contract, a civil partnership or tie the knot - your relationship means nowt in law. I don't care if you've been together 82 years and have 17 children, if you're not married or in a civil partnership, your relationship usually has no status under inheritance law."
There is also a cohabitation agreement that is a legally binding that states what should happen if the relationship ends.
The financial journalist also is warning that as one in three people will develop dementia and so it is crucial to have a lasting power of attorney set up, even if you're well now, it is worth having planned in case it's needed at a later date.
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