Money man Martin Lewis has issued a fresh warning to people living in England who don't have a will set up, advising that the state will control where your assets go upon your passing.
It was a dark and gloomy start to Martin's Money Show Live on ITV this week, with the financial buff having the tough conversation with Brits about financial tolls after death.
And Martin kicked off the show by explaining what happens to your finances after you pass away should you not have a will in place, urging UK residents to ensure they have plans in place.
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Speaking on the show, Martin said: "Now if you die without a will, it is the state - not you - who decides where your assets go. It's called the Intestacy Rules, they are complex - not just to say - and they vary by UK nation. So let me give you an example.
"You're married in England, you've got children. The first up to £270,000 of your assets go to your spouse. The rest is then equally divided between your spouse and the other half is divided amongst each child. But if you want to define where your assets go, that's up to you and you have a choice.
"And the mechanism we use for that is called a will - that way you decide. If you’re cohabiting and you’ve lived together for 20 years and you’ve got 17 children - that doesn’t matter in the eyes of the law. You would not get anything without a will.
"So it’s even more important in those situations. I’d also suggest you consider a cohabitation agreement of what happens if you were to split up if you’re not married."
And while setting up a will can be a tedious and costly procedure, Martin explained that this month you may be able to set one up free of charge and hassle with 'Free Wills Month'. He added: "Now we're in March which is good because Freewillsmonth.org.uk for those aged 55 and above can book in March - and you could get an appointment afterwards but the sooner you go the better - to get a free will.
"The solicitors draft it in the hope that you'll leave a bequest - leave something in your will to charity, £200. There's a whole range of charities, AgeUK and NSPCC. There's also a Free Wills Month in October, which does different destinations - different locations rather. So for example, Northern Ireland is in the October Free Wills Month, but right now you've got Bristol, Cardiff, Essex, Glasgow, Leeds, Liverpool, London, Newcastle and many more.
"Do check out other destinations, especially if they're near there to see if you can get a free will. In November there's a thing called Will Aid which anyone over the age of 18 can get a will for making a donation to charity, but we're a while away from that one."
Capping off his points on wills, Martin also highlighted how you cannot put your pension in a will - and advised how to leave your savings through employment to someone else when you pass away. He said: "Pensions. Did you know that you couldn't put your pension in a will?"
He added: "Look, you can't put your pension in your will. What you have to do if you want to leave your pension to someone is you go onto your company pension or all your private pensions and you fill out an expression of wishes or a nomination form - which tells the trustees or tells the company who you want your pension assets to go to if you die.
"Go and do one of those if you haven't, and if you have make sure it's up to date - you don't want to leave it to your ex-husband or your ex-wife if you don't want it to go to them anymore, and you may well be doing that."
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