Martin Lewis Issues Critical Financial Warning to Unmarried Couples
Renowned finance expert Martin Lewis has delivered an urgent and "important" warning to unmarried couples across the United Kingdom. He stresses that regardless of the length of a relationship, it is absolutely vital to undertake a key financial task to protect both partners.
The Imperative Need for a Will
Lewis emphasised that creating a will is essential. A will is a legal document that dictates how an individual's money, property, and possessions should be distributed after their death. While many people delay this consideration until later in life, Lewis urged immediate action.
In an update on his Money Saving Expert website, he stated: "While we should all hope for the best, it's also crucial to plan for the worst, as the knock-on financial and emotional costs of not engaging with these issues are more painful. This isn’t only for those with greying hair - if you have dependents, do consider all this."
Why Unmarried Couples Are Particularly Vulnerable
Lewis specifically highlighted unmarried couples as a group that needs to address this issue without delay. He explained: "Unmarried couple? A will is even more important. You may have lived together for 43 years and have had 17 children but that means almost nothing in law across most of the UK (and only a little bit more in Scotland). If one of you dies, the other won't get anything without a will, possibly even not all the family home."
He contrasted this with the situation for married couples or those in civil partnerships, where intestacy rules typically ensure a spouse inherits at least a portion of the assets automatically.
Affordable Options for Creating a Will
Typically, drafting a will through a solicitor can cost "many £100s," but Lewis outlined several more affordable pathways.
Free Wills Month
For individuals aged 55 or over, Free Wills Month offers a solution. Available in March and October, this scheme allows participants to book a solicitor to draft a will for free, with the expectation of a potential charitable donation.
Key details of the scheme include:
- It covers a single will for anyone aged 55+, or a 'mirror will' for couples where the wills are near-identical, provided one partner is 55 or older (for simple circumstances only).
- Appointments can be scheduled after March as long as they are booked during the month.
- The scheme is organised with the hope that participants will leave a bequest of £300 to £1,000 or a percentage of their estate to charity. This is not compulsory, but it supports the charitable nature of the initiative.
- Participating charities include Age UK, Alzheimer's Research UK, Breast Cancer Now, Help for Heroes, Mind, and the Stroke Association, among others. The scheme has operated for over 20 years, raising approximately £30 million annually for good causes.
Octopus Legacy Free Wills
Octopus Legacy, a sister company of Octopus Energy, runs a "free will" scheme in February and March in England and Wales. This option is available to individuals aged 18 and above.
Important notes about this scheme:
- The wills are not directly solicitor-drafted; they are prepared by the Octopus team and then overseen by a solicitor. Complex cases may incur a fee and involve full solicitor handling.
- The scheme hopes participants will leave a bequest to one of over 150 supporting charities, such as ActionAid, Macmillan, and the RSPB, but this is not a mandatory requirement.
Lewis's warning serves as a stark reminder that proactive financial planning, particularly through a legally sound will, is indispensable for unmarried couples to secure their future and avoid potential hardship.
