October 10th 2024.
It's time for us to have a difficult conversation. As much as we may try to avoid it, death is something that is inevitable for all of us. However, it's a topic that many of us are hesitant to discuss. According to Martin Lewis, delaying this "uncomfortable but necessary" conversation can leave our loved ones at risk of facing red tape and financial difficulties after we pass. This can only add to their grief and make things more difficult for them.
In his latest newsletter, the founder of Money Saving Expert urged people to have this difficult conversation now, regardless of their age or current health. Martin acknowledges that it's normal to want to avoid discussing these topics, but he emphasizes that the consequences of not addressing them can be much worse. This is not just something that affects older individuals - anyone who has dependents should be thinking about this.
One of the main reasons people may be hesitant to talk about death is because it's an upsetting topic. For some, there may also be concerns about the cost and complexity of creating a will. But with the helpful tips from MSE, planning ahead is actually much easier than you may think, so there's really no excuse not to do it.
The first thing on Martin's list is creating a will. He stresses that this is crucial for anyone who has a house, savings, a business, or loved ones that they want to take care of after they're gone. Without a will, the rules of intestacy will decide how your estate is distributed, which may not align with your wishes. In addition, your loved ones may have to deal with additional bureaucratic hurdles while they are already grieving. Getting a solicitor to draft a will is considered the "gold standard," but there are also other options available to keep costs down.
One such option is Free Wills Month, which takes place in October and March each year. This allows individuals over 55 to get a solicitor-drafted will for free at various locations in the UK. While you may be asked to donate to a charity as part of the service, this is not mandatory. It's important to note that if your financial affairs are complicated, you may have to pay an additional fee. Another option is Will Aid month, which is open to anyone over 18 and offers wills for a suggested charity donation of £100 or £180. Martin advises booking a slot ahead of time as this scheme tends to fill up quickly.
In addition to these recommendations, Martin also offers some general advice for creating a will. It's important to make sure your will is up to date, especially if you have gotten married since you made it. He notes that an out-of-date will can be just as bad as not having one at all. You should also update the expression of wishes form for your pension if your circumstances change. If you die before taking your pension, the provider or trustees will decide what happens to it, which could mean it goes to an ex-partner. Additionally, if you are in an unmarried relationship, it's important to consider your legal status and take steps to protect your assets and loved ones.
It's also important to consider who will take care of your children if both parents were to pass away. Martin advises discussing and setting out legal guardianship of your children, as the courts will ultimately decide if this is not specified. And don't forget about your digital assets. From photos to social media accounts, you can list these in your will and appoint a "legacy contact" on platforms such as Apple, Facebook, and Google to ensure your nominated loved ones can access them after you're gone.
Another important aspect to consider is power of attorney. Martin stresses that this is arguably more important than a will, yet recent polls show that only 26% of individuals with a will also have a power of attorney. MSE recommends filling out a free Lasting Power of Attorney form on the government's website, where you can nominate a trusted friend or relative to handle your affairs if you are unable to. If your affairs are more complex, it may be worth getting a solicitor to assist with this.
Lastly, it's important to think about how your funeral will be paid for. Cremations and funerals can cost anywhere from £1,500 to over £3,500 depending on your preferences. Consider getting a prepaid funeral plan to save your loved ones the stress of organizing and paying for it during an already difficult time. You should also leave notes about your preferences for your funeral arrangements. However, it's important to note that these plans may not cover all costs, such as burial plots, headstones, flowers, and wake expenses, which could end up costing your loved ones hundreds or thousands of pounds.
Do you have a story to share about your experiences with these difficult conversations? We'd love to hear from you. Get in touch by emailing us at [insert email].
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