October 9th 2024.
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It's time to have a difficult conversation. We all know that death is a natural part of life, but many of us find it uncomfortable to talk about. However, financial expert Martin Lewis believes that avoiding this topic can put your loved ones at risk of facing legal and financial difficulties after you pass away. This can only add to their already overwhelming grief.
In his latest newsletter, the founder of Money Saving Expert encourages people of all ages and health statuses to have this "difficult conversation" now. He acknowledges that it may be a difficult topic to discuss, but the consequences of not addressing it can be even worse. This applies to anyone with dependents, not just those with grey hair.
Some people may be hesitant to talk about death because they fear that creating a will is expensive and complicated. But according to Martin, planning ahead is actually easier than you might think, and he offers some helpful tips to make the process smoother.
The first thing on Martin's list is creating a will. He stresses that this is crucial for anyone who owns a house, savings, a business, or has people they want to provide for after they're gone. Without a will, your estate will be distributed according to intestacy rules, which may not align with your wishes. This can also add unnecessary bureaucracy for your loved ones during an already difficult time.
If you can afford it, getting a solicitor to draft your will is considered the "gold standard." However, there are also various programs available to help keep costs down. For example, Free Wills Month, held twice a year, allows those over 55 to get a free solicitor-drafted will. There may be a request for a donation to a charity, but this is not compulsory. Another option is Will Aid month, which is open to anyone over 18 and offers wills for a suggested donation of £100 or £180. It's best to book an appointment in advance, as these slots tend to fill up quickly.
In addition to these recommendations, Martin offers some advice for creating a will: make sure it's up to date, update your expression of wishes form for your pension, consider legal guardianship for your children, and don't forget to include your digital assets.
Another important aspect to consider is power of attorney. This involves choosing someone to handle your money and care if you become unable to do so. According to Martin, this is arguably more important than a will, but only 26% of those with a will also have a power of attorney. He recommends filling out a free Lasting Power of Attorney form on the government's website, or seeking the help of a solicitor if your affairs are more complex.
Finally, it's important to think about how your funeral will be paid for. Prepaid funeral plans can save your loved ones the stress of arranging and paying for it themselves. You should also leave notes about your preferences for your funeral arrangements. However, be aware that these plans may not cover all costs, such as burial plots, headstones, flowers, embalming, and wake expenses.
Do you have a story to share? We'd love to hear from you. Please send us an email at [email address]. Having these difficult conversations may be uncomfortable, but they can provide peace of mind for you and your loved ones in the long run.
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