personal finance

'Go and do it' – Martin Lewis highlights a free way you could reduce Inheritance Tax bill


On the Ask Martin Lewis podcast on BBC Radio 5Live, the money saving expert said: “If you don’t make a Will you don’t get to decide where your property, money, savings, or your assets go. It’s crucial that you make that decision and make provisions. “None of us like to think about dying, but it something that you need to consider.

“You need to make a Will now; you need to go and do it.”

A Will, formally known as a Last Will and Testament, is a legal document which outlines a person’s wishes for what happens to their assets after they pass away.

It is often seen as a key document to ensure people can protect their loved ones and have their wishes met when they are no longer here.

Laying out one’s wishes before death can also prove particularly important in legally reducing Inheritance Tax, something which Martin touched upon in his show.

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Inheritance Tax is charged at 40 percent on the value of an estate above a certain threshold, and so it is understandable many people will want to avoid this where possible.

One way to do so, Martin explained, is taking action ahead of Free Wills Month.

Free Wills month takes place in October and offers Britons 55 and over the chance to have a simple Will drafted without a charge.

Solicitors have partnered up with many big charities such as Age UK and the British Heart Foundation in hope’s that when people use this service, they donate money to one of them.

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Mr Lewis added: “The gold standard for drafting a Will is you want a solicitor to do it if you possibly can because it causes a lot less issues, it’s less likely to be disputed.

“The suggestion request you should leave is £300 isn’t compulsory, but I would say do it if you can.

“There is no upfront cost, and it is widely available.”

Free Wills month is dependent on what country people live in.

It takes places in October and March, so Britons needs to find out what month it is for their country.

In October, Free Wills month is available in the midlands, North and Southwest England, Wales, and Northern Ireland.

September is Will Relief Scotland month. Will Relief allows those people living in Scotland to access free Wills, drawn up by a solicitor in exchange for a donation to charity.

Mr Lewis went onto discuss an alternative free Will scheme that is available. Wills Aid is available from November and is open to Britons of all ages.

He said: “This is a bigger scheme and fills up every year quickly. They now have applications open so if you want to do Will Aid you should do it now.

“This isn’t free in the same way – there are 400 solicitors doing it and they suggest that you make a charitable donation of £100 for a Will, and £180 for a Mirror Will (the same Will for you and your spouse).

“If you can’t afford it then you can give less and if you can afford it then please do. It’s the reason that solicitors donate their time, they do it for charity.

“It’s a pretty good price for a solicitor drafting your will.”

These two schemes are available to book right now if people don’t have a Will.

It’s a good way to create a Will for people with relatively simple, and straight forward finances.





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