Martin Lewis issues warning for unmarried couples who live together
ok.co.ukMartin Lewis has issued a crucial warning to couples, urging them to ensure they have a will in place and offering key advice on how to secure one for free or at a low cost.
Without a will, your assets are distributed according to the rules of intestacy.These rules vary depending on where you live - but for those residing in England and Wales, if you're married or in a civil partnership, your spouse would automatically inherit the first £322,000 of your estate.
If your estate is valued over £322,000, then anything above this amount is divided between your spouse and children.The spouse would inherit half of the remaining assets, and then the other half would be divided equally among children and grandchildren.
The rules differ in Scotland and Northern Ireland. In a recent episode of the Martin Lewis Money Show Live, money-saving guru Martin emphasised the importance of having a will in place, as it allows "you decide" what happens to your assets.
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