I recently watched the Martin Lewis Money Show Live, which aired on 11 March 2025, wondering what general ‘advice’ he would give to the nation about “death, divorce and dementia”.
Largely, I thought his ‘advice’ was helpful, albeit provided at a very quick pace, and so I thought it would be useful to break it down a little here.
To begin with, the best advice you could take from the show is to meet with a qualified, experienced and reputable Solicitor! The show catered to a wide range of people in completely different circumstances, all across the UK, and so it was, naturally, unable to cater to YOUR specific needs as an individual. These sorts of conversations merit a face-to-face meeting in which you can discuss your personal circumstances as they are the only ones that matter. Your Solicitor will be able to provide you with tailored guidance and advice.
Taking each of the topics discussed in the show, here are my top tips and a bit more succinct information.
Wills and Lasting Powers of Attorney (LPAs)
Martin talked about these two topics together, as they are so closely connected and often intertwined, but I split them up for clarity here:
Wills
This document directs what happens to your assets after your death and who will deal with them, but perhaps more importantly, it can also be used to appoint guardians for young children and funeral wishes.
If you have more straightforward circumstances, you can think about writing a Will using a kit from your local high street stationary shop, or by seeing a Solicitor through a Free Wills scheme, but we do not recommend doing so. We can tell you many disaster stories about homemade Wills, and seeing a Solicitor under a specific scheme to write a Will may not give you the crucial opportunity to explain and understand the other intertwined matters discussed in this blog.
There are also some nuances about Wills such as the impact of marriage, divorce and step-children that require discussion with a Solicitor – see my previous blog Things That Can Affect Your Will - Brethertons Solicitors for more information, which all merit a conversation with a qualified, experienced Solicitor.
It is also really important to have a discussion with a Solicitor if you need to make provision for a person you are not married to, or for children from a previous relationship, as these can be complex areas to get right.
The advice given by the Scottish Solicitor– that it is “easier” to have a Will if only for the reason that assets can change and that once in place, you should generally review your Will every five years, I absolutely agree with.
LPAs
These are documents that allow you chose who will act for you in the event that you cannot act for yourself in a variety of circumstances, but mainly mental incapacity.
In Martin’s view, LPAs are more important than Wills. I disagree with giving a view on the importance of one document over the other, as your personal views and circumstances will affect which is more important to you, if either. My view is that they are as important as each other and we should all have both, no matter our ages or individual circumstances.
He was right to advise that we cannot assume that our relatives will be able to access our money to pay for our care or mortgage, because they will not, unless an LPA is in place.
He was also right, with the help of a viewer, to point out that the alternative is for a family member, friend or Solicitor to make an application to the Court of Protection (COP) to act, which is often slow, expensive and stressful.
It is interesting to note that 51,000 LPAs were rejected last year – as the Scottish Solicitor said, if you get it wrong, and lose capacity before an LPA is rejected, “you’re stuffed”. Quite a blunt way of putting it, and not quite true as the COP route would be available, however, I go agree that taking the risk is not ideal.
An LPA is a safety net, for the just in case, and very much made in the hope that it will not ever be used, but if it is needed, you would be relieved that you did it.
I also just have to say it to set the record straight – the comment that you need at least 5 people to sign an LPA was completely incorrect, but you do need at least 3!
Inheritance tax (IHT)
Martin briefly touched on IHT allowances and reliefs – his IHT diagram illustrating Mr and Mrs Youngatheart’s circumstances (the not so typical ‘2point4 Children’ family), the advantages of marriage/civil partnership, and the potential disadvantages of marriage/civil partnership for two people who have been widowed but are now in a relationship together. All correct, but way too brief.
It was a whistlestop tour of a potentially complex area depending on your personal circumstances, and something that requires a much more in-depth conversation with a Solicitor than writing your own Will or a Free Wills scheme will allow. IHT is heavily impacted by the make up of your family and your assets, and the advice you will receive from your Solicitor may allow you to make some very helpful and tax saving changes.
Care fees
The advice that your home is not always included in an assessment of care assessment and that generally, giving your house away is not a good idea was correct, but again, way too brief. This is a very wide conversation you need to have with your Solicitor, as it also incorporates your Will, LPAs and general family circumstances.
Finally
Often, topics like this should not be dealt with in isolation – as Martin showed us, especially in relation to Wills and LPAs, the topics overlap, so a detailed and informed meeting with a Solicitor is the best way forward.
It will very likely be more expensive in short term to see a Solicitor about the above topics than to write your own Will or find a Free Wills scheme. However, I can guarantee that it will not be as stressful or worrying as you might imagine. Most importantly, it will very likely be more cost effective long term as there will be no mistakes made.
If you would like to discuss your current circumstances or plan for the future, please contact Sarah Horton in our Wills, Trusts and Probate team at info@brethertons.co.uk or call 01295 270999 (Banbury Office), 01869 252161 (Bicester Office), 01788 579579 (Rugby Office), or 01242 472747 (Cheltenham) we can make sure that your loved ones are protected.
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