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00:00Thank you very much. Thank you so much.
00:14Tonight is about difficult but crucial conversations.
00:19None of us will last forever and some will lose their faculties.
00:22So I'm going to show you how to get a free solicitor-drafted will,
00:26why lasting power of attorney is possibly more important than a will, in my view,
00:31and tips on how you can do that yourself,
00:33plus my seven inheritance tax need-to-knows and far more.
00:37And look, while no one wants to think about the three Ds,
00:41death, divorce and dementia, jolly this isn't it,
00:44we do need to discuss them and we need to prepare for them,
00:47and the knock-on financial and emotional cost of not doing so
00:51can cause your loved one's terrible pain.
00:54This is about being candid, open and practical.
00:58Your tear in the eye is fine.
01:01It just means there's love there.
01:03And if you've found this type of conversation tough to start
01:06with your partner or your parents or your adult children,
01:10maybe message them now and tell them to watch too.
01:13It might just help.
01:15I'm joined tonight by solicitors and specialists from across the UK.
01:18Welcome to you to help me answer your questions on these tricky subjects.
01:22Then, gear change, in my news you can use,
01:25there's big news about car finance mis-selling today.
01:27It's all changed and could mean automatic payouts for millions.
01:31Phone thefts are up 40% and often they want access to your finances.
01:36I've got five tips to secure your phone to stop that.
01:39Then, chase customers.
01:40I'm afraid it's cutting its rewards.
01:42I've got discounts for any teachers watching
01:45and how to get a tub of Ben & Jerry's and two pizzas for a fiver.
01:49Now, on to a big pizza this show.
01:51Jeanette Quachy, everybody.
01:56Oh, Martin, you are so cheesy.
01:59Now, if you've got any questions on these important issues,
02:01please do send them in on X, Blue Sky or Instagram
02:03using the hashtag MartinLewis.
02:05Or you can email the team, martinlewis at itv.com.
02:08And a huge welcome, as always, to our studio audience.
02:12You can wave your wallets, everybody.
02:17Now, Martin, on last week's show about boosting your state pension,
02:20we had a record number of messages.
02:22So many people got in touch, including Blondie.
02:25Look at this.
02:26Blondie says, Martin, real success with this.
02:29I got one year Class 2 contribution back by paying £6.30.
02:33Another with £28.35.
02:35FYI, the first phone operator tried to tell me
02:38that you can only go back six years of Class 2.
02:41Through you, I knew that was wrong.
02:43Second operator was brilliant, man.
02:45Oh, well, well done.
02:47Let me just explain that.
02:49This was about boosting your state pension
02:50by buying back missing national insurances,
02:52which, for the next three weeks, you can buy back to 2006.
02:55After that, only to 2019.
02:58Now, that must be a partial self-employment year,
03:01because normally they cost more.
03:02So, that £6.30 will likely mean
03:05their state pension is £330 bigger every year.
03:09Live for 20 years.
03:10That £6.30 is worth over £6,000.
03:13It's enormous.
03:14If you missed it last week and you are over 40,
03:18go and watch it on ITVX.
03:19It's probably the most lucrative thing I will do
03:21on the television in the next three or four years for you.
03:23It can be worth tens of thousands of pounds to some people.
03:26It's absolutely crucial.
03:28Thank you, Blondie, for getting in touch.
03:29My throat was bad last week, I'm afraid I'm not fully better,
03:31so the voice is struggling a bit, but we're going to go through it.
03:33Yeah, we'll get there.
03:34It's a really important show today, as you said, Martin.
03:36We've got a question from Jacqueline in the audience on wills.
03:39Evening, Jacqueline.
03:40Hello.
03:40Hi.
03:41I was wondering, what's the difference between a will and power of attorney?
03:45And is a power of attorney better than a will?
03:48OK, I'm going to address that in my bit briefly.
03:53So, let me be really blunt and make it very simple.
03:55They are totally different things and they do different jobs.
03:57They're not either or.
03:59A will works out what will happen to your assets when you die.
04:04A power of attorney is about what happens if you're living
04:07and you lose your faculties, who's going to take control of your finances for you.
04:12Most people need both.
04:13They're not an either or.
04:15I tend to say this one is more important because once you're dead,
04:18you're dead and it's about moving on to other people.
04:19But while you're alive, if you're locked out of your finances
04:22and no one can pay for your carer, for your mortgage for you,
04:25while you're not in a position to look after yourself, that's devastating.
04:28But they are both really important.
04:29Hopefully, I'm going to explain to you what's going on.
04:31Yeah, just before you do that, we have had this question in from Karen.
04:34Sorry to interrupt.
04:35It says, I'm 55 and I haven't got a will.
04:38I'm married with two boys, 25 and 21.
04:40I'm a homeowner with a mortgage.
04:42Should I be paying to get a will?
04:44What should I look for in a will?
04:45Look, wills are incredibly important so you can decide what will happen
04:49when you die to your assets and where they will go.
04:52There is absolutely nothing wrong with paying a solicitor to draft a will.
04:55Solicitor drafted wills are the gold standard and you should be looking at it.
04:59So I would absolutely look at doing that.
05:01You've got a home, you're a homeowner, you've got significant assets.
05:04However, right now, there are ways to get free solicitor drafted wills.
05:08And I'm a money-saving expert, so of course, that's what I'm going to tell you about.
05:11Let's get on to that, shall we?
05:12OK, now, wills normally cost hundreds of pounds to do.
05:16If you have assets, do a will.
05:18So you decide where they go.
05:20Now, look, if you die willless, the state decides where your assets are directed
05:25and it depends on which of the UK nations you're in.
05:27In England, for example, if you're married, the first £322,000 goes to your spouse.
05:33After that, it's divided between your spouse and your children.
05:35Now, you might have adult children from a previous relationship that you want to protect
05:38who might get nothing if you don't have a will.
05:40Doing a will means you decide not following some rules.
05:45You can look at the intestacy rules on gov.uk.
05:48March is free wills month for those aged 55.
05:52These are solicitor drafted wills, single wills or a mirror will,
05:56where you and your spouse have exactly the same wills reflecting off each other.
06:01As long as it's not complex, where you may be charged, you've got very complex situations.
06:04That's the link to book it on.
06:06You need to do it by the end of the month, but appointments can be after that.
06:08Now, it does this twice a year in different locations.
06:12So, this time round, it includes London, Birmingham, Bristol, Cardiff, Edinburgh and more.
06:16Go look up on the website.
06:17But it's likely that Manchester, Nottinghamshire, Northern Ireland and Cornwall will be in the October one.
06:22Why do they do this?
06:23Well, they do this in the hope that you will leave a bequest to charity,
06:27something in your will to a charity, typically £300 to £1,000 or a percentage of your assets.
06:32And there's a whole list of charities, 20 different ones that are available out there.
06:36While I'm on that, quickly, we'll go to an inheritance tax cashier.
06:38Kieran, is it right that if you leave over 10% of your assets to charity,
06:43it reduces the inheritance tax rate that you would pay if you've got enough to pay inheritance tax?
06:49That's right.
06:50So, if you leave 10% of your estate, that's 10% of your chargeable estate, to charity,
06:55your inheritance tax rate is reduced by 10% from 40% to 36%.
07:00So, your chargeable estate, so 10% of the bit that you're going to pay inheritance tax on?
07:04It's above the allowances, the nil-rate-pound residence.
07:07So, actually, leaving to charity, I mean, it can actually be relatively cheap to do it
07:11because you're getting that inheritance tax boon.
07:13It's only for wealthy people who are going to be paying inheritance tax,
07:15as we'll come on to later.
07:16Let me move on.
07:17Octopus Legacy, which is the sort of will sister of Octopus Energy,
07:22is doing free wills as well, UK-wide, aged 18+, not solicitor-drafted.
07:27Their team drafts it and a solicitor checks it.
07:31If it's very complex, a solicitor will draft it
07:33and they'll give you a discount currently on the fee that's going on.
07:35Again, they hope you will leave a bequest to charity.
07:38There's 100 charities taking part in that one.
07:40There's a list of a few of them.
07:42I should also say that if you're a member of a trades union,
07:44they may have a free will system.
07:46Some charities that you're linked to, like Cancer Research, may do your will for free.
07:51Your employer might offer you a free will.
07:53In November, it's WillAid, which is the biggest will scheme
07:56for people aged 18+.
07:58It's UK-wide and they want £100 a nation.
08:01So, the question was, should I pay for a will?
08:04Getting a solicitor-drafted will is generally the best way to go.
08:07I know there are will-writing schemes out there,
08:09but at the moment you could do it for free, so why not?
08:11Exactly this, and I've got this from Victoria for you, Martin.
08:14My man might actually be the biggest Martin Lewis fan ever.
08:18She treats the show like a mini-pop quiz,
08:20and tips from the show trickle down to me.
08:22I'm only 26, but I've done my power of attorney and my will
08:26during a free will's month.
08:28Wow.
08:28Yeah.
08:29I mean...
08:30I did both of mine in my 30s.
08:34Did any of you do your will younger than 26?
08:37I'm a lawyer.
08:37I did my will in my 20s.
08:39Well, well done, though, Victoria.
08:46Good on you.
08:47Brilliant.
08:47And then we've got this in from Wendy.
08:49Wendy's saying,
08:50Do I have to update my will if I got married,
08:52but did not change my name?
08:55Depends where you are in the country specifically,
08:57but generally, yeah.
08:58England and Wales, marriage invalidates your will.
09:01Definitely.
09:02The change of name is irrelevant.
09:04It's the marriage or divorce that counts.
09:06And same in Northern Ireland.
09:07And not quite the same in Scotland, is it, Austin?
09:09No, that's right.
09:09It doesn't invalidate your will,
09:10but you should reassess your circumstances if you get married,
09:13particularly if you get married to somebody
09:14who's maybe got other children
09:15or you've got children from a previous marriage.
09:17There's lots to look at,
09:19and you should really look at your will every five years or so.
09:21So just to say you can see,
09:22we've got Melinda doing England and Wales,
09:24and we've got Austin doing Scotland here,
09:25and we've got a couple of notes in Northern Ireland.
09:27Kieran's inheritance tax, that's UK-wide,
09:29so we don't have to have a devolution system there.
09:31It's wonderful to have you all with us.
09:32OK, you can move on.
09:33Right.
09:34So, let me carry on here,
09:36because I'm going into my six things you need to bow about wills
09:39with my lovely scroll.
09:41So, first thing, already got a will, as we just talked about.
09:43Check it's up to date,
09:43especially if you got married or divorced,
09:45which can invalidate your will,
09:47or you've become a parent since.
09:48Next, don't accidentally leave your pension to your ex.
09:52It happens.
09:53Right?
09:54Pensions don't go in your will.
09:56You need to go...
09:57Generally, if you die...
09:58Yeah, you're shocked at that.
09:59Don't go in your will.
10:00If you die before you've taken your pension,
10:03the pension trustees or the pension fund decide where it goes.
10:06But you can do an expression of wishes,
10:07also called a nomination form,
10:09to tell them where you would like it to go.
10:10It's not binding, but it generally works.
10:12But, yes, I've had people who've got in touch with me
10:14to tell me their mum and dad left it all to their ex
10:16because they didn't bother to update it.
10:18You probably do this when you first sign up to a pension.
10:20If you haven't done it for years and you got divorced,
10:22go and check who you're leaving your pension to.
10:24If you are an unmarried couple,
10:28wills are so important
10:29because you generally have no status in law.
10:33The intestacy rules go to a spouse or a civil partner.
10:36They don't go to an unmarried couple.
10:38I don't care if you live together 20 years and you have 30 kids.
10:40It doesn't matter.
10:41You might, depending on the way it's structured,
10:43you might not even get the family home.
10:45That's the general rule.
10:47There is a little bit more protection in Scotland,
10:49not in England, for this, isn't there?
10:50Yeah, a cohabitant can make a claim on the estate.
10:52It's a matter of, to some extent, discretion.
10:55There's no hard and fast rules.
10:56They have a chance of getting something,
10:58but it's definitely not as good as making a will.
11:00And in England?
11:02No, there's no automatic rights.
11:04You have to make a challenge.
11:05So, wills are really important.
11:06Store your will safely and ensure your executors know where it is.
11:09It's fine to have it safe, but if no-one can get it,
11:10it's pointless, isn't it?
11:11Many solicitors store them free.
11:13If not, keep them in the safe and accessible.
11:15I've always wanted to do this.
11:17Scroll up.
11:20OK.
11:21So...
11:23Oh.
11:25Who'd look after your children if you died?
11:27Look, I lost my mum when I was a child.
11:29Thankfully, my dad was around, but there are people out there.
11:31It happens, folks.
11:33It happens.
11:34The grown-up thing to do is accept it happens
11:36and work out what you're going to do, just in case.
11:39So, look, if you're under 18,
11:40care first passes to anyone with parental responsibility,
11:43generally the parents or the guardian.
11:44But if they're gone,
11:47name your legal guardians in your will.
11:51Have that discussion.
11:52It's hell on earth deciding.
11:53But have that discussion.
11:55In England, it is...
11:56In Wales, it's generally binding.
11:57In Scotland, it's indicative.
11:59It's indicative of advisory,
12:00but it's ultimately up to the court
12:02if there's a dispute about who's to look after the kids.
12:03But do it.
12:04Do it.
12:04Do it.
12:05It's so important to tell you to do this.
12:07I'm sorry for depressing anybody watching,
12:09but it's really important.
12:10And just a final one,
12:11protect your digital legacy,
12:12your online photos,
12:13your blogs,
12:13your documents,
12:14social media assets.
12:16List them in your will
12:16and your beneficiaries
12:17and social media executor.
12:19Back up your most important stuff,
12:20preferably on an external hard drive.
12:22You can record your decision.
12:23It just helps evidence it.
12:25Digitallegacyassociation.org has a template.
12:27And add a legacy contact
12:29on many of the platforms.
12:31Apple has one,
12:31Facebook has one,
12:33Google has it by another name.
12:34Just out of interest,
12:35do people ever do this?
12:35No.
12:36Very rarely.
12:37They should, though, shouldn't they?
12:38We tell them, but they never do it.
12:40I mean, look,
12:40if you've got social media
12:41and it matters in your photos and stuff,
12:43do it,
12:43because it's a nightmare
12:44if you have to go through the courts
12:46and you want to get access
12:46to someone's photos.
12:47Yeah.
12:48Got some questions for our experts.
12:49Yes, let me get my glasses on.
12:50I've got some questions for you guys here.
12:53OK.
12:54Melinda,
12:55how can you state in your will
12:57that if your partner dies,
12:58should they remarry,
12:59you want half of the belongings
13:01to go to your child?
13:03So, you create a trust in your will
13:06which basically gives your spouse
13:08the right to use your assets,
13:10your property,
13:11whatever your belongings are,
13:13with a condition that if they remarry,
13:15that right ends
13:17and it reverts
13:19to whatever other provision you want.
13:21So a solicitor will do it for you,
13:22but it is possible.
13:22Same in Scotland?
13:23You do the same thing,
13:23call it a different thing,
13:24call it life rent.
13:25Yeah, OK,
13:26but it works
13:27and in Northern Ireland too.
13:29Janet,
13:29my husband died in 2022.
13:32I was told that I can't see the will
13:33as I'm not in it.
13:34He was very controlling
13:35and put our marital home in a trust
13:38and never put my name on the deeds.
13:40What are my rights regarding assets
13:42and our marital home?
13:44Melinda?
13:44Well, this is quite a complicated one.
13:46We have an Act of Parliament
13:48called the Inheritance Family Dependency Act,
13:51which gives several dependents
13:53the right to challenge that situation,
13:55but they have to act quickly
13:57because it's very time-sensitive.
13:58And they're going to have to go to court
13:59and get a solicitor.
14:00We do it differently in Scotland.
14:02The wife will have legal rights
14:03and a share of the estate.
14:05She can insist on seeing
14:06what's in the will
14:07and what's in the estate
14:09in order to claim those legal rights.
14:11So it's tougher in Scotland.
14:12I've got more wills questions,
14:14but we're going to have to go to a break.
14:14So, JK.
14:15You've got a quick poll before we do that.
14:17Just very quickly,
14:17I put a poll on X.
14:18I want to know,
14:19do you already have a will?
14:20Do you already have a power attorney
14:21or both or neither?
14:22If not,
14:23why haven't you done one?
14:24And if you've got them,
14:25how easy did you find it?
14:26Let me know using hashtag Martin Lewis
14:27and do go vote in that poll.
14:29Awesome.
14:30OK, so next,
14:31we're getting on to arguably
14:32the most important thing,
14:34according to Martin,
14:35the power of attorney.
14:36How it works,
14:37how to do it yourself,
14:38and we answer your questions.
14:39So we'll see you in four.
14:51Thank you very much.
14:53We're talking difficult conversations.
14:54Wills, power of attorney,
14:55inheritance tax.
14:56I just want to do one more question on Wills
14:57because it's so common
14:59that I get this.
15:02Mini,
15:03I'm single,
15:04retired,
15:05and only have a little cash in the bank
15:06and live in a council property.
15:08My two children know what I want to do.
15:10Do I need a will?
15:11Austin, we'll let you answer this.
15:12Two basic reasons.
15:13When you die,
15:14it's going to be much easier
15:16and less distressing
15:17for your children
15:17to go to probate
15:19or confirmation
15:19to wind up your estate
15:20if there's a will.
15:21That shortens everything,
15:22makes it cheaper and easier.
15:23And also,
15:24you don't know how much
15:25you're going to have when you die.
15:26You may not have much just now,
15:27but as I always say to clients,
15:29you may win the lottery
15:30and die from the shock.
15:33I'm just going to leave it there,
15:34I think.
15:38Austin.
15:38OK,
15:39so we're going to move
15:40into Power of Attorney next,
15:41but before we do that,
15:42I'd like you to watch this.
15:45Rob lives in Leeds
15:46and works with the NHS
15:47as a life experience advisor.
15:50When I was 16,
15:50I was on a family holiday in France.
15:53I'm going to jump vertically
15:53into about four feet of water,
15:55hit the bottom,
15:55and I sustained
15:56a high-level spinal cord injury
15:57and I've been paralysed
15:59from the neck down ever since.
16:01When something traumatic like that happens,
16:03it really does kind of bring
16:04life into focus.
16:06I avoid difficult conversations
16:08because I don't find them
16:09particularly pleasant,
16:10so I think that's probably
16:12why I tended to put it off.
16:14I definitely hadn't had
16:15any conversations
16:16about Lasting Power of Attorney,
16:17certainly with anyone.
16:18I didn't really know
16:19it was a thing
16:19until I watched it
16:20on Martin's show.
16:22I didn't want any
16:23of my family members
16:24to actually be
16:25my Lasting Power of Attorney.
16:27Seeing the impact
16:27that my accident had on them
16:2926 years ago,
16:31I wanted them to just be my family,
16:32in particular for my mum,
16:33just to be my mum.
16:35With help from a solicitor,
16:36Rob finally appointed
16:37a close friend
16:38as his Lasting Power of Attorney.
16:40The idea about having
16:41Lasting Power of Attorney conversation
16:42is probably actually
16:44more difficult
16:45than it is in practice.
16:47When you have the conversation,
16:49you realise how important it is.
16:51And he didn't stop there.
16:52Rob also updated his will.
16:54I think the biggest benefit
16:55to having all of this done now
16:56is knowing that there is
16:58something in place.
16:59It's lifted a weight
16:59off my shoulders.
17:01It's allowed me to feel
17:01as though I can actually
17:02go on with living my life.
17:03You never know
17:04when something might happen
17:05so I'm trying to plan
17:07for the future.
17:08Don't be afraid
17:08of having the conversation.
17:10It is liberating.
17:15Rob, thank you so much
17:16for doing that.
17:17By the way, Rob is 42.
17:18He's got a Power of Attorney.
17:19He has no foreseeability
17:20of losing his faculties.
17:21I did my Power of Attorney
17:22in my 30s.
17:24Many people think
17:25this is an older person's thing.
17:27Let me tell you,
17:27young couples especially,
17:29you tend to have
17:29separate finances
17:30and if one of you goes,
17:32you can lock the money away.
17:34This is an everybody thing.
17:36Accidents happen.
17:37Strokes happen.
17:38Early onset dementia happens.
17:40Power of Attorney
17:41is not just for people
17:42with grey hair like me.
17:44Let's move on to it.
17:45I'm going to bring it up.
17:46Exactly what we're talking about
17:47so I can explain
17:48what it really means.
17:49I mean, I think it's
17:50more important than a will
17:51because you're alive
17:52and your money
17:52could be locked away.
17:53Right, so this is
17:54really important.
17:57If you lose your faculties,
17:58do not assume
18:00relatives can access
18:01your money,
18:02not even to pay
18:02for your care
18:03or to pay the mortgage.
18:06That is what
18:06a Power of Attorney
18:07is for.
18:08So, ask yourself,
18:09who would look after you?
18:11Who could access
18:12your funds?
18:13Who do you want
18:14to be in charge
18:14of ensuring your money
18:15works for you
18:16if you're no longer
18:17capable of doing so?
18:18Just one second, Martin.
18:19Janet is saying this.
18:20Currently going through
18:21the Court of Protection...
18:22That's where you go
18:23if you haven't got
18:24a Power of Attorney
18:24to take control
18:25of someone's finances.
18:26Yeah, the Court of Protection
18:27to manage mum's affairs.
18:28She's got dementia.
18:30Said that she can pay
18:30her care fees.
18:31It's taken 18 months
18:32so far and no nearer
18:34a conclusion.
18:35Please tell your viewers
18:37that having no POA
18:38causes family
18:39significant stress
18:40and stops family
18:41helping them.
18:42Look,
18:43Court of Protection
18:44can be a nightmare.
18:45It can be very costly.
18:46It can be stressful
18:47and it can leave
18:48your money in limbo.
18:49Power of Attorney
18:49is not perfect.
18:50There are problems
18:51with the Power of Attorney
18:51system, but it is
18:53better than that.
18:54Yeah.
18:54Got another question
18:55here from you
18:55just before we carry on
18:56from Diane.
18:57Diane saying,
18:58My partner has a pension pot.
19:00He's currently in a care home.
19:01I've phoned the company
19:02to see about drawing on this,
19:04but because I haven't
19:04got a Power of Attorney,
19:06this can't be done.
19:07However,
19:08my husband is no longer
19:09able to deal with this
19:10as he has dementia.
19:11How can I get around this?
19:13Let's go to Melinda.
19:14I mean,
19:14the first thing is,
19:15at what point is he
19:16no longer capable
19:17of signing up
19:18for a Power of Attorney
19:19if he's got dementia?
19:20The test for capacity
19:22is time and decision specific,
19:24so it very much depends
19:25on how his capacity
19:26is at that time.
19:28The diagnosis of dementia
19:29is not,
19:30in of itself,
19:31evidence of a lack
19:32of capacity.
19:33Do you need a doctor
19:33and a solicitor to decide?
19:35Ideally,
19:36they are the best people
19:37to decide.
19:37Do it now,
19:38because dementia
19:39gets worse.
19:40See if it's beyond
19:42that point,
19:43then what?
19:44Well,
19:44then you do have to apply
19:45for the Court of Protection
19:46for a deputy to be appointed,
19:48even if you are a relative,
19:49and you should start
19:50that process
19:51as soon as possible
19:52as well,
19:52because as you've described,
19:54it takes quite a long time,
19:55up to a year.
19:56It costs quite a lot of money,
19:58and during that time,
19:58you cannot help
19:59your loved one.
20:00Roughly the same in Scotland.
20:01Similar to Scotland.
20:02It's called guardianship,
20:03and it's the sheriff's court
20:04usually you go to.
20:06OK.
20:06Right.
20:07Let me move on.
20:08Lasting Power of Attorney
20:09makes it easier
20:09for someone to take over.
20:11Your nominated,
20:11trusted friend or relative
20:12can take over when needed.
20:14I have one.
20:15No one's taking over
20:16my finances now.
20:18It's if and when needed.
20:19You don't need
20:20to lose control now.
20:21You can and should
20:22put safeguards in place.
20:23Just give me an example
20:24of the safeguards,
20:24Austin,
20:25if you wouldn't mind.
20:26Well,
20:26you can have somebody
20:27notified when you have,
20:30when you need to engage
20:31the power of attorney.
20:32Also,
20:33don't forget
20:33the Office of the Public
20:34Guardian Scotland,
20:35I think it's a similar office
20:36in England,
20:37is there almost
20:38as a kind of watcher,
20:40and if something goes wrong
20:41or a relative thinks
20:42that something's going wrong,
20:43they can report
20:44to the Public Guardian
20:45and they can investigate.
20:46So my wife would be
20:47my power of attorney
20:48if something happens to me,
20:48but I have three
20:49independent friends
20:50who would have to be notified
20:51and could object and say,
20:52no, he's still absolutely fine,
20:53this shouldn't be happening.
20:54There's safeguards in place,
20:56you need to make sure
20:56you do them.
20:58Registering costs 82 quid
20:59in England and Wales,
21:00it's 96 quid in Scotland,
21:01it's £180 in Northern Ireland,
21:02there are some cases,
21:04discounts if you're
21:04on a very low income.
21:06Now, there are two types,
21:07a finance and property one
21:09and a health and welfare one.
21:11The names differ
21:11in different countries.
21:12In Scotland,
21:12you can do them both together
21:13and amalgamate them.
21:15Look, I, of course,
21:16talk about finance and property,
21:17so I have with me
21:18David from Age UK.
21:21Why should people
21:21get a health and welfare one?
21:23Yeah, it's really important
21:23for people to consider
21:24because what that enables
21:26you to do is to appoint
21:27one or more persons
21:29to act for you
21:30if you're unable,
21:31you lack mental capacity
21:32to make a decision
21:33about your healthcare
21:34or about your social care
21:35or anything regarding
21:36your health and welfare.
21:37So it's a really important thing
21:38for people to think about
21:40in terms of planning for the future.
21:41Because otherwise,
21:42I mean, doctors would do it,
21:43they can consult your family
21:44but they don't have to listen.
21:45With a power of attorney,
21:46they get to make the decision,
21:47your loved ones, possibly.
21:48So your attorney
21:49would be making the decision
21:51for you
21:51if you lack capacity
21:52in that situation.
21:53Thank you so much, David.
21:55Now, look,
21:56big picture,
21:57if you're unsure what to do,
21:58pay for help,
21:58especially if you've got
21:59complex affairs
22:00or you want complex rules
22:01to be put in place
22:02or you've got lots of assets,
22:03frankly.
22:04A solicitor will cost
22:05400 to 750 quid roughly
22:07to get a power of attorney.
22:08It isn't cheap.
22:10There's which wills?
22:10A halfway house.
22:12Someone will draft it for you
22:13and a solicitor will oversee it,
22:14which may be able to work.
22:16So that's roughly
22:18where we're going on this.
22:19We've got Linda
22:19in the studio audience
22:20this evening.
22:21Linda, you were debating this,
22:22weren't you?
22:22You've got your question for Martin.
22:23Yes, I was wondering,
22:24is it easy to do
22:25the power of attorney yourself
22:27and would you advise it?
22:29How pedantic and picky are you?
22:30No.
22:32Seriously,
22:33are you the type of person
22:34who's good at filling in forms,
22:35following rules
22:36and thinking things through?
22:37Are you a professional person
22:38possibly makes it easier?
22:39Yes, I think so.
22:40That is what you need to be,
22:42generally.
22:43I mean, look,
22:43first of all,
22:43we're not talking about
22:44doing it for someone else.
22:45You need a solicitor
22:46if you're doing it
22:46for someone else
22:47who's losing capacity.
22:48We're talking about
22:48doing it for you.
22:49Yeah.
22:49I'm going to give you
22:50my tips here
22:50and you'll understand
22:51why I asked
22:51if you're pernickety,
22:52a pedant.
22:54These are my tips
22:55for DIY doing
22:56power of attorney.
22:57Eight key checks.
22:58This is for England and Wales.
22:59It's more difficult to do
23:01in Northern Ireland
23:02and Scotland's differences
23:03we'll come to in a moment.
23:0451,000 power of attorneys
23:06were rejected last year.
23:07Be careful when filling it in.
23:09There are free guides online
23:10available.
23:10You'll be able to search
23:11on how to do this.
23:12Here are the tips.
23:13Use the right form.
23:14The two forms are similar.
23:15They tell you which one it is
23:16on the bottom right.
23:17People fill in the wrong form
23:18and therefore answer
23:18the wrong questions.
23:20Be specific about
23:21what are your preferences,
23:22your likes
23:23and your instructions,
23:24your must do.
23:25So let me explain it.
23:26A preference would be
23:27I would like my attorneys
23:29to consult my doctor
23:31if they think
23:31I don't have the capacity
23:33to make decisions
23:33about my house.
23:35Preference.
23:36An instruction.
23:37My attorneys
23:38must not
23:40sell my house
23:41unless
23:43in my doctor's opinion
23:44I can no longer
23:45live independently.
23:46You need to think
23:47about these things beforehand.
23:48How you want it to work
23:49and be specific.
23:51Now,
23:51it's really weird this.
23:53They have to be
23:53in your best interest.
23:54Well, you think
23:55that's obvious.
23:55No.
23:56Some people want it
23:56to be in their children's
23:57best interest
23:57or their partner's
23:58best interest.
23:59No.
23:59By law,
24:00it has to be
24:00in your best interest
24:01what you're writing.
24:03You can only ask them
24:03to do legal things.
24:05You can't request euthanasia
24:06in your power of attorney.
24:07It is not legal
24:08in this country
24:08at the moment.
24:09And they can't
24:10alter your will.
24:11Getting on to
24:13nitty-gritty stuff now.
24:15Include all the information.
24:17Check it.
24:18Including some
24:18unnecessary information.
24:20So include middle names.
24:21Check every detail.
24:22Send every page back
24:24even if they're blank.
24:26That can invalidate you
24:27if you get it wrong.
24:28Next,
24:29I know,
24:30cross out
24:31an initial mistake.
24:33Put your initials back
24:33and put a cross through it.
24:35Do not delete them.
24:36You have to do this
24:37in black ink.
24:39If you put correction fluid,
24:41you risk invalidating it.
24:42Cross out an initial...
24:43You sound pernickety, aren't I?
24:45You see where I'm going
24:45and why I'm saying all this.
24:47You need an impartial
24:48certificate provider
24:49who's willing to stand up
24:50and do this.
24:51Can't be related to you.
24:52Can't be related to one
24:53of your attorneys
24:53even by married.
24:55And then people always
24:56get this one confused.
24:57By the way it works,
24:58you're going to need
24:58at least five people
24:59to sign it.
25:00They have to do it
25:01in the right order
25:02or it can be invalid.
25:04So,
25:04I'm not trying to put anyone off.
25:06I'm trying to guide you
25:07through it,
25:07but I want you to
25:08understand this isn't
25:09oh, I'll just finish
25:09out like this.
25:10It's not that.
25:11This is a job of work
25:12and following the instructions.
25:14Where are you?
25:14Will you do it yourself
25:15or would you pay someone
25:16after that?
25:18I might pay someone
25:19because it sounds
25:20a bit complicated.
25:21I mean,
25:21the solicitors over there,
25:23you would probably
25:23always say pay,
25:24wouldn't you?
25:25I think...
25:26I'm somewhere in between.
25:27I wouldn't want
25:27to put you off doing it.
25:28Many people do it
25:29themselves for free
25:29quite successfully,
25:30but you have to be
25:31the right type of person
25:32who's good at that time.
25:33You know,
25:33if you're the type of person
25:33who makes complaint letters
25:34all the time
25:35and does all that type of thing
25:36and succeeds,
25:36you'll be fine.
25:37Otherwise,
25:38you probably want to
25:39go and pay somebody.
25:40Yeah?
25:40It looks like a disaster to me.
25:42Well, you don't have that
25:43in Scotland.
25:44We don't have that.
25:44We do have templates
25:45that people can use,
25:46but better to get
25:47a solicitor to do it
25:48simply because
25:48if you do it
25:49and get it wrong
25:50and then you lose capacity,
25:51you're stuffed
25:52because you can't go back.
25:54Well, let's go on
25:54to some of the questions
25:55that I've got here.
25:56Well, we'll just do
25:57Scotland quickly.
25:58How does it work in Scotland?
25:58There's no online form.
26:01Well, you get a solicitor
26:02to do it
26:02and they will create
26:03a proper document
26:04which you will sign
26:05in wet ink
26:06and will be witnessed
26:07and certified by the solicitor
26:08then uploaded
26:09to the Public Guardian's office.
26:11Jane,
26:12some time ago
26:12I had an enduring
26:13power of attorney drawn up.
26:15Is it still legal
26:16or will I have to have
26:17a lasting power of attorney
26:18drawn up now?
26:19Now, it is legal, isn't it?
26:20This was before 2007
26:21enduring power of attorneys.
26:23Are there any differences
26:23between the two?
26:25Yes, significant ones.
26:27Enduring powers of attorney
26:28only deal with finances,
26:29never health.
26:30And they cannot be used
26:32if you lose
26:32mental incapacity
26:33unless you go through
26:34the specific process
26:36at that time.
26:37So much more fiddly
26:38and you should ensure
26:39that they are up to date
26:40rather than reliable.
26:41But they are still
26:42legally valid.
26:43Still legal.
26:44Sandra,
26:45I'm single
26:45and have no relatives
26:46or close friends
26:47to nominate
26:47to take care of my finances
26:49should I be unable.
26:50My solicitors
26:51are the executors
26:52of my will.
26:52Is it OK
26:53to nominate them
26:54or is there an alternative?
26:56What do people do
26:56in that case?
26:56They can nominate a solicitor.
26:59You can find somebody else,
27:00another person
27:01that they trust.
27:01As long as it's somebody
27:02that's willing
27:03and that's competent
27:04and trustworthy
27:04then that's kind of
27:06all that matters.
27:07If it's the solicitors
27:08make sure there are
27:08provisions for charging
27:10within the power of attorney
27:11because otherwise
27:11there's a problem.
27:12And can it be
27:12the same in England?
27:13Can it be expensive?
27:14But there must be
27:15specific instructions
27:16not preferences
27:17that the solicitor
27:17is allowed to charge.
27:19OK.
27:20Right.
27:21Final question.
27:23Caddy.
27:24I'm so sorry, Caddy.
27:25I'm a 38-year-old mum of two
27:27who was diagnosed
27:28with metastatic lung cancer
27:30seven months ago.
27:31I don't know how much time
27:33I have left
27:33and I want to set my children
27:35and my husband up
27:36for the best possible future
27:37without me.
27:38What should my next steps be?
27:39It's a minefield
27:40and I need some help
27:41and guidance.
27:43Let's put our brains together,
27:44folks.
27:45Melinda, what would you suggest?
27:46Yeah, obviously
27:47challenging conversations
27:48with her husband
27:49about what they want
27:51for their children
27:52and they have to face
27:53the reality
27:53that he may possibly
27:55wish to remarry,
27:57what age the children are now,
27:59what will happen
27:59when they grow up.
28:01So making a will
28:02with the right provisions
28:03is crucial
28:03and facing the reality
28:04of their life moves forward
28:06plus an urgent
28:08power of attorney
28:09both for health
28:09and for finance,
28:10I would say.
28:11Yeah, because,
28:11I mean, we talked,
28:12I mean, obviously
28:13you can't in the power of attorney
28:14say euthanasia
28:15but you can talk about
28:15end-of-life decisions,
28:17can't you?
28:18So in the health LPA
28:19what you have to do
28:20is choose
28:20whether or not
28:21your attorney
28:21is going to be able
28:22to make decisions
28:23about life-sustaining
28:25treatment for you.
28:26So that's a choice
28:27that you have to make
28:28in the power of attorney.
28:29I mean, just switching
28:30machines off type thing,
28:31I mean, let's be blunt about it.
28:33Sure, yeah,
28:34treatment that you need
28:34to keep you alive,
28:38you choose that
28:39in the health LPA.
28:41Austin, anything else
28:42we can give?
28:42Yeah, that's the kind
28:42of living will aspect
28:44that you need to,
28:45I think you need to have
28:45a strategic discussion
28:47with the family
28:48and with the advisor,
28:49the solicitor
28:50as to what's going
28:50to happen now,
28:51soon, next
28:53and those various
28:54points in the future.
28:55And as all putting
28:56your finances in place,
28:57if you're in charge
28:58of the finances
28:58at home,
28:59a financial fact sheet
29:00so that your husband
29:00can take over,
29:02talking about decisions
29:02of the children,
29:03and heaven forbid,
29:05I'm so sorry,
29:05but what happens
29:06if something happens
29:07to your husband,
29:07what will happen
29:08to the children?
29:09They would be the priorities,
29:10I would think.
29:10It is, and also I would say
29:12just ensuring your pension
29:13nominations are up to date
29:14as well.
29:14OK, we wish you the best
29:16and we're going to leave
29:17it there.
29:18Good luck to you, Caddy.
29:19OK, thanks Martin.
29:21Well, next is everything
29:22you need to know
29:23about inheritance tax
29:24but were too afraid
29:25to ask,
29:25so we'll see you
29:26after this.
29:26APPLAUSE
29:27Welcome back.
29:39Plenty coming in
29:40over the breaks.
29:41Let's get into it
29:42with this question
29:42from Bill for you, Martin.
29:44My partner and I
29:45are not married
29:46or in a civil partnership.
29:47We own our house
29:48with no mortgage
29:49and both our names
29:50are on the deeds.
29:51The house we live in together
29:52is valued at more than
29:53£500,000
29:54and this is our only property.
29:57When one of us should die,
29:58would the other be liable
29:59for inheritance tax?
30:02Almost certainly,
30:03I'm going to carry on our intent,
30:04almost certainly less
30:05unless you make provisions.
30:06The most important one
30:07would be getting married
30:08or in a civil partnership.
30:09If you don't like
30:10the baggage of marriage,
30:11it's paternalistic
30:12or, you know,
30:13it's religious.
30:14Civil partnership
30:14is a legal equivalent
30:15of a marriage
30:16but without the baggage.
30:17It's the best way
30:18to protect yourself
30:19from inheritance tax
30:19in those circumstances.
30:20Let's get into it, shall we?
30:22My inheritance tax
30:23need to know.
30:24Seven of them.
30:25First one,
30:26most people shouldn't worry
30:27about inheritance tax
30:28because you're not wealthy enough.
30:29Being absolutely blunt,
30:30only 6% of estates
30:31pay inheritance tax.
30:33The vast majority don't.
30:34Even once pensions
30:35are included
30:36as is proposed in 2027,
30:38still the huge majority
30:39of estates
30:40won't pay inheritance tax.
30:44Anything you leave
30:45to your spouse
30:46or civil partner
30:47is exempt.
30:48You can leave them
30:49whatever you like,
30:49you don't pay
30:50inheritance tax
30:50but not someone
30:53you're living with
30:53even if you're living
30:54together as man and wife.
30:55The legal, civil partnership
30:57or marriage
30:57is what counts.
30:59If your estate
31:00when you leave it
31:01is under $325,000
31:03there is no
31:04inheritance tax to pay.
31:06I mean, obviously
31:06if you've given away
31:07loads beforehand
31:08we'll be coming on to that later,
31:09it's different,
31:09we're just talking
31:09in simple terms here.
31:11And up to £175,000
31:13is added on top of that
31:14if you are giving away
31:15your main residence
31:17and it's going
31:18to your direct offspring.
31:19So that's children,
31:20stepchildren,
31:21foster children,
31:21adopted children,
31:22grandchildren,
31:23step-grandchildren,
31:24adopted grandchildren
31:25or foster grandchildren.
31:27Let me just ask Kieran,
31:29who chooses
31:30what your main residence is
31:31if you have more than one?
31:32So your main residence
31:34can be any property
31:35that you've lived in
31:36during your lifetime.
31:36your executors
31:38who will claim
31:39the allowance
31:39that applies
31:40to the property
31:42that you want to choose.
31:43So it's your executor's decision.
31:46Do you have to still own it?
31:48If you've sold it,
31:48perhaps to pay for care home fees
31:50or something else,
31:51can you get a main residence exemption?
31:53You can.
31:53You can.
31:54Executors can claim
31:55downsizing provisions
31:56provided that property
31:58was sold
31:58on or after
32:00the 8th of July 2015.
32:02You don't have to give
32:02a reason for that,
32:03not like for a care home?
32:04No, you just need
32:04to have owned the property.
32:06So you can have
32:06main residence exemption
32:09even if you don't have
32:09a main residence anymore?
32:11Correct.
32:11Very important.
32:12Most people don't know that one.
32:14The next one,
32:15this is probably
32:15the biggest one of all
32:16and again,
32:16the bill for you.
32:17Your unused
32:18inheritance tax allowance
32:19passes to your spouse.
32:20I explained this
32:21in the marriage show
32:21a few weeks ago
32:22but I'm going to
32:23redo my graphics,
32:24you know,
32:24make do and mend,
32:25that's what money saving
32:25is all about.
32:26So here we have
32:27Mr and Mrs Young at heart
32:28who are lucky enough
32:29to have combined assets
32:30of a million pounds
32:31including their home.
32:33There you go.
32:34So each of them
32:34has the 325,000
32:36basic inheritance tax allowance
32:37and the 175,000
32:39because they're passing
32:41on their home
32:41to their direct descendants
32:42and they've got
32:43a valuable home
32:44which adds into this.
32:45So I'm sorry to tell you
32:47everyone,
32:47Mr Young at heart
32:48has just passed away.
32:49Aww.
32:51I hope he will.
32:52Come on.
32:54He leaves everything
32:55to his wife
32:55so there's no inheritance tax
32:57but she gets
32:58his unused allowance.
32:59That means
33:00when she passes away
33:01she has 650,000 pounds
33:03of inheritance tax
33:04and the main residence allowance
33:07of 350 quid.
33:08In total,
33:09the whole million pounds
33:10is free of inheritance tax.
33:12If they were not married
33:13the inheritance tax bill
33:15could have been 200 grand
33:17in the same circumstance.
33:19This is why Bill,
33:20it's quite a good name
33:21in these circumstances.
33:22I'm saying the biggest thing
33:23you can possibly do
33:23to protect it
33:24is to get married.
33:25Let me move on
33:26to my last couple here.
33:27If you are paying
33:28inheritance tax
33:29you're above the allowance
33:30and it's at 40%
33:31of everything.
33:3340%.
33:33So every 100,000
33:34is 40 grand
33:35that you are paying.
33:37If it's likely
33:37you're paying inheritance tax
33:38then the gifting rules
33:40can help.
33:41So there's a couple.
33:42The first one,
33:43anything you give away
33:44and you survive
33:45seven years afterwards
33:46there's no inheritance tax
33:47to pay.
33:48In fact,
33:48even if you survive
33:48three years
33:49the inheritance tax rate
33:51is lowered.
33:52The next most important one
33:53is you can give
33:54regular gifts
33:56given from your income.
33:59Do not count
34:00towards inheritance tax.
34:02Just explain this
34:02for me in more detail
34:03Kieran please.
34:05So you can give away
34:06anything as much
34:07as you wish to
34:08provided you survive
34:09seven years.
34:10There is also
34:11an annual allowance
34:12of £3,000
34:13that is from the donor
34:15not to individuals
34:16of £3,000 each.
34:18But what counts
34:19as giving away
34:19from regular income?
34:21I mean it has to be
34:21surplus income
34:22doesn't it?
34:23Yes, so gifts
34:23out of regular income
34:24must be out of
34:25the surplus income
34:26that is after
34:27payment of taxes
34:28payment of all
34:28household expenses.
34:30Even in an
34:31exceptional year
34:31if you buy a new car
34:33or replace the kitchen
34:34you need to deduct those
34:35before giving away
34:36any surplus income.
34:37And you should do it
34:37regularly,
34:38you need to take notes
34:38you need to prove it.
34:39There needs to be a pattern
34:40and keep records.
34:41Yeah, I mean it's worth
34:42talking to a lawyer
34:43about that one.
34:43Let me do some questions.
34:44Kieran, these are all
34:45for you.
34:46My mother's this
34:46is TV review.
34:48Hopefully you review
34:49as well, TV review.
34:50My mother is 90
34:50and our dad died in 2015.
34:52Mum inherited everything.
34:53Is the basic tax-free
34:54allowance automatically
34:55now £650,000
34:56because she inherited
34:57all of dad's £325,000
34:59when he died?
35:00Does anyone need
35:00to be notified?
35:01So this is about 0.5.
35:02How in practice
35:03does it work?
35:04Do you have to apply for it?
35:06So there's nothing
35:06that they need to do now.
35:08Everything will need
35:09to be claimed for
35:10when mum actually dies.
35:11So you do it
35:12on the second passing?
35:13You do it on the death
35:15of the survivor,
35:15absolutely.
35:16Now there is a time limit
35:17so that application
35:18must be made
35:19in the inheritance tax return
35:20that will be filed
35:21and that must be completed
35:23within two years.
35:25Amanda,
35:26what is the best way
35:27to protect your parents' house
35:28from being used
35:28to pay for care home costs
35:29if it comes to that?
35:30Let's go to David
35:31from Age UK on that one.
35:32Yeah, sure.
35:33So the one really important
35:35thing for people
35:35to be aware of,
35:36your property won't always
35:37be included
35:37in a financial assessment.
35:39For example,
35:39if you have care at home
35:40or you go into a care home
35:41and your spouse remains
35:42living in a property,
35:42it won't be included.
35:43But if you do give property away
35:45and the local authority
35:46think you did that
35:47to avoid care home fees,
35:48they can treat you
35:49as though you still possess
35:50that asset
35:51in a financial assessment.
35:52So that's something
35:52people really need
35:53to be aware of
35:54before they take that action.
35:55You've got three
35:55very clever lawyers.
35:57You just basically
35:57shouldn't do it
35:58because you can't get round it.
35:59Don't do it.
36:00The house is safest
36:01with mum and dad.
36:02But if you give it away
36:03to your kids
36:04and then your kids
36:04go bankrupt or die
36:05or get divorced
36:06or run away with the money,
36:08then you've lost it
36:08and you can never get it back.
36:09You've got three mega brains
36:10there, folks,
36:11and they're all saying
36:11don't do it.
36:13Don't do it.
36:16Diane.
36:17Oh, this is,
36:18I know,
36:18this is an interesting question.
36:20How does inheritance tax
36:21work for a widow-widower
36:23if they have the allowance
36:24from their late spouse
36:25but then marries a new partner?
36:27Now, generally,
36:27I talk about marriage
36:28being very beneficial
36:29in the tax system.
36:30This is the one time
36:31it's the opposite,
36:32isn't it, Kieran?
36:32Absolutely right.
36:33So the key thing is
36:34you can only claim
36:36one allowance
36:37irrespective of
36:38how many times
36:39you've been married.
36:39One past spouse's allowance?
36:41One former spouse's allowance.
36:43That's right.
36:43So the key thing here
36:44to remember is
36:45actually by not marrying,
36:48each individual
36:48is going to have
36:49potentially up to
36:50a million pounds
36:51of tax-free allowance
36:52for IHT.
36:53If they marry,
36:54combined,
36:55it's only an allowance
36:56of one million.
36:57So two million allowance
36:58could go to one.
36:59Halved.
36:59So I'm afraid
37:00if you're a widow and widower
37:01and you're thinking
37:02of getting married,
37:03you might not want
37:05to do it for tax reasons.
37:07Bizarre, isn't it?
37:09Emma.
37:09My brother has mental health issues
37:12and we have another sibling.
37:13When my mother dies,
37:15she wants everything
37:16split three ways.
37:17What is the best thing
37:19to do for my brother?
37:20He can't have more
37:21than £6,000 in his account
37:23or he won't qualify
37:24for council accommodation
37:25and he'll have nowhere to go.
37:26How do you structure around this
37:28so he still has somewhere to live
37:29but they can share
37:30the money equally
37:31between the three children
37:32including the one
37:32who has issues?
37:33So it's really important
37:34to take advice
37:36in relation to preparing
37:37a clear will.
37:39It is possible
37:39that the assets
37:40could be directed
37:41into a discretionary trust
37:43under the terms of the will
37:44and then importantly
37:46having a very clear letter
37:48of wishes that says
37:49the assets that can pass
37:50to the children
37:51who can take assets,
37:52that's absolutely fine.
37:54The remaining third
37:55of the estate held on trust
37:57for the benefit
37:57of that adult child
37:58and that means
38:00that that child
38:01will not be impacted
38:02from a benefits perspective.
38:03He will not lose out
38:04on what he's already entitled to.
38:05But of course
38:07the trust can provide for him
38:09as and when
38:09the trustees feel
38:10it's appropriate to do so.
38:12We've had many questions
38:13about vulnerable children
38:13and how you protect them
38:14so thank you so much
38:15for doing that.
38:16I don't know if we're going
38:16to have time to come back
38:17to you later.
38:17Just in case not
38:18can we give our brilliant panel
38:19four people
38:20a round of applause?
38:22It's been fantastic.
38:24Jeanette.
38:25OK, well after the break
38:26in news you can use
38:28protect your bank accounts
38:29in case your phone is stolen
38:30is all change
38:32for car finance misselling
38:33and cheap ice cream
38:34and pizzas
38:35don't go anywhere.
38:49Welcome back.
38:50We've been talking
38:50about difficult conversations,
38:51Will's power of attorney,
38:52inheritance, tax.
38:53I'm hoping we've had
38:55over a thousand questions
38:56on it so I might try
38:56and squeeze one more
38:57in at the end
38:57if we've still got time.
38:59Jeanette, what's going on?
39:00Yeah, it has been
39:00super busy online.
39:02Lisa's been in touch
39:02over on Facebook.
39:04Looking forward to hearing
39:05what the news is
39:06on car finance.
39:07Me and my husband
39:08put in a claim
39:09and it feels like
39:09we've been waiting
39:10for ages.
39:11Any updates would be great.
39:14So yes, there's a big update.
39:15It happened this morning.
39:16The regulator,
39:17the FCA,
39:17made an announcement.
39:19It's saying it's going
39:20to consult.
39:21Shorthand means it will do.
39:22It's one of those
39:23sort of formal consultations.
39:24that if there is going
39:27to be a payout
39:27on car finance mis-selling,
39:30you will not have
39:31to complain.
39:32It's going to put in
39:33an automatic redress system
39:35so lenders will have
39:36to identify those people
39:37who have been mis-sold
39:39and then using a formula
39:40by the regulator
39:41will have to automatically
39:43contact them
39:44and compensate them.
39:46Now it's early days
39:47but that is quite
39:47an intent
39:48and it could mean
39:49many millions of people
39:51being paid out
39:52billions of pounds.
39:54The but.
39:55Yeah, ooh, exactly.
39:57The but.
39:59We don't yet have
40:00a definition of mis-selling.
40:01There are two different
40:02types of car finance mis-selling.
40:03The main one I've talked about
40:05is discretionary commission
40:06arrangements.
40:07That's where car dealers
40:09and brokers were able
40:10to increase the interest rate
40:11you were charged
40:11so they could get more commission
40:13and didn't tell you.
40:14I've had over two million
40:15complaints through my tool
40:17on that one.
40:17That is absolutely huge.
40:19The other one
40:20came through a court
40:21of appeal decision
40:22brought by
40:23claims firms
40:24and it basically said
40:25if you don't have
40:28the details
40:29of how much commission
40:30you were being charged
40:31and no one did
40:32then it's in breach
40:34and that was
40:35completely shocking.
40:36The Supreme Court
40:37is deciding that case
40:38on the 1st of the 3rd of April.
40:39That will dictate everything
40:40but I think
40:41what today's news means
40:42is the vast likelihood
40:43still no guarantees
40:44it could still all change
40:45depending on the Supreme Court
40:46is the discretionary commission
40:48arrangement people
40:48are going to get paid out
40:49and paid out automatically.
40:50The other one will depend
40:52on the Supreme Court.
40:53We haven't got much time
40:53I've shortcut this.
40:55I've written this up
40:56and done a full
40:56much longer video explainer.
40:58I've put it on
40:59all my social media feeds.
41:01Do watch that
41:01if you've put in
41:02a car finance complaint
41:03because it will explain
41:04in more detail
41:04what's going on.
41:05But it is very big news.
41:06Watch this space.
41:08It's all going to happen
41:09in the next two, three, four months
41:10I would have thought.
41:11OK, that's a big bit
41:12of news you can use
41:13wasn't it?
41:13But let's have some more.
41:14OK.
41:16That made sense
41:17but watch the video
41:18if it didn't.
41:18I'm sorry.
41:19Mobile security tips.
41:21Thefts are up 40% in London
41:22but they're going up
41:22right across the country too.
41:24Now the crucial thing
41:24they're not just trying
41:25to nick your phone
41:26some of them are trying
41:27to access your financial
41:28data from your phone.
41:29You have to protect
41:30yourselves on this folks.
41:31Five quick tips for you.
41:32Use remote tracking apps
41:33to locate your device
41:34if it's been nicked
41:35and suspend payments.
41:37There's Find My from Apple
41:38SmartThings Find
41:39from Samsung
41:39Find My device from Google.
41:41Do those things.
41:43Next, enable the biometrics
41:45you know, face ID
41:46and fingerprint ID
41:47on your phone
41:48both for the phone itself
41:49and for your banking apps.
41:52If you're not going to
41:53and you're a pin code type person
41:55please, different pin codes
41:56for the phone
41:57and the banking apps.
41:58It's called shoulder surfing
41:59these days.
42:00People look over your shoulder
42:01to see your pin code
42:02and then if you're doing
42:03the same for both
42:04they can access your money.
42:06Now this one sounds
42:07a bit weird.
42:07Dial star hash
42:09zero six
42:10hash
42:11to get your
42:12IMEI image
42:14then screen grab
42:14and save it.
42:15That is what you're going
42:16to need to give to the police
42:16if your phone is stolen.
42:18That's roughly
42:18what it's going to look like.
42:20Screen grab it
42:21and assuming you can access
42:21your email
42:22not just on your phone
42:23I would just
42:24email it to yourself
42:25so you've got a copy somewhere.
42:26It's
42:27star hash
42:28zero six
42:29hash
42:29try it on your phone
42:30literally on your phone number
42:31I know it sounds weird
42:32but that's what happens
42:33let's get rid of that.
42:34I think this is possibly
42:35the most important one.
42:37So loads of people
42:38you know when you pay for something
42:39they send you a code
42:40on your phone
42:40to second factor
42:42identification.
42:43Many people have that
42:45appear on their
42:45lock screen
42:46so when your phone's
42:47locked
42:48the code still appears.
42:49You don't want that
42:50it means someone takes
42:51your phone
42:51they can get the code
42:52and there's actually
42:52an easy way to
42:53so what you need to do
42:54to stop that
42:55is turn off
42:55your preview notifications.
42:57It will still tell you
42:58you've had a message
42:58but it won't give you
42:59the code on the message.
43:01You do that in your settings
43:02everybody please do that one.
43:04It's a nightmare
43:04if you've not done it.
43:05And finally
43:06if you've got time
43:07check out your phone's
43:07extra security protections
43:08lots have them.
43:09iPhone has stolen protection
43:11so if you're in an
43:11unfamiliar location
43:13to pen a card
43:14you'd need to use
43:15biometrics
43:16and there'd be a one hour
43:17delay on changing your settings.
43:18Android has theft detection
43:20lock
43:20which means if
43:21your phone is moved quickly
43:23it locks the screen.
43:24All of those things
43:25are important.
43:26There are thieves
43:27who want to access
43:28your finances by your phone.
43:30It is growing
43:30it is dangerous
43:31protect yourself
43:32please people.
43:33Let me move on.
43:34Does that all make sense?
43:36Did you all know
43:37about all that?
43:38No.
43:38Okay I'm glad I did it then.
43:40Quickly
43:40Chase rewards are getting worse
43:42from the 7th of April.
43:43The 1% UK cash back
43:44is on most things right now
43:45it's only going to be
43:46in groceries, transport
43:47and fuel
43:47from the 7th of April.
43:49You'll no longer earn
43:50cash back on spending overseas
43:51you can still do that
43:52on the Barclay card
43:53reward credit card
43:55which is the same
43:56near perfect exchange rates
43:57abroad as Chase
43:58and no ATM fee
43:59and no interest
43:59as long as you pay off the card.
44:01Infernal!
44:02You saved my voice
44:03I won't repeat it.
44:05Savings rates on Chase
44:06have already dropped to 3%
44:07apart from for newbies
44:07at 4.5%.
44:08I haven't got time
44:09to run through
44:09the best alternatives there
44:10but next week
44:11is all about
44:12what's happening in April
44:13including the ISA allowance ending
44:14so I'll probably do
44:15savings rates there.
44:16Teachers
44:16if you're a teacher
44:17or support staff
44:18you can now get
44:19the blue light card
44:20which currently gives discounts
44:21for NHS staff
44:22and carers
44:23thousands of deals
44:245% back at Asda
44:2525% off pizza
44:2610% off Starbucks
44:27only cost a fiver
44:28for two years
44:29there's a link to get it
44:30it's for primary
44:30secondary or
44:31speciality school
44:32teachers and support staff
44:33not higher education
44:34and finally
44:36a tub of Ben & Jerry's
44:37and two pizzas
44:38for a fiver
44:39that's actually
44:39less than the Ben & Jerry's
44:41it cost by itself
44:4114 quid in total
44:42it's for co-op members
44:44who scan their card
44:45at the checkout
44:45otherwise it's 6 quid
44:46which is still pretty good
44:47the pizza is a margarita
44:49or a pepperoni pizza
44:50it's in many stores
44:51or online
44:52but not all stores
44:52I can't tell you
44:53which one's in
44:54because I mean
44:54I'd have to be here
44:55for an hour
44:55it's until the 25th
44:58of March
44:59Are you still going?
45:01Are you still going?
45:01Sorry
45:02Sorry
45:03poll result
45:05poll result
45:06sorry sorry
45:06can't believe it
45:08I've got a sore throat
45:08you didn't
45:09sorry sorry
45:10oh so let's look at this
45:11so what does that mean
45:1155% have a will
45:14but look only 22%
45:15a power of attorney
45:16that is arguably
45:17more important
45:17go watch back that bit
45:1844% have a new
45:20it's not good is it folks
45:21no
45:22no they're all
45:22we're all tutting over there
45:24please watch the programme
45:25back if you've just come on
45:26power of attorney
45:26is absolutely so important
45:28have I got time for a question?
45:29no time for questions
45:30but you can tell us
45:30what we've got for next week
45:31look next week
45:33we're going to steal a march
45:34on the April price hikes
45:35it's our last show
45:37in this run
45:38I'm afraid in April
45:39water bills are going up
45:40energy bills are going up
45:41council tax going up
45:42stamp price is going up
45:43stamp duty is being cut
45:44the limit
45:45so it's going to be more expensive
45:46there's an ISA deadline
45:47mobile phone bills are going up
45:48broadband bills are going up
45:50and I want to show you
45:51how to beat those hikes
45:52where I possibly can
45:53before they happen
45:53that's it from me
45:55thank you so much
45:56to our panel over there
45:57who are brilliant
45:57to our audience
45:58to Jeanette
45:59to the team up there
46:00if you've got questions
46:02on any of those price hikes
46:03get them into us
46:04hashtag Martin Lewis
46:05Martin and Jeanette
46:10are back next Tuesday
46:11at 8pm
46:11and don't forget
46:12if you missed any of that
46:13important information
46:14you can re-watch it
46:16on STV Player
46:17up next
46:18it's the final episode
46:19of The Bee
46:20était blade
46:22to the main
46:23song
46:25www.milionad�uelk.com
46:33either
46:34or
46:35or
46:36Imagine
46:37or
46:39or
46:39Nancy
46:40or
46:41you
46:41know
46:45or
46:46or
46:46or
46:47or
46:48gone
46:48alone
46:49or
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