Free Will. Estate protection Trust.

[PyjamasAndBananas]

Married, both under 50. We want to make a will.
We contacted some service offering free wills to keyworkers during December, recommended by Martin Lewis.

Turns out they want to sell us an "Estate Protection Trust" to shield the estate from means testing in the event that we need to pay for care. Costs £3.5K.

Seems a bit dodgy to me that a supposed "free" will comes with this attempt to sell extras, but DH reckons that's how they can fund the free ones.

Part of me things we should steer clear of this outfit, and just pay a couple of hundred for a simple pair of wills (each leaves everything to the other, name the executors, and name people to look after the kids).

Are these trusts a good idea? I've not heard of anyone I know getting one. Seems like we could think about that in 10-20 years time anyway.

Estate Protection Trust is just a label they have given to make what they do sound fancy. I do not rate Martin Lewis anyway - he is just out to make a name for himself, raise his profile and his earnings. His business is Martin Lewis plc not about good financial advice.

Your hunch is spot on. Go to a competent law firm with a few people on board, not a sole trader working from home, and preferably either STEP or CTA qualified. Get it sorted upfront and it will not niggle at you over the next decade or two.

You could tell Martin Lewis too

Yes, go to a solicitor, or maybe Marlow Wills (Mumblechum on MN) who is a highly recommended will writer.

Frankly for something as 100% standard as you want, given that you sound reasonably clued up, a DIY Will pack from WH Smith would probably be fine.

I would feedback to MoneySavingExpert. They value their reputation and probably don’t want it tarnished by something slightly dodgy like this.

My mum put a codicil on her will about this and it wasn’t worth the paper it was written on.

I would go to a local solicitor that someone in RL has recommended and use them. We have a very straightforward will will few named items, it cost £250 I think. We plan on reviewing it every 5 years in case our circumstances change.

WHSmith sell will templates online for 20 quid (recommended by Mumsnetters.) Needs two independent witnesses. Great value.

Facebook are not still running those fake Martin Lewis ads, are they?

Local Authorities will have these trusts worked out and know how to circumvent them. If you google challenges to estate protection trusts by local authorities, you will find a raft of solictors websites saying the same thing; that LAs view this as voluntary diminution of assets and will still charge full whack for care.

Thanks all. We're certainly not going to be buying this trust now. Will do a lot more research into them (and other types of trust), for the future.

Martin lewis has Zero financial qualifications, and how he is able to in effect work as a financial introducer is beyond me.

@Manolinette - has given the correct advice

Also, I would avoid the WHSmith wills, if your estate is anything other than the most basic of estates. Spending a few hundread pounds on a proper will, will save a lot of hassle down the line.

Martin Lewis

www.birminghammail.co.uk/whats-on/shopping/martin-lewis-urges-people-stock-19432597

This is just frickin' ridiculous - "Stock up on stamps!" Jesus wept.

Best advice I can give is do not follow his advice.

I was coming into say what @26thegcatsmother already said - these trusts are not worth the paper they are written on.

Just to add that if you are a union member of UNISON, you can have a will drafted for free.