Martin Lewis explains devastating financial impact if you are not married and die without a will

Martin Lewis delved into the intestacy laws in England and Wales this week, with a warning for those who aren't married.

Speaking on ITV's Martin Lewis Money Show on Tuesday (10 February), Lewis opened up about what happens if you are cohabiting with a partner without tying the knot.

The finance expert stated: “If you are not married or in a civil partnership, if you are cohabiting but not married, your partner is not entitled to any of your assets under the law.”

Lewis also explained that if you're married without a will, it can cost someone more in inheritance tax, as he highlighted that 'a will is the way'.

In recent times, the money guru has warned of the upcoming changes to Lifetime ISAs, while warning holidaymakers to take no risks and pay up when it comes to travel insurance.

Martin Lewis recently highlighted the importance of having a will (ITV)

Now, he has explained that dying 'will-less' means that intestacy laws will govern what happens to your assets.

Intestacy laws dictate how a person's money, property and assets are distributed when they die without a valid will

Lewis revealed: "Crucially, if you are not married or in a civil partnership, if you are cohabiting but not married, your partner is not entitled to any of your assets under the law."

He then went on to list the intestacy laws in England and Wales, as they can 'vary in Scotland and Northern Ireland'.

Everything you need to know is on Gov.uk, says Lewis, as he presented a 'simplified version' for those watching on TV.

"Your spouse gets all your personal assets, you know, your furniture, the stuff, all those stuff, and they get the first £322,000 of your estate and half the remainder," he revealed.

Lewis added: "The other half of the remaining estate goes to your children. That's what happens in England in simple terms if you die without a will."

He also warned Brits of cohabiting without having a will in place (David M. Benett/Dave Benett/Getty Images)

Moving on to married couples who die without a will, he warned that 'it may cost you unnecessary inheritance tax'.

He said that this may be due to people wanting to leave 'everything' to their spouses.

"That would be the most effective way to use inheritance tax," Lewis pointed out, adding: "But it's not all going to your spouse. It's going to your children or your grandchildren instead."

Lewis, who is known for his tips and tricks when it comes to saving on household bills, is urging Brits to get themselves a will to protect themselves against such laws.

Whether people listen to the finance expert though, is another thing.