Updated: Feb 3
So, we covered what a will is. Now the big question of why would you make one? Here are 6 reasons to!
Take care of your dependants
By making a will, you have a say in your family’s care - how they are looked after and ensuring they are financially provided for.
Protect your partner
The laws regarding the distribution of your assets are quite vague when it comes to unmarried partners, and by vague we mean there are none. There is no automatic inheritance if you are in an unmarried partnership or have step children, that is, unless you state it in your will.
With any inheritance, there comes inheritance tax. Inheritance tax is a tax on the value of your estate. It is heavily dependent on the monetary worth of the inheritance, and also who you leave it to.
If you have dogs, cats, or any other pets, say who you want to look after your pets.
Protect your social media
We live in an age where your assets are no longer restricted to physical money and property. Now music, emails, social media, photographs, or websites, also form part of your possessions and can disappear in passing if not protected.
Support a charity
Supporting a charity is not just a great way to leave a legacy, it also reduces the amount of inheritance tax paid if you leave more than 10% of your assets to a good cause.