Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
What Can You Do With Your Assets Once You Pass?
Moneymagpie Team
31st May 2024
Whether you are approaching your senior years, have a terminal illness, or simply want to plan for the future, you might be considering what to do with your assets once you pass on. To make sure that you are happy with where your assets are going and that you know exactly what your options are, here are some of the options that are available to you.
1. Give to Your Family
The most obvious option when it comes to your assets is to give them to your immediate family, especially if they depend on you. Most assets will automatically pass on to your next of kin whether you make a will or not, and your family may be able to contest your will if you do not leave them anything. Giving to your family will ensure that heirlooms and your estate are kept within the family name and that your family can benefit from your wealth for generations to come. If your family members are children or young people, you might need to put money into a trust for them that is managed by another relative until they reach a certain and responsible age. However, you might not want to leave your assets to your family if you do not get on with them, or you might worry about what to do with your money if you have no family left.
2. Give to Your Friends
You might also look at giving your assets to your friends, especially if they are friends who have stuck by your side for a long time or even live with you. You might also leave them any possessions which they love or which they have a connection with. By giving to your friends, you will be ensuring that you are remembered for a long time to come and that you can generously put a smile on their faces and help them out even after you are gone.
3. Give to Charity
Once you pass on, you also have the option of giving your money to a charity. Giving your money to charity can be a great way to show that you care and to support the non-profits’ future even after your death. This can also allow you to say thank you for all that they have done for you and will allow you to leave a philanthropic legacy. It is also possible to get tax breaks when you donate to a charity. This means that you should leave a legacy to a charity like Macmillan if you can.
4. Give to Your Partner
If you are not married to your partner, your money will not pass on automatically to them. This means that you need to state in your will that you desire some of the money to be given to them. This is especially the case if you live together, or else they might end up having to sell the home that you share after your death. However, if you break up or change partners, it is vital that you keep this will up-to-date, or else you might find that your money ends up going to your exes.
Georgina Monk
Since leaving university with an English and Creative Writing degree, Georgina has worked as a freelance copywriter, writing articles on everything from business technology to charitable giving. As well as running her own blog and performing in and writing plays, some of which have been staged in local theatres, she also volunteers at historical houses and enjoys watersports and getting out into nature.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
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