Some property you may regard as your own may not form part of your estate upon your death and is therefore not capable of being distributed by your Will.
Some common examples of such property are:
Property owned as a joint tenant
Two or more people may own assets as joint tenants or as tenants in common.
On your death, property that you owned as a joint tenant with another person(s) automatically passes to the surviving joint tenant(s) and therefore does not form part of your estate. The family home, household chattels and bank accounts are examples of property commonly owned as joint tenants.
On your death, your interest in property owned as tenants in common and vice versa. If you wish to do so you should book a consultation with us.
Property owned by your company or family trust
Many people make the mistake of assuming that their Will also affects which are legally owned by family companies and trusts. These assets are the property of the company or the trust, so you can’t give them away in your Will. However, by your Will you can, and should, pass control of your trust or company after your death.
It is important you get proper estate planning advice so that control of these entities can pass in accordance with your wishes.
Book a consultation with us.
The proceeds of a life insurance policy usually do not form part of your estate where benefits are payable to a nominated beneficiary on your death.
Your superannuation will only form part of your estate if it is paid to your estate after you die by the trustee of the super fund.
Learn more – visit What about my super?