Will my Assets pass into my Estate? In your Will, you have the ability to leave written instructions on who is to receive your assets when you die. However, you need to be aware that some of your assets will not be part of your Estate and therefore not controlled by your Will. This means that you need to deal with these assets separately to ensure that they go to the people you wish them to go to.
What Assets will not pass into my Estate?
Property owned Jointly – Any assets that you own jointly with another will not form part of your Estate. Usually this will be real property that you may own with your partner such as your residence. If you purchased the property as joint tenants then, on your death, the property will automatically transfer to be held solely by the other tenant. The exception to this is if you purchased property as tenants in common. If so, then your share of the property will pass into your Estate and be controlled by your Will.
Superannuation – Unless you direct the Trustee of your Superannuation Fund to pay your superannuation to your Estate then your superannuation will not pass into your Estate and be controlled by your Will.
It is important to remember that the Trustee of your Superannuation Fund has a discretion on who is to receive your superannuation. To overcome this discretion, you are able to make a binding nomination on the Trustee which means that the Trustee will be bound to pay your superannuation to the people you have nominated.
Each Superannuation Fund has a written form that allows its members to make a binding nomination. A binding nomination will only last for two years after which time you will need to make a new binding nomination.
Assets held by a Family Trust – Assets held by a Family Trust will not be able to be dealt with in your Will because, at law, you are not the owner of these assets.
What should I do? – If you are in the process of planning your Estate and drafting your Will you need to seek expert advice to ensure that assets that do not form part of your Estate are adequately dealt with and that your Will is not ambiguous or incorrect. This expert legal advice includes assistance on how best to deal with assets that do not form part of your Estate to ensure that they are received by the people you wish to receive them after your death.
If you need advice on obtaining a Grant of Probate or drafting a professional Will, you need to seek legal advice from an expert Wills & Estates Lawyer. Specialising probate, our law team pride ourselves on our open and honest communication with our clients, 25 years experience!
Call today for an appointment on (02) 9221 2779 – Offices conveniently situated closed to public transport in Macquarie Street, Sydney CBD.