Estate Planning Is Not Just About Your Will
Preparing a Will is one of the most common ways of transferring assets after someone dies.
A will is an important component of any estate plan, however it is unlikely to be the only transfer mechanism of assets when a person dies.
Wills govern the assets from a deceased’s estate and allows the deceased’s intentions to be enacted.
Many Australians will have assets that may not form part of their estate if they died. For example
- Assets owned as joint tenants (for example, often the family home)
- Life insurance proceeds (here someone else is the policy owner or nominated beneficiary)
- Superannuation death benefits
- Company assets
- Assets owned within a family discretionary trust
Assets that are administered by a Will include
- All personally owned assets such as shares in a company
- Investment assets including assets held as tenants in common
- Assets that are pain to the estate by a trustee of a superannuation fund
- A right owned under a contract
- An entitlement under a loan arrangement