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