5 Types of Assets That Do Not Pass Through Your Will That Shouldn’t Be Forgotten

A Will is an important document. Without one, the reality is that intestacy rules will apply which state how your estate must be shared out on death. Nevertheless, it is also important to be clear which of your assets will not pass automatically through your Will so that, in tandem with the Will, you consider all your assets and those persons you wish to benefit.

Money or shares held in joint names

Money or shares held in joint names will become the property of the survivor.

Property owned as joint tenants

If a property is owned as a joint tenant with another person (rather than as a tenant in common) the property will pass to the survivor and not through the deceased’s Will.

Superannuation

Superannuation balances are held in trust by the relevant superannuation fund. Without a binding death benefit nomination in place, the trustees of the fund will decide who is to receive the benefits.

The legal representative can be nominated as beneficiary and can then distribute funds according to the Will.

Insurance policies

The proceeds of any insurance policies will be received by the nominated beneficiaries rather than through a person’s Will.

Family trusts

Assets held in a family trust do not form part of an estate, so they cannot be passed under a Will.

Contact our Wills and Estate Planning Lawyers in Sydney, NSW

Szabo & Associates Solicitors offer specialist Will writing and estate planning services. For expert advice, please contact us on 02 9281 5088 or complete the online contact form.