A Will only deals with assets that are owned by the testator (the deceased) in his or her own right. Only these can be passed on via the estate. Rather than providing you with a list of what will be included in the Will, let’s look at which assets WILL NOT form part of the Will:
- Properties which are held jointly with someone else>
- Assets held in a family trust
- Assets owned by a company
- Superannuation death benefit proceeds
- Life insurance policy proceeds owned by someone else or another entity
- Life interests
Each of these areas need to addressed separately in dealing with your estate planning needs. Your affairs are probably quite complex. You may have a holiday house, assets in various trusts or companies and complicated financial arrangements that have grown over the years. Therefore you need to take the time to sit down with your financial planner, solicitor and accountant at the same time to map out what needs to be done. If you do it all at the same time, you get it over and done with. Your goal is the best possible outcome for your estate.
