What assets can I leave in my Will?

Only personal assets in your individual sole name will form the assets of your estate and can be distributed by your Will.

Your Will does not transfer ownership of all of your assets in the event of your death. Those assets that are not covered by your Will are known as non-estate assets. Examples of non-estate assets include:

JOINTLY OWNED ASSETS
Jointly owned assets pass by the laws of survivorship directly to the survivor, and only pass through your Will on the last to survive. In tenancy in common an individual holds defined shares in the property and their share of the property upon their death will form part of their estate. Whereas, jointly owned assets, the survivor takes the property.

TRUSTS
Although assets held by trusts will not form part of your estate, you may be able to influence the future control of the trust though your Will. The distribution of assets is governed by the trust deed of the trust.

COMPANIES
A company can continue to operate well beyond the death of the shareholder of the company. The assets of the company are not part of the estate of the shareholder and are not governed by their Will. However if the shares in the company are owned by you personally in your own right then the shares can be gifted in your Will.

SUPERANNUATION
Superannuation does not normally form part of an individual's estate. This is because the superannuation assets are held by the superannuation fund trustee on behalf of the member. Individuals may however provide a direction to the superannuation trustee on how their superannuation death benefit should be distributed.