Not Everything Passes Through Your Will
When most people think about making a will, they assume it covers all of their assets. The truth is, in Victoria, certain assets aren’t automatically included in your estate. If you don’t plan for these correctly, your wishes may not be carried out.
Superannuation and Its Unique Rules
One of the biggest surprises for many people is that superannuation doesn’t fall neatly under your will. Superannuation is governed by its own set of rules. Unless you’ve made a valid binding death benefit nomination, the super fund decides who receives your balance and any insurance payout attached.
Jointly Owned Property and Trust Assets
Jointly owned property is another common example. If you hold property as joint tenants, it automatically passes to the surviving owner, not under your will. Similarly, assets owned in a trust, or business assets in a company, aren’t considered “yours” personally, so they won’t form part of your estate.
Why Planning Still Matters
Even though some assets aren’t covered by your will, you can still take steps to make sure they end up where you want them to. Careful planning and advice means your loved ones don’t get left with surprises.
Planning Beyond the Will
Just because these assets aren’t part of your will doesn’t mean you can’t plan for them. By taking steps now—such as making nominations, reviewing structures, and seeking advice—you can make sure your intentions are respected.
Need Help With Will? Contact Fennelly Legal
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