Not all property can be given by your will. Below is a list of some examples of property that cannot be given by your will.
Jointly held property: This passes automatically to the surviving joint owner on the death of the first dying joint owner. It does not form part of the estate of the first person dying. (If you own property with another person you may hold it either as ‘joint tenants’ or as ‘tenants in common’. It is easy to confuse the two, and it is important to be sure what type of tenancy you have in the property).
Property held in trust: This passes to or is held for the beneficiaries of the trust according to the terms of the trust.
Shares: Certain shares in private companies cannot be given by will.
Partnership property: Your interest in partnership property may be given by will.
Superannuation: Your superannuation arrangements may not entitle you to dispose of your superannuation assets by your will. The rules differ from scheme to scheme. You should discuss the matter with the administrators of your superannuation fund and may be determined by choices made by you at the time of first participating in the particular fund.
Proceeds of life insurance policies: If the owner of the policy has nominated a beneficiary of the policy, the nomination takes precedence over the terms of the will. It follows that, where a nomination is made, the proceeds of the policy do not form part of the estate. If you wish the proceeds of the policy to go to someone other than the nominee, you must change the nomination. If you are not sure whether you nominated a beneficiary, or who you nominated, consult the insurance company concerned.
Capital guarantee deposits: Some capital guarantee deposits where a beneficiary is nominated (for example, friendly societies, and some banks) cannot be given by will.
If you are considering making a will, you can contact our office on 03 9450 9400 for a confidential discussion.