There are so many misconceptions about a Will. Some people think that a Will is only for wealthy people. For them, Will and Wealth are acronyms. But it is myth and an Estate plan is for everyone. It is for everyone’s benefits. It only conveys one’s last wishes to their beloved and preparing risk and making sure that each of your loved one receives the apt benefit or share of the Estate, but due to many amendments in the law of Australia, it is not easy to pass the Estate to your loved ones by just a Will. There are plentiful of more changes which are required to pass the Estate to your loved ones. First of all, it is important to understand there are two types of assets.
– Estate Assets
– Non – Estate Assets
It means that the assets are owned by the parents or by the Family Trust. An Estate asset is held in your name and it includes the real assets like property in your name. It also includes number of other things like the common source of interest like the tenants, bank accounts, vehicles and shares. One more important thing is that Estate assets are dealt in lieu with your Will. Now, next is Non – Estate assets. They are not accordance with your Will and sometimes they are assets owned. They are:
- Jointly owned assets
- Such as tenants and superannuation funds
- Family funds
So how you property will be included in Will, if they are owned as joint tenants
The right of survivorship is only held among individuals as joint tenants. It means that the right will be automatically transferred to the surviving owner if one of them is deceased. Thus, the property will not be part of the deceased Estate. So, if you want that Estate laws should apply then consult expert team of lawyers and professionals like New Way Lawyers. They are experts in planning estate , preparing Wills, binding death nominations and others. If you are not happy with the superannuation fund decision, then also their experts will help you in guiding the way.
What happens to the Life Insurance?
Sometimes we take up life insurance policy so that our loved ones have continued happy life style. But what will happen to the life insurance policy when the policyholder is no more. It is important to know that how this policy has been established. If the beneficiary is named on the policy then the insurer must pay to them.
There are many queries to formulate effective Estate planning. For that do consult New way lawyers estate law firm, you one step solution for every Estate law query. They are expert Will and Estates lawyers in Brisbane.