Two Important Things Your Will Does Not Cover
It is understandable that most people would think that making a will, especially with a do-it-yourself “Will Kit”, would be comprehensive and everything would be covered off.
Unfortunately, that is not the reality and most people do not understand what they can and cannot control in their Will. That is because certain assets do not form part of your estate. We see this problem all the time, most often, when people have bought a “Will Kit” online or from their local news agency.
1. Superannuation is not automatically part of your Estate
There are specific rules and requirements associated with Superannuation. Most people I speak to are surprised to learn that, upon death, the Trustee of their Super Fund generally decides who receives their superannuation entitlements. The restriction of Trustee’s ability to make this decision for you should form part of your overall Estate plan.
2. Your Will Does Not Cover Your Family Trust
This also include assets held within the trust. Those assets sit outside of your estate. To establish a succession or inheritance plan for your family trust, speak to us to address this issue.
These matters are not automatically covered in a Will, but there is an easy way to address them and ensure that your intentions are covered and that is to speak to us at McLaughlin and Associates Lawyers. Located in Brisbane, we will tailor a Will to suit your specific needs and address those assets that stand outside of your estate.
By John McLaughlin
Principal of McLaughlin & Associates Lawyers