Much has changed in Australia over the years. In 1975, Australia’s population was 13.7 million and 2018, we passed 25 million.
In 1975 the medium Sydney house price was $28,000.00 and in 2018 it is $815,000.00.
In 2017 Australians held $2.3trillion in Superannuation Funds.
Australians are now wealthier than they have ever been. This means that when one of us dies, the property that we can pass on to others is of a considerable value and what we do with our assets and who benefits from them has become increasingly important.
We believe the starting point is that you understand the property that you own, and whether it will form part of your estate upon your death. For example, superannuation funds, life insurance proceeds, and real estate you own as a joint tenant, may not form part of your estate.
Superannuation funds will go to whomever you have nominated in a VALID Binding Death Benefit Nomination, and absent such Nomination, it will be distributed at the discretion of the Trustee of your Superannuation Fund.
Proceeds of your life insurance
The proceeds of your Life Insurance will go to the named beneficiary of that Life Insurance.
Assets owned as joint tenants
Real estate you own as a joint tenant, will pass to the other joint tenant/s on your death.
You should also note that assets held in a company or a family trust will not necessarily pass in accordance with your will.
If you consider the ownership of your assets properly before finalising your will, and the will is drafted correctly, then your intended beneficiaries should receive what they were meant to. Done poorly, there can be ongoing difficulties, costs and problems that are left by a willmaker for their Executor to deal with.
The cost of having a carefully prepared will done through Turnbull Hill saves the beneficiaries much greater costs, removes stress and family arguments that frequently occasion the passing of a loved family member or benefactor.