It’s important to understand that not all assets can be transferred through a Will.
There are three types of assets that cannot be included in a Will:
- Property owned as joint tenants – This type of property passes from one owner to the other through survivorship, bypassing the provisions of a Will.
- Assets from a superannuation or insurance fund – When you take out a policy, you typically nominate a beneficiary who will receive these assets in the event of your death.
- Assets held in family companies or trusts – Although you may have control over these assets, you do not actually own them and therefore they cannot be directly distributed according to your Will. Instead, your Will must transfer control of the company or trust to trustees or other beneficiaries.
Disclaimer: The above information is intended to provide general legal knowledge and should not be taken as a response to your specific problem. The law is complex and we strongly advise you to seek professional legal advice. Canaan Lawyers will not be liable for any loss or damage caused by the information contained or omitted in the above information.