How to draft your last will? Well, hiring a proficient probate lawyer in Sydney can help you with that. As per a March 2021 report, about 70% of Australians don’t have a legally binding will. If you’re also one of them, you should contact a legal professional. Having years of legal knowledge and expertise, they’ll be the best person to help you with the wills. Making a will is important for your loved ones. Having a will can ensure the inheritance of your loved ones without any hassles. But for that, you need to ensure that your estate plan is legally correct. Or else, your will can get cancelled and your assets can get distributed as per the court’s decision. But you can’t include all your assets in your last will. And we’ll talk about that in the below blog post.
What assets you shouldn’t include in your last will?
Estate planning is a smart decision to ensure the well-being of loved ones. But you must know that there’re some assets that you can’t/shouldn’t include in your last will. And, here’re them,
1. Assets that have a right of survivorship:
If you’ve got a communal property with the right of survivorship, you can’t include that in your last will. Alongside that, properties with joint tenancy or entirety tenancy are also this kind of asset. Wondering why? Well, these assets will automatically pass to the co-owner after your death. And, including these assets in your testament can’t change anything.
2. Life insurance or annuity policies:
You can’t include your life insurance or annuity policies in your testament. Why? Well, because the beneficiary named on the life insurance policy will automatically inherit that after your death. Hence, including it on your last will can’t do anything.
3. Assets that are held in a living trust:
Most people create a living trust to facilitate the transfer of the assets after the grantor’s death and bypass probate. If you’ve also created one, you should know that beneficiaries of that living trust will get everything automatically after your death. Including it in your last will with someone else’s name can’t change anything. But you can always change the terms of a revocable trust by amending the trust papers.
4. Pay-on-death bank accounts:
Do you have a pay-on-death bank account? Regardless of anything, the beneficiaries listed there will automatically receive the money after your death. You can’t change anything or add anything to it through your last will.
5. Assets from retirement plans and insurance policies:
Just like life insurance policies, the assets from your retirement plans and other insurance policies will automatically pass to the listed beneficiaries. If you’ve listed the name of your spouse in your insurance policy beneficiary, they’ll inherit the assets after your death. You can’t change that with your last will.
6. Transfer-on-death (TOD) assets:
TOD (transfer-on-death) assets like vehicles, bonds, real estate, and stocks will automatically pass to the listed beneficiaries. Making a will for these assets won’t and can’t change anything in these.
Are you planning to finalise your last will for your assets? Instead of relying on online DIY forms, hire a professional probate lawyer in Sydney. Having the right person by your side can ensure that your testament follows all the legal terms.
Author Bio: AUthor is a proficient probate lawyer in Sydney. For years, he’s helped many people draft their wills rightfully. Besides that, he’s also written many blog posts and articles on related topics.
