Only the assets owned by the individual will be passed on to the estate of the individual and will be controlled under the will of the individual.
What Will Happen To The Assets If They Are Jointly Owned?
There are lots of terms and conditions related to any asset with much legal issues to be dealt with. Contact Wills Lawyers Perth to properly understand all the legal issues regarding the assets not controlled by will.
If an asset was jointly owned by individual with another person then the assets would be directly passed to the other person upon the death of the individual. The other person would now become the sole administrator of the estate independent of the will of the individual.
The above happens only involving relatives involving family, such as when the death of husband let the wife have the authority over their joint ventures. The only exception in this case is the joint venture on tenants. In such case the Will of the individual is followed differently than passing the asset to the other person.
If an individual is the sole owner of the estate than all the properties starting from bank accounts to the real estate investments will be dealt by the court according to the will made by the individual.
If an asset is a venture of an organization but was administered under an another individual, then the asset would not be a part of the estate of the individual. In such cases it would be divided among the organization with everyone receiving their own rightful share.
Now you can be well acquainted with this subject once you touch base with us. We will provide you with the best possible solution on any issue pertaining to this.
Any individual making a life insurance often nominates a person from their family like their spouse or children. The proceedings of the life insurance are directly paid to the beneficiaries and are not controlled under the will of the individual.
An individual is liable to make the insurance a part of their asset by nominating the estate, then the proceedings of the life insurance will pass on to the individual’s assets and will be dealt according to the will.
Certain processes are always trickier and are hard to understand. Our best attorneys are always there to give you the appropriate suggestion that one requires regarding such cases.
Check the website of the Wills Lawyers Perth for a better understanding and about the services offered. Also, visit us for an initial consultation.
Certain assets are not controlled by your will because they pass directly to others or are governed by separate legal arrangements. For example, jointly owned property held as joint tenants automatically transfers to the surviving co-owner upon your death. Superannuation funds and life insurance policies with nominated beneficiaries are also distributed outside your will, according to trustee or policy rules.
Assets not considered part of your estate generally include jointly owned assets, superannuation funds with binding death nominations, and life insurance proceeds paid directly to a nominated beneficiary. Assets owned through a trust, company, or self-managed super fund are not included in your personal estate. These assets are managed according to trust deeds, corporate structures, or fund rules.
To create a valid will in Western Australia, certain legal requirements must be met. The will must be in writing, signed by the testator, and witnessed by two people who are both present at the same time. The testator must be at least 18 years old and have the mental capacity to understand the nature and effect of their will. Failing to meet these formalities can make the will invalid or open to challenge, so professional guidance from a wills lawyer is highly recommended.
A will remains valid indefinitely after the person’s death, provided it was properly executed and has not been revoked by a later will or legal document. Once the testator passes away, the will becomes a legal record guiding the executor in distributing the estate. It’s important to keep the original will safely stored and ensure your executor knows its location. Consulting a wills lawyer can help ensure smooth administration and prevent challenges to the document’s authenticity.
Assets held in a family trust are not owned personally by you and therefore do not form part of your estate or will. Instead, these assets continue to be controlled according to the terms of the trust deed. Upon your death, the control of the trust usually passes to the appointed successor trustee or controller. The trustee then manages and distributes trust assets as directed by the trust deed.
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