7 What Assets Do and Do Not Form Part of a Will in Queensland A common misconception in estate planning is that a Will controls all of a person’s assets. In Queensland, this is not the case. A Will only deals with assets that form part of the deceased estate at the time of death. Many assets pass outside the Will automatically due to the way they are owned or structured. Understanding this distinction is essential to ensure an estate plan reflects a person’s true intentions. Assets That Form Part of a Will (Estate Assets) A Will generally deals with assets solely owned by the deceased that do not pass automatically to another person. These commonly include: • Real property owned in the deceased’s sole name • Bank accounts held in the deceased’s sole name • Personal possessions (jewellery, vehicles, furniture, artwork) • Shares and investments held personally • Business interests held in the individual’s name • Tax refunds, wages owing, and personal debts owed to the deceased These assets are distributed according to the terms of the Will (or under intestacy if no valid Will exists). Assets That Do NOT Form Part of a Will Some assets pass outside the estate and are not controlled by the Will: Jointly owned assets - Assets held as joint tenants automatically pass to the surviving owner by right of survivorship, including jointly owned property and joint bank accounts. Superannuation - Superannuation is generally not an estate asset. It is distributed according to a binding death benefit nomination or the trustee’s discretion. Life insurance - Life insurance proceeds usually pass directly to the nominated beneficiary and do not form part of the estate. Trust assets - Assets held in a trust are owned by the trustee, not the individual personally, and are not distributed under a Will. Company assets - Assets owned by a company are not personal assets. Only shares in the company form part of the estate. Nominated beneficiary assets - Some financial products pass by nomination and override the Will. Key Point A Will only controls assets that are legally part of the deceased estate. Assets held jointly, in superannuation, in trusts, or with nominated beneficiaries may pass outside the Will entirely. For this reason, effective estate planning requires more than just a Will, it also requires careful consideration of ownership structures and beneficiary nominations. Contact Us If you would like advice about your Will, estate planning, or understanding how your assets will be distributed, please contact our office on (07) 5610 8060 to arrange a consultation. We can assist you in ensuring your estate planning documents accurately reflect your wishes and minimise the risk of disputes or unintended outcomes. PRINTING SPECIALS *Price includes basic artwork and GST Full colour flyers on 150gsm gloss Business cards 420gsm card | Letterheads 80gsm bond Contact Geoff 0411 134 507 | geoff@localnewsletters.com 10,000 A5 Flyers $495* 5,000 A4 Flyers $495* 500 Letterheads $175* 10,000 A4 Flyers $895* 1000 Colour Business Cards $139* 5,000 A5 Flyers $320* from from from from from from Your parcel comes with meats selected / approx.. 10 to 15kgs of fruit & vegetables / 2 extra choices such as sink liquid, juice, pantry and cleaning products /choice of breads / 20 to 25 groceries / chiller pack. If you pick up usually you have pallets of extra fruit and vegetables to choose from. $72 fills the boot of a small car about 100kgs of food. We support some 27 other organisations on the Coast. Come, view or call us or (come and volunteer - no age limit), helping us to help others struggling and in need. Products can be seconds or best before dates, close or past. We supply food for 1000’s of meals weekly Volunteer Positions Available - NO Age Limit 12-16 Dunkirk Close, (off Allied Dr) Arundel (2 streets south of Harbour Town Shops) Order Online www.newlifefoodbarn.org or PH: 0410 565 781 1.30 to 2.00pm Tues & Wed for following day Est. 17 Years DISCOUNTED FOOD HELP IS HERE! at our Grocery Shop NEW LIFE FOODBARN Part of New Life Community Care D.G.R. Charity FOODBANK SHOP OPEN WED, THURS & SAT 9.30am - 12pm FOODBARN SHOP NOW OPEN SATURDAY 9-11.30am Fruit & Veg / Meats / Bread Grocery Items / Chiller pack Plus more on Pick-ups Online Home deliveries available “Why Struggle? Help is Here. PARCEL ORDERS @ www.newlifefoodbarn.org Phone 0410 565 781 All Ages Welcome - Volunteers - Work for the Dole - Sper Debt Payoff $72 FAMILY PARCEL
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