So are there certain types of property/assets you cannot put in a will? Absolutely. However, not many people are aware of this and often make the mistake of listing items they cannot leave to their loved ones. There are also instances that partnering with certain superannuation funds could prevent you from leaving that money to your loved ones.
If the owner of the policy has nominated a beneficiary of the policy, the nomination takes precedence over the terms of the will.
It follows that, where a nomination is made, the proceeds of the policy do not form part of the estate.
If you have overseas assets, we highly advise you to draft your will with a qualified solicitor. This is due to foreign countries potentially having different rules about how wills are handled and interpreted. They may also have different requirements for what makes a will valid, and have different tax and inheritance laws.
If you would like a free consultation with one of our legal professionals, feel free to fill out our form or call us directly. We’re here to help, genuinely.
Other blog posts