Some people think that their Will deals with everything in their estate upon their death. It doesn’t!!
So it’s important to know what your Will does not deal with, and if necessary, make separate arrangements for elements not covered.
Your will does not deal with:
- Jointly owned Assets(i.e. assets that you own jointly with someone else)
These assets pass automatically to the survivor on your death.
- Life Insurance Proceeds
The proceeds go to the beneficiary(ies) nominated on the policy.
The death benefit is paid to the named beneficiary(ies) if there is a binding nomination or otherwise, at the discretion of the trustee of the fund.
- Assets held in a Trust (Discretionary or Fixed Trust)
These assets continue to be held in the trust.
- A Reversionary Income Steam*
This income stream will revert to the reversionary beneficiary(ies).
When you make your will, you should have strong regard to who is receiving the benefit of the assets set out above, as that may well impact on how you leave those assets which the will documents deal with.
Contact our Wills and Estates team if you wish to discuss further or require assistance.
* A reversionary income stream (or reversionary pension or annuity) is an income stream payable to someone else (e.g. a spouse or a child) after the death of the person who had the income stream prior to his/her death.