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Home / Tolley's Global Mobility: Personal Taxes /Australia /AU3 Other considerations in Australia /AU3.2 Lodging a valid will in Australia / AU3.2.4 Assets that can be distributed by a will
Commentary

AU3.2.4 Assets that can be distributed by a will


Australia

A will can only deal with 'estate assets', which means those assets in the willmaker's sole name and which are not subject to trust arrangements.

A will is not effective to deal with 'non-estate assets', common examples of which include:

  1. Ìý

    •ÌýÌýÌýÌý jointly owned assets

  2. Ìý

    •ÌýÌýÌýÌý superannuation

  3. Ìý

    •ÌýÌýÌýÌý life insurance

  4. Ìý

    •ÌýÌýÌýÌý proprietary limited companies

  5. Ìý

    •ÌýÌýÌýÌý discretionary trusts

Each of these are discussed further below.

Jointly owned assets

Assets owned as joint tenants will pass to the surviving joint owner

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