WHAT WILL HAPPEN TO ASSETS THAT ARE JOINTLY OWNED?
There are wills that are quite complicated with distinctive terms and conditions, and the assets under such wills are usually caught up in a variety of legal tangles. It’s not easy to recover the estate bound within these complex wills. There are cases where some assets do not fall under the conditions of the will. Whatever the case, don’t hesitate to call on our highly trained team of wills lawyers in Perth if you have any queries to be answered.
If an asset was jointly owned by an individual with another person, such an asset would be directly transferred to the other person upon the death of the individual. The living person would consequentially become the sole administrator of the estate, irespective of the will of the individual.
Such cases are generally applicable with personal assets like a home which passes onto the wife upon the death of her husband.
If an individual holds sole ownership over his entire estate, then all his wealth including bank assets and properties to real estate investments are manageable only according to the will made by the individual. If an asset falls under an organization but was governed or overseen by an individual, then such an asset wouldn’t count as a part of the estate of the individual. In such cases, the asset would be equally divided among the members of the particular organization with everyone receiving their rightful share. For any clarifications you have regarding wills and estate, give us a call and we will be happy to help with any subject.
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THE SPECIFICS OF LIFE INSURANCE
An individual investing in a life insurance scheme often chooses a nominee to whom the entire sum of the insurance may be passed on upon his death. They usually nominate a member of their family like their spouse or children. The earnings of a life insurance are directly paid to the beneficiaries and are not controlled under the will of the individual.
But an individual has the right to make the life insurance a part of their assets by nominating it in the estate. If that’s the case, then the earnings of the life insurance will come under the individual’s assets and will be partitioned according to the specifics of the will.
A good wills lawyer in Perth will guide you through the process of making a will or anything regarding wills. For more information, please get in touch with our experienced team of litigation lawyers in Perth.