What assets are governed by a will?
A will does not govern all the assets that the testator owns or controls, but will only govern the estate assets. Estate assets include: (a) all assets owned personally; (b) shares in a company (private and public); (c) the share of any asset owned as a tenant-in-common; (d) any superannuation death benefit or life insurance policy proceeds paid to the estate; (e) an interest in any partnership assets, unless agreed otherwise; (f) the right to recover any funds owed; and (g) any rights held under any contract. Estate assets do not include: (a) assets owned as a joint tenant; (b) assets held in a trust; (c) assets owned by a company; and (d) superannuation death benefits or life insurance policy proceeds paid directly to a beneficiary.
