What makes up your estate?
Your estate consists of your assets and liabilities.
The assets may include your house, car, savings, or shares. These assets may be in your name only, or in joint names with someone else, or in a legal entity such as a company or a trust.
The liabilities may include your mortgage, car loan and credit card. These liabilities may be in your name only, or in joint names with someone else.
A will gives you the best chance of making sure your assets go where you want them to. If you die without leaving a will, the laws of intestacy apply. The rules of intestacy are made by the government and set out who is entitled to receive your assets.
Certain assets and liabilities are not automatically distributed in accordance with your will or under the rules of intestacy.
- your super
- assets and liabilities you own with someone else
- any private companies or trusts.
That's why it’s important to understand what assets you own, how you own them and what happens to those assets if you die.