Estate Planning is the planning and documentation of the wishes of a person for the distribution of all their assets that the person owns after their death.
What assets form the estate?
Basically, assets owned individually by the deceased forms part of the estate. This can include:
- Assets that are held as tenants in common;
- Cash investments;
- Any debts held by the individual.
Assets that usually do not form part of the estate include:
- Superannuation (if a beneficiary is noted);
- Life insurance proceeds;
- Income streams that had a reversionary beneficiary noted.
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