A beneficiary is a person who receives all or part of the distribution from the deceased estate.
There are two types of beneficiaries that are included in Wills. It’s important to understand the difference so that you can think deeply about how you’d like to divide your estate.
Specific beneficiaries: who hold interest in a specific asset such as a boat or car.
Residuary beneficiaries: who are entitled to a share of the overall estate once specific gifts have been allotted and any debts of the estate are paid out.
For example, you might wish for your daughter to be the specific beneficiary of your home. But after your house has been allocated to her, you may identify your partner to be the residuary beneficiary of 50% of the remaining assets and bequeath 50% of your remaining assets to a charity.
Can I sign my Will electronically?
Creating a will is a crucial step in ensuring your assets are distributed according to your wishes after your death. With the increasing digitization of legal documents, many Australians wonder if they can sign their will electronically. However, under Australian law,...
Including pets in your Will
For many Australians, pets are cherished members of the family. Ensuring their well-being in the event of your passing is a vital concern. Including pets in your will is a thoughtful way to guarantee they are cared for according to your wishes. This article explores...
Importance of Estate Planning
In Australia, many people tend to postpone the thought of preparing a will. It's a common misconception that wills are only for the elderly or the wealthy. However, regardless of age or financial status, having a will is crucial for every Australian. In this article,...
Ambulance Cover
What is Ambulance Cover In an emergency, calling 000 and the resulting trip to the hospital is traumatic enough, but imagine receiving a bill afterwards. This is where ambulance cover comes into play, often covering expenses like hospital transport and being treated...
Organ Donor
Donation is the giving of an organ and tissue to help someone that needs a transplant. Transplants can save or transform the life of a person. One organ and tissue donor can help transform the lives of more than 10 people. This relies on donors and their families...
Superannuation Binding Death Nomination
Superannuation is not an estate asset; on death, it does not automatically flow to the deceased's estate. The trustee of the super fund will generally pay a death benefit in accordance with the governing rules of the fund and relevant law. A binding death benefit...