Your will does not transfer ownership of all of your assets in the event of your death.

Those assets that are covered by your Will are known as estate assets.

Those assets that are not covered by your Will are known as non-estate assets.

Estate Assets

  Assets owned in your own name solely; and
  Assets owned with another person(s) as tenants in common

Non-Estate Assets

Can Include:

  Life insurance benefits;
  Jointly owned property;
  Assets owned by trusts;
  Assets owned by companies; and
  Superannuation (including superannuation pensions).