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
Assets owned with another(s) as tenants in common

Non-Estate Assets

Can Include:

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