All assets and liabilities
In most cases, even after you die, family members are not responsible for the liabilities left behind except for credit card debts, loans, taxes, and debts from illegal sources.
It is also important to note that assets in a joint account or houses cannot be added as assets, and debts in joint accounts would also have to be paid off. The Right of Survivorship allows the surviving owner(s) of a joint ownership to own the property if one becomes deceased and cannot be distributed under a will.
In your Schedule of Assets, you could also include alternative investments such as wine, art, and jewellery such as gemstones to be distributed after you pass away.
Inheritance of assets
When inheriting properties, there is no buyer stamp duty payable when the property was a residential property and if it was inherited by the Interstate Succession Act or the Muslim Law Act.
Who is receiving what and how much
It is important to note that a minor beneficiary cannot inherit the estate until they become legal age. Until then, it may be passed on to a guardian, which you will have to specify in your will:
- Who is Going to Care for Your Dependents
- Who is Going to Carry Out the Will
- Lawyers and Accountant
Those who were responsible for advising you with the legal matters and financial matters should also be included in the will.
You should also take note to put down into writing the cancellation of any previous wills or methods to deal with the remaining assets you own:
- A Revocation Clause to Cancel any Previous Wills
- A Residuary Clause to Distribute any Remainders
