Who can I leave my assets to when estate planning?

Date: Oct 16, 2013

If you are thinking about creating a will and other aspects of estate planning, there are probably a number of questions running through your head.

You may, for example, be wondering who you're allowed to leave your assets to when you pass away. Are you permitted to leave them to anyone, or are there rules and regulations that dictate who gets what?

To put it simply, you can leave your assets to anyone, according to the Law Society of New South Wales.

However, this organisation advises that you think carefully about this decision. It's usually wise to "adequately provide" for your spouse or de facto partner, as well as your children - whether natural or adopted - and anyone else who is categorised as a dependant.

While you may not wish to do this, providing those who are financially dependant on you with a suitable proportion of your assets should ensure they do not challenge a will you have written.

If a member or members of your family decide they have not been treated fairly in your will, they are well within their rights to dispute a will, and may be granted a larger share of your estate.

Craddock Murray Neumann can answer any questions you may have about estate disputes and planning.