Decide on your beneficiaries
Nominating beneficiaries and identifying assets, either in your own name or with someone else, is a vital part of making a will. Get guidelines on best practice.
A beneficiary is a person or entity, such as a charity, that receives a gift, benefit or share of a person's estate once they've died.
In considering who you want as beneficiaries, also consider who you want to receive the share of a beneficiary who dies before you. Beneficiaries generally have rights to:
- being notified of their inclusion in a valid will
- receiving a full copy of the will
- knowledge of any legal proceedings, claims and contests
- being informed of any delays
- receiving their distribution within a specified time.
Maintaining a list of assets can be helpful in deciding who might receive what as part of an estate's distribution. But locating, identifying and listing all assets can be a challenging exercise. That's because some items assumed to be assets are not always part of an estate.
Plus, if assets are held overseas, you'll likely need professional help assessing the inheritance laws in the country where the assets are held.
Death, superannuation and taxes
There may be tax implications for the people you nominate as beneficiaries.
For example, a super benefit could pass to a spouse tax-free but may be taxable in the hands of adult children.
Additionally, the entitlement of a beneficiary might impact their rights to social security payments.
You can also learn more about superannuation death benefits at LawAccess NSW.
Because the information on this website is general in nature and does not cover everything you need to know, please read this important legal notice.
In addition, you should consider getting professional advice to ensure you understand what things you can, and cannot give away in your will.
End of Life Planner
An interactive guide to help you prepare for end of life tasks and documents before you meet with a professional advisor. This includes will preparation, Enduring Power of Attorney, Enduring Guardianship, funeral wishes and more.
You will need to log in to your MyServiceNSW Account to use the planner.
We're now directing you to log in to the Life Administrator – End of Life Planner. You'll need a MyServiceNSW Account to continue.
Why should I log in?
By logging in you're able to:
- start the planning process
- update and save your information whenever circumstances change
- find ways to get professional advice if you need it.