Control versus Ownership
It is important to differentiate between property you can gift under your will and property which you do not own but may exercise control over. Such property over which you may exercise control but not own is not part of your Estate. The Table below is a summary of some of the more common categories of property distinguishing between ownership and control.
| Property held by | Estate or Non Estate Property | Control exercised by |
|---|---|---|
| Deceased as a joint tenant | Non Estate property | Joint tenant survivor |
| Superannuation Fund of deceased | Non Estate property | Binding death nomination or under super trust deed |
| Discretionary trust | Non Estate property | Trust deed and powers of appointment |
| Unit Trust | Non Estate property | Terms of the trust deed |
| Unitholder of a Unit Trust | Estate Property | Will of deceased subject to terms of trust deed |
| Private company | Non Estate property | Directors retain control, shareholders have right to surprlus on winding up |
| Partnership | Non Estate property | Partnership agreement |
| Life insurance policy held by deceased | Non Estate property | Insurance policy |
Control over non estate property can be dealt with under your will or outside of your will. See below under the headings Powers of Appointment, Business Succession and Superannuation Death Benefits.
