Do I need to list every asset in my will? (Australia)

Q: What if my will doesn’t mention a particular asset?

If your will has a residuary clause (which it should), any asset you haven’t specifically mentioned will fall into the “residue” of your estate. In other words, it goes to whoever you named to receive the remainder of your estate after any specific gifts. So, nothing gets left out just because it wasn’t named – it’s automatically included in the residue. If a will lacked a residuary clause, then any unmentioned assets would be distributed under intestacy laws (as if you had no will for those assets). This is why almost all wills include a catch-all provision. In practice, not listing an asset simply means it’s handled by that catch-all clause.

Q: Does my will cover my superannuation and life insurance payouts?

Usually not. Superannuation and life insurance often bypass your will. Your superannuation is held by your super fund’s trustee and is paid out according to your death benefit nomination (or fund rules) – typically directly to your dependants or nominated beneficiaries, not via your estate. It only becomes part of your estate if you specifically nominate your “estate” or no valid nomination exists and the fund directs it to your estate. Similarly, if you’ve named a beneficiary on a life insurance policy, the insurance payout will go straight to that person. Your will would only control these funds if they are directed into your estate. That’s why it’s important to keep your super and insurance beneficiary nominations up to date and aligned with your overall wishes.

Q: Should I include passwords or account PINs in my will?

No. You should avoid putting any sensitive passwords, PINs, or confidential account details in your will. Wills can become public during the probate process, so including that information could expose it to anyone. Plus, if you update a password, you’d have to formally change your will to keep it accurate. Instead, store passwords and secure information in a safe place (like a password manager or a secured document or vault) and make arrangements for your executor to access those separately when needed. For example, you might maintain a secure digital vault (such as LifeVault) or a sealed letter that’s not part of the will, which can be given to your executor with login information after you pass. This keeps your will focused on who gets what, without compromising your private data.

Q: How will my executor know about all my assets if they’re not listed in the will?

Executors have ways to track down assets – they will go through your paperwork, statements, emails, and may contact financial institutions to find accounts and property. The will itself doesn’t need to list assets for the executor to find them. You can help by keeping an organized record of your assets separately. Many people maintain a detailed asset list or use a service like LifeVault to log assets and account details. That way, when you pass away, your executor can refer to that list or vault and immediately see what assets you had and where. Essentially, even though the will might just say “I leave all my remaining assets to X,” a well-prepared executor (with the aid of your records) will know that “remaining assets” includes, for example, your three bank accounts, two properties, car, etc. It’s all about good record-keeping outside the will.

Q: Do I need to list all my personal belongings and household items?

No, you don’t need to individually list common personal and household items in your will. Generally, all your personal belongings – furniture, clothes, electronics, kitchenware, and so on – will be covered by the residuary clause and go to the person who inherits the rest of your estate. Only very special or valuable personal items that you want to go to a specific person need to be mentioned (for example, a piece of jewelry or a family heirloom you want a particular family member to have). Listing every item would make the will unwieldy and isn’t necessary. For things of sentimental value, you could use a separate letter or note to express who you’d like to have them, which your family can honor outside of the will. But legally, you can simply let all those everyday items pass under the general residue of your estate.

Published 12 Nov 2025 • General information — Not legal advice

Many people wonder if they should catalog every asset they own in their will. The short answer is usually no – thanks to a residuary clause, your will can cover all your belongings without listing each one. In Australia, wills typically handle your estate as a whole, with specific items only singled out when necessary. This guide will explain how most wills handle assets (even new things you buy after writing the will), when it might make sense to list particular assets (and the potential pitfalls if you do), what happens to anything you forgot to mention, and which assets your will doesn’t actually control (like superannuation or jointly-owned property). We’ll also discuss safer ways to keep track of your assets (without cluttering up your will with sensitive details) and how LifeVault can help you stay organized and secure.

Quick answer (2-minute guide)

You usually don’t need to itemize everything: Most wills include a “residuary” clause that leaves the rest of your estate to your chosen beneficiaries. This catches all assets you haven’t specifically gifted, so you don’t have to list every bank account, piece of furniture, or shareholding individually:contentReference[oaicite:0]{index=0}.
Specific gifts are optional (with risks): You can name particular assets to go to certain people (e.g. “my vintage car to my brother”). But if that asset isn’t in your estate when you die (sold, lost, or given away beforehand), that gift fails – the beneficiary gets nothing in its place:contentReference[oaicite:2]{index=2}. This is called ademption, and it’s a key risk of over-listing assets in a will.
New assets are automatically included: Any property you acquire after signing your will is typically covered by the residuary clause. You don’t need to update your will for every new account or asset – it will still form part of your estate by default as long as your will has a catch-all for “everything else”. (Do review your will after major changes like buying a house, though, to ensure your overall plan still reflects your wishes.)
Some assets aren’t controlled by your will: Remember that certain assets – like your superannuation, life insurance payouts, or property you own jointly – usually aren’t governed by your will at all:contentReference[oaicite:4]{index=4}:contentReference[oaicite:5]{index=5}. They follow their own rules (beneficiary nominations or survivorship). So, listing them in your will has no effect; you need to handle those via nominations or other estate planning tools.
Don’t put passwords or PINs in your will: Your will might become a public document during probate, so any sensitive details in it (account numbers, passwords, safe combinations, etc.) could be seen by others. Keep confidential information out of the will. Instead, store that data securely (for example, in a password manager or LifeVault) and leave instructions for your executor to access it when needed.

Why you don’t need to list every asset in your will

The residuary clause covers “everything else.” The vast majority of wills in Australia include a general gift of the “residue” or remainder of your estate. This is a catch-all provision that kicks in after any specific gifts are distributed. For example, your will might say “I leave the rest of my estate to my children, equally.” That one sentence ensures that every asset you own (apart from any particular items you’ve specifically given to others) will go to your children. You don’t need to spell out each bank account, piece of furniture or share portfolio in the document:contentReference[oaicite:7]{index=7}.

Avoiding partial intestacy. Having a residuary clause is crucial so nothing is accidentally left out. If your will doesn’t have one, any assets not mentioned could be left in legal limbo – the scenario known as a “partial intestacy.” In that case, those unmentioned assets would be distributed according to the intestacy laws, as if you had died without a will for that portion:contentReference[oaicite:8]{index=8}. This is exactly what you want to avoid, since intestacy might send your assets to people you didn’t intend. Fortunately, simply including a blanket residue clause prevents this outcome by ensuring every asset has a destination.

It’s worth noting that many DIY will kits or templates have in the past been notorious for users accidentally leaving out a residuary clause (or not understanding its importance). The result can be an incomplete will where only some assets are accounted for, and the rest fall under default intestacy rules. (This is one reason some people prefer using a solicitor – to catch these kinds of issues. See our guide on DIY Will vs Lawyer in Australia for more on the risks and when professional help is worth it.) The bottom line is: if your will is drafted properly with a residuary gift, you don’t have to list every asset by name – “everything else I own goes to X” has you covered.

Listing specific assets and gifts

You can list particular assets – but you don’t have to. Some people choose to make specific bequests in their will for sentimental items or certain high-value assets. For example, you might say “I leave my engagement ring to my niece” or “My 1965 Mustang goes to my brother.” This is perfectly valid. However, you are not required to specifically list any asset in order for it to be distributed. If you don’t mention an asset at all, it simply falls into the residuary pool and goes to your residuary beneficiary. So, specific gifts are entirely optional, used when you have a particular reason to single something out.

The risk of ademption (when an item is gone). If you do choose to list a specific asset in your will, be aware of ademption. Ademption means that if a specifically gifted item isn’t part of your estate when you die, that gift “adeems” – essentially, it’s nullified. The beneficiary you named for that item won’t get it, nor will they usually get any substitute value, because the will only gave them that item, and it no longer exists in your estate:contentReference[oaicite:11]{index=11}. For instance, if your will says “I leave my boat to my brother,” but you sold the boat a year before your death and didn’t update your will, your brother doesn’t get the boat (obviously) or the money from its sale – the gift fails completely. The sale proceeds would just be part of your general estate and go to whoever gets the residue, not specifically to your brother.

Tip: If you include a specific gift in your will and later sell or replace that asset, update your will (or be prepared for that gift to fail). For example, if you leave a particular house to someone, then downsize and sell that house, the person won’t get the new house unless you change your will to reflect it. Regularly review any specific gifts in your will to ensure they’re still relevant and the assets are still in your possession:contentReference[oaicite:12]{index=12}. This is a big reason most people keep specific bequests to a minimum and let the residuary clause handle the rest.

Exceptions and workarounds: There are some advanced estate planning techniques to mitigate ademption (for example, writing in your will that the beneficiary should receive a substitute asset or the sale proceeds if the original asset is not in the estate). Australian courts have occasionally found ways to give a beneficiary the equivalent value of an adeemed asset in special circumstances (especially if the asset was disposed of by someone acting on behalf of an incapacitated will-maker). However, these are the exceptions rather than the rule. Generally, if you personally sell or lose an item after making your will, that specific gift is off the table. So, use specific asset listings sparingly and deliberately. They’re best reserved for things that you’re quite sure you’ll still own and want to pass on, or items of great sentimental value where you want a particular person to have them.

New assets after writing your will

Your will speaks at your death, not when it’s written. One reassuring fact is that a will is interpreted based on your assets at the time of your death, not at the time you signed it. You might make a will in 2025 and then acquire new assets in 2026, 2027, etc. As long as your will has general language covering your “estate” or “residue,” those new assets will be included when the will is executed after your death. You do not need to run to update your will every time you open a new bank account or buy some shares. The will automatically applies to all assets you own at death (unless something is explicitly carved out or non-estate, which we’ll address later).

This principle is sometimes expressed in the saying that a will “speaks from death”:contentReference[oaicite:16]{index=16}. In practical terms, it means the will’s instructions apply to whatever you own when you die, not what you owned when the will was drafted. So even if your asset mix changes, the overall plan of your will (who gets what percentages or which types of things) remains effective.

When should you update then? The main times you’d need to update your will in regard to assets are when the changes are significant enough to affect your intentions. For instance, if you buy a second house and you want that specific house to go to a particular child, you’d update the will to say so. Or if your estate’s value or composition changes dramatically and you want to adjust the shares people get (maybe you started a business, or sold one), then a review is wise. Additionally, if you had made a specific gift of an asset that you no longer own (as discussed, that gift would adeem), you might want to update the will to give something else to that beneficiary or to remove the reference to the old asset.

But for routine additions like new bank accounts, vehicles, or other assets of moderate value that don’t alter your distributive plan, you usually don’t need a will update every time. They’ll be caught by the residuary clause and go to your residuary beneficiaries automatically. In short: write your will to include a solid residuary clause, and you’ve future-proofed it against most asset changes. Just remember to revisit your will periodically or after major life events (marriages, divorces, big purchases or sales, etc.) to make sure it still does what you want overall.

Assets your will doesn’t cover

It surprises some people that certain valuable assets aren’t covered by their will at all, by design. These are often called non-probate assets, meaning they pass outside of your estate. Even if you tried to list them in your will, that section of your will would likely have no effect. Here are the main ones:

Superannuation: Your super isn’t automatically part of your estate. It’s held in trust by your super fund, and it will be distributed according to superannuation laws and your beneficiary nomination with the fund. Usually, you nominate a dependent (e.g. spouse or child) or your estate to receive your super death benefit. If you nominate your estate, then it flows into your will; otherwise, it goes directly to the dependants you named and bypasses the will:contentReference[oaicite:18]{index=18}. (For example, if you say in your will “I leave my super to my wife,” but your super nomination directs your super to your kids, the nomination wins – the will’s statement won’t matter because the superfund pays according to the nomination.)
Life insurance with a beneficiary: Similar to super, if you have a life insurance policy and you’ve designated a beneficiary on the policy itself, that money will go directly to that person on your death. It won’t be funnelled through your will or estate unless you named your “estate” as the beneficiary:contentReference[oaicite:19]{index=19}. Many people name their spouse or kids on the policy, in which case the payout is independent of the will. Only life insurance policies where your estate is the beneficiary (or there’s no nomination) will fall under your will’s terms.
Jointly-owned property: If you own property as a joint tenant with someone (common for houses owned by spouses, or joint bank accounts), your share automatically passes to the surviving co-owner when you die. The right of survivorship means that asset never becomes part of your estate’s pile. For example, a joint bank account will usually be retitled in the survivor’s name upon proof of death, without needing probate:contentReference[oaicite:20]{index=20}:contentReference[oaicite:21]{index=21}. Your will typically has no say in that transfer. (Note: property owned as tenants in common is different – your share of that does form part of your estate and can be left in your will. It’s only the joint tenancy form of ownership that bypasses the will.)
Trust assets & company assets: If an asset is owned by a family trust or a company, it’s not “yours” personally to give away in your will:contentReference[oaicite:22]{index=22}. What you can pass on in your will are your shares in the company or your interest in the trust, but not the trust’s or company’s underlying assets. For example, if a trust holds an investment account for you, you can’t directly will that account to someone, because the trust (not you) owns it. Instead, you might ensure the next controller of the trust is someone who will use those assets for the benefit of your family. This is a complex area, but it’s a reminder that listing such assets in a will is ineffective if title isn’t in your personal name.

Bottom line: Don’t bother listing assets in your will that are designed to pass outside of it. Instead, focus on making sure you have the proper beneficiary nominations and ownership structures in place. For super and insurance, keep your nominations up to date (review them especially after big life events). For jointly owned assets, understand whether you have a joint tenancy (which will go to the other owner) or a tenancy-in-common (which your will can cover). And if you’re unsure about an asset’s status, get advice – better to know now whether your will governs it or not. Our Non-Probate Assets in Australia guide goes deeper into these types of assets and how to handle them alongside your will.

Alternatives to listing assets in the will

By now it’s clear that you don’t need to painstakingly list every asset in your will. But you might still want to maintain a detailed inventory of what you have, for your own purposes or to help your executor. Here are the main ways to do that, and how they compare:

Method	How it works	Pros	Cons
Listing assets in the will itself	Actually including an itemized list of assets and who should get each one directly in your will document.	Legally binding instructions – each listed asset will go to the named beneficiary (if you still own it at death). Provides clarity for those particular items.	High maintenance: you need to update your will for every significant change. If assets are sold or new ones acquired, the will can become outdated. Risk of ademption if an item is gone. Also, the will becomes public at probate, so your asset details would be public too.
Separate asset memo/letter (outside will) (e.g. a letter of wishes or list kept with your papers)	A non-binding document where you list assets and maybe who you’d like to have certain items. It’s not part of the will, just guidance for family or executor.	Private and flexible: you can update it anytime without legal formalities. You can include details (account numbers, locations, etc.) that you wouldn’t put in the will. Helpful to your executor for finding assets. You can explain your wishes for low-value or sentimental items without making it a formal bequest (see Letter of Wishes in Australia).	Not legally enforceable as a distribution mechanism. The executor isn’t legally obligated to follow it (though they often will out of respect). If there are disagreements, the will (not the memo) prevails. Also requires someone trustworthy to actually use the information as intended.
Digital asset register (e.g. LifeVault)	Using a secure online platform to log all your assets, accounts, and documents. You don’t list assets in the will, but you grant your executor or family access to this vault when the time comes.	Comprehensive and updatable in real time. Extremely secure and private until it’s needed. Can store account details, contacts, and instructions in one place. Provides an organized “inventory” for your executor without making it public. LifeVault, for example, can show what assets exist, where to find them, and who to contact, all without revealing sensitive info in the will itself.	Requires using a (trusted) service and keeping it up to date. There’s a small learning curve to set up your vault. Also, your executor needs to know about it and have the proper access when you pass (LifeVault addresses this via an executor access system, which we’ll discuss below).

In summary, rather than overloading your will with a laundry list of assets, it’s often better to use a separate document or tool to keep track of them. The will focuses on the high-level plan (who gets what share or which key items), and the detailed asset list can live elsewhere. This approach keeps your will simpler and more evergreen, while still ensuring nothing “falls through the cracks” when your estate is being administered.

How LifeVault helps

One of the challenges of not listing everything in the will is making sure your executor can still identify and collect all your assets. This is exactly where LifeVault comes in as a modern solution. LifeVault is a secure, central register for all the important information in your life, designed to be accessed by your loved ones or executor at the right time. Here’s how it can complement your will:

Central asset register: LifeVault lets you log all of your assets, accounts, and important documents in one encrypted place. You can list bank accounts, properties, investments, insurance policies, super funds – along with notes on where they are and who the beneficiaries or account contacts might be. This means when you pass away, your executor doesn’t have to go on a scavenger hunt; they have a ready roadmap of what you owned and where.
Secure vaulting of details: Because LifeVault is private and locked down, you can include details here that you’d never put in a will (account numbers, login instructions, even passwords or keys for digital assets). This information stays hidden and secure during your life. You control who can see it and when. For example, you might enable your spouse or executor to only access certain sensitive info after you pass. This avoids putting such details in the will, yet ensures they’re available when needed.
Executor “capsule” for easy oversight: LifeVault provides an Executor Capsule – essentially a summary view for your executor that flags which assets are part of your estate and which aren’t. For instance, it can highlight that your superannuation is a non-estate asset with a nomination to a certain person, so your executor knows they don’t need to include it in the probate application. This helps your executor focus efforts: they’ll quickly see what assets they need to gather under the will and which will be handled outside the will.
Special privacy features (SensitiveGate, decoy mode, auto-lock): LifeVault is built with the idea that some information is extremely private. Features like SensitiveGate allow you to require additional verification or time-delays before certain vault data is accessible, even to someone you’ve designated. You can even enable a decoy mode (so that if someone accesses your account prematurely they see only non-sensitive info). The system can auto-lock certain capsules until criteria are met. All this means you can confidently store things like passwords, private letters, or financial details in your vault without fear – they’ll only be revealed under the conditions you set.
Reminders and updates: LifeVault can prompt you to update your asset info or nominations, especially after major life events or after a certain time has passed. For example, if you set a binding death benefit nomination on your super that expires in three years, LifeVault can remind you as that date approaches so you don’t forget to renew it. Or if you divorce or have a child, it can nudge you to review relevant parts of your estate plan. This helps keep that separate asset register current, so your executor isn’t working off stale information.

In essence, LifeVault acts as a safety net and organizational tool that runs alongside your will. You don’t list every asset in the will itself, but you log them in LifeVault. When the time comes, your executor gets a clear, secure record of everything that exists, where it is, and what needs to be done, without you having had to spell it all out in the will. It’s peace of mind that nothing will get overlooked or lost simply because it wasn’t mentioned in the will.

To learn more or to set up your own vault, visit the LifeVault homepage. We also offer many other guides on our blog to help with estate planning and organization. And if you need professional legal advice to draft or update your will, check out our lawyer directory to find an Australian wills & estates lawyer who can assist.

Frequently asked questions

Do I need to update my will every time I buy a new asset?

No, not for routine additions. You generally don’t have to update your will for each new asset you acquire. As long as your will has a broad residuary clause (which most do), any new assets you own at death will automatically be covered by that clause and go to your residuary beneficiaries. For example, if you open a new bank account or buy some shares after writing your will, those will be part of your estate and distributed according to the will, even though they weren’t specifically mentioned.

However, if the new asset is significant and you want it to go to someone different from your existing plan (say you bought a holiday house and you want to leave that to a particular child), then you’d update your will to specifically address that. Also, always review your will after major acquisitions or life changes just to be sure your overall wishes are still reflected. But you needn’t amend it for every minor asset change – the will “speaks from death,” covering all assets you own at that time.

What if my will doesn’t mention a particular asset?

Assuming your will includes a residuary clause (which it should), any asset you didn’t mention explicitly will fall into the residue of your estate. That means it goes to whoever you named to receive “the rest” or “balance” of your estate. Nothing is left undistributed just because it wasn’t named:contentReference[oaicite:30]{index=30}.

If your will lacks a residuary clause, then an unmentioned asset would result in a partial intestacy – essentially, that asset would be distributed under the intestacy laws rather than your will:contentReference[oaicite:31]{index=31}. This scenario is what we want to avoid. It’s one reason a well-drafted will always has a catch-all provision. In summary, not naming every asset is fine and normal; just ensure your will has the language to capture anything not specifically gifted.

Does my will cover my superannuation and life insurance payouts?

Usually not, by default. Superannuation is held in trust and does not automatically become part of your estate when you die:contentReference[oaicite:32]{index=32}. Instead, your super fund will pay out your death benefit according to your binding nomination or, if none, their discretion under super law (typically to your dependants). It only goes into your estate if you specifically nominate your estate or no dependants can receive it. So, unless you’ve directed it to your estate, your will won’t govern your super – you need to ensure your nominations are up to date with your fund.

Life insurance is similar. If you have a policy where you named a beneficiary (e.g. your spouse), the insurer will pay them directly, outside the estate:contentReference[oaicite:33]{index=33}. The will comes into play only if your policy’s beneficiary is “estate” or if no beneficiary is named. Always coordinate your nominations with your will’s plan: for example, if you want insurance money to fund gifts in your will, nominate your estate; otherwise, direct it to individuals. And remember, jointly owned assets like houses held as joint tenants and joint bank accounts also bypass the will (they go to the surviving co-owner).

Should I include passwords or account PINs in my will?

No – keep those out of the will. It’s not safe or necessary to include passwords, PINs, or other sensitive login details in a will. One reason is that a will can become a public document once probate is granted, meaning anyone could potentially read it. You wouldn’t want your banking or email passwords on the public record. Another reason is practicality: if you change a password, you’d have to formally update your will if the password were written there. Instead, store that information separately in a secure manner. For example, you might use a password manager or a secure service like LifeVault to record all your digital access information. You can then arrange for your executor or a trusted person to get access to that vault or list when the time comes. This way, your executor can manage your digital accounts and finances without the passwords ever appearing in the will itself.

How will my executor know about all my assets if they’re not listed in the will?

Your executor’s job is to identify and gather your assets, and there are many ways they can do this even if the will doesn’t list everything. Typically, an executor will go through your paperwork, email, and financial records to find bank accounts, property deeds, insurance policies, etc. Banks and institutions, when notified of your death, will also often proactively reach out to the executor if they know an account holder has died.

You can make the executor’s task much easier by providing a separate asset list or using a tool like LifeVault. As discussed, LifeVault can serve as a comprehensive register so your executor can see “Oh, these are the 5 bank accounts, 2 super funds, and 3 insurance policies they had” all in one place. Even a handwritten list kept with your important papers can be very helpful (just be sure to keep it updated). While the will itself might only say “I leave all my remaining assets to my beneficiaries,” the supporting information you prepare will ensure the executor actually finds all those assets. In short, it’s fine that the will doesn’t enumerate them – as long as you’ve organized your records or used a service like LifeVault, your executor will have the roadmap they need.

Do I need to list all my personal belongings and household items?

No, that level of detail isn’t required. Most wills do not individually list every piece of personal property (like clothing, furniture, kitchenware, etc.). Generally, these items are covered by the residuary clause, just like your other assets. They’ll go to whoever you’ve left the remainder of your estate to. Only list specific personal items in the will if they have special importance or you want them to go to a particular person (for example, “my wedding ring to my daughter” or “my stamp collection to my nephew”). For the vast array of everyday possessions, it’s usually understood they will pass along with everything else.

If you have preferences for distributing personal items informally (like “I’d like my son to have my record collection and my daughter to take the china set”), you can certainly communicate that separately or in a letter of wishes. That way your family is guided on how to split those items, without having to enumerate them in the will. But from a legal standpoint, you do not need to list each belonging; doing so would make the will cumbersome and would require constant updating as you acquire or discard things.