Estate Planning

Estate planning is the process of organising how your assets, finances, and personal affairs will be managed in the event of your death or incapacity. A comprehensive estate plan typically includes a will, enduring power of attorney, superannuation death benefit nominations, trust structures, and guardianship arrangements. It’s not just for the wealthy, anyone with assets, dependants, or a business should have one in place.

If you die without a valid will (known as dying intestate), the courts decide how your estate is distributed according to the succession laws of your state — which may not reflect your wishes. Your assets could go to people you wouldn’t have chosen, and the process is typically slower and more costly for your family. Around 30% of Australian estates are estimated to be intestate, making a current, valid will one of the most important documents you can have.

No, superannuation is held in trust by your fund and does not automatically form part of your estate. To direct where your super goes, you need a binding death benefit nomination. Without one, the fund trustee decides who receives your super, which may not align with your will or your wishes. Keeping your nomination current and reviewing it after major life events is essential.

An enduring power of attorney is a legal document that authorises a trusted person to manage your financial and legal affairs if you lose the capacity to do so yourself. Without one, your loved ones may need to apply to a tribunal for guardianship, a slow and costly process. It’s a critical part of any estate plan and should be put in place well before it’s needed.

A testamentary trust is a trust created by your will that activates after your death. It allows assets to be managed and distributed on behalf of beneficiaries over time, rather than as a lump sum. It’s particularly useful for protecting assets for minor children, managing tax on income distributed to beneficiaries, and providing flexibility if a beneficiary’s circumstances change. It can also offer protection in the event of a beneficiary’s divorce or bankruptcy.

Your estate plan should be reviewed after any significant life event, including marriage, divorce, the birth of a child, acquiring or selling major assets, or the death of a named executor or beneficiary. As a general rule, reviewing it every two to three years is good practice. In Queensland, marriage revokes a prior will unless the will was made in contemplation of that marriage, so timing matters.