Why Acting Now Protects Your Loved Ones
Estate planning is one of those subjects that people often delay. Whilst it feels confronting, the need to Act Now on Estate Planning cannot be overstated.
When someone passes away without leaving a Will, the stress on family members is immense. Grief is hard enough at this time. Add complicated estate administration, and the emotional burden becomes even heavier. Loved ones must deal with financial matters at the worst possible time.
This is why taking steps early matters. Estate planning is not about focusing on death. It is about caring for those you leave behind. It is about making sure your wishes are known, respected, and carried out.
What Happens Without a Will?
When someone dies without a valid Will, the law decides who receives their assets. This situation is known as dying intestate.
Family members may apply for authority, but the process is slow and stressful. In many cases, the Public Trustee becomes responsible for the estate. They identify assets, pay creditors, and distribute what remains. However, before any distribution, the Public Trustee deducts fees.
Beneficiaries typically include a spouse, children, or financially dependent individuals. Their process requires that they advertise for beneficiaries, creditors, and identify unclaimed assets. This can drag on for months or even years.
For families already grieving, this delay compounds stress. Worse still, distributions follow state legislation rather than personal wishes. Assets may go to people the deceased would not have chosen.
The absence of a Will removes clarity and control. Estate planning restores both.
Common Concerns About Making a Will
Many people delay estate planning for reasons such as:
- “I don’t have many assets.”
- “It costs too much.”
- “My family will fight no matter what.”
- “I already have asset protection.”
- “I’ll get to it later.”
Yet these concerns rarely stand up to reality. Even modest estates may include superannuation balances, life insurance, or property. Considering these assets often means younger people have larger estates than they realise.
Avoiding estate planning doesn’t simplify matters. Instead, it passes complexity onto loved ones. Writing and reviewing a Will is far less costly than leaving the law to decide.
What Makes Up an Estate?
Your estate may be larger than you think. Typical assets include:
- Real estate in your name or as a tenant-in-common.
- Bank accounts and loan balances owed to you.
- Shares, listed or unlisted.
- Life insurance proceeds without nominated beneficiaries.
- Superannuation benefits without binding nominations.
- Inheritances received directly.
Superannuation deserves special mention. Many funds include life insurance, significantly increasing the value of benefits. Without a binding nomination of beneficiaries, these funds often fall into the estate. If there is no valid Will, they follow intestacy rules.
Assets may also include undrawn trust distributions or amounts owed to you by private companies. All these create responsibilities for your executor.
Recognising the breadth of your estate is the first step to planning effectively.
What Assets Stay Outside the Estate?
Not all assets pass through an estate. Knowing the difference is critical.
- Jointly held assets, such as property or bank accounts, generally pass directly to the surviving owner, bypassing the estate process.
- Superannuation, insurance policies, and investment bonds with nominated beneficiaries go directly to the named recipients.
- Assets held in a discretionary or family trust remain under the trust. They do not pass through your estate. However, failing to nominate new trustees or appointors can cause major complications. Without clear instructions, the Public Trustee may become involved.
- Company shares can also create challenges. The company constitution usually governs ownership changes.
Good estate planning ensures these structures are addressed alongside your Will.
Risks of DIY Will Kits
Newsagent and online Will kits promise a quick solution. They seem attractive, especially when bundled with insurance products. But they carry serious risks.
A Will may be invalid even if completed neatly. Technical errors or lack of proper witnessing often render them useless. Family disputes commonly arise when Wills are vague, incomplete, or improperly executed.
The cost of fixing mistakes later far outweighs the savings of a kit today. A valid Will, prepared under proper legal guidance, ensures clarity, compliance, and enforceability.
Reviewing Your Will Regularly
A Will is not a “set and forget” document. Life changes constantly, and your Will should reflect these changes.
Review your Will at least every five years, or after major events such as:
- Marriage, divorce, or separation.
- Birth of a child or grandchild.
- Death of a beneficiary or executor.
- Significant health changes.
- Receiving an inheritance.
- Business or property sales.
- Large windfalls like insurance payouts or lottery wins.
Regular updates ensure your estate plan always reflects your current wishes. Neglecting updates can cause disputes or unintended outcomes.
The Role of Executors and Advisers
Every Will names an Executor. This person carries out your instructions. Choosing the right executor is critical. They must handle responsibilities with integrity, patience, and care.
Executors identify assets, pay debts, manage taxes, and distribute inheritances. It is a demanding role, so appointing someone capable is important. Some people nominate a professional adviser to assist the executor.
A trusted adviser also ensures instructions regarding companies, trusts, or businesses are clear. Without this, successors may face confusion or conflict.
The more complex your financial life, the more vital professional estate planning becomes.
Estate Planning as Part of Financial Planning
Estate planning is not separate from financial planning. It forms a natural extension of building and protecting wealth.
Just as you insure assets during life, you protect loved ones with a proper Will and supporting documents. Estate planning ensures your efforts provide benefits beyond your lifetime.
For many, estate planning involves more than just a Will. Tools like Enduring Powers of Attorney and Testamentary Trusts can provide further protection. They enable security of assets and support of beneficiaries, in ways that reflect your wishes.
Our advisers can work with your legal team to create an integrated plan that reflects your wishes.
Why Act Now?
Estate planning is an act of care, not morbidity. It ensures your hard work supports those who matter most. Whether your estate is simple or complex, documenting your wishes is essential. By acting now, you spare loved ones future difficulties and secure your legacy.
Procrastination is the greatest enemy of estate planning. Death and illness strike without warning. Waiting until “the right time” is dangerous. Acting now gives peace of mind. You know your affairs are in order. Your loved ones avoid unnecessary stress. They benefit directly from your foresight and care.
If you struggle with the idea, think of your family. Without planning, they will face bureaucracy, fees, and delays alongside grief. With planning, they receive clarity, guidance, and support.
Our role is to help you take this step. We work closely with legal specialists where needed. Together, we ensure your plan reflects your wishes and safeguards your family.
Taking the First Step
Estate planning may feel overwhelming, but you don’t need to face it alone.
Start by asking:
- Do I have a valid Will?
- When did I last review it?
- Have my circumstances changed since then?
- Are my superannuation and trust structures aligned with my wishes?
Answering these questions guides the next step. A professional adviser helps identify gaps and offers tailored solutions.
Help from ContinuumFP
We offer no-obligation initial meeting. Our goal is to reduce stress and help you create an estate plan that brings confidence and comfort.
Our team of experienced advisers is available to walk you through this journey. To make an appointment with one of our team –
- phone our office on 07-3421 3456, or
- at your convenience, use the linked Book A Meeting facility.
(This article was originally posted by us in August 2025. We may occasionally refresh/ update it.)