Clarity, Control and Protecting Your Legacy
Planning for what happens after you pass away is one of the most important financial decisions you will make. A well-structured estate plan ensures your assets are distributed to the right people, at the right time, and in the right way.
However, avoidable mistakes are common. These errors can lead to disputes, delays, unnecessary tax, and unintended outcomes.
This guide outlines key estate planning risks and how to avoid them, with a focus on estates governed by Queensland law.
1. Not Having a Valid or Updated Will
Failing to have a valid Will is one of the most serious estate planning risks.
If you die intestate (without a Will), legislation determines how your estate is distributed. This may not align with your wishes and can create additional stress for your family.
Even where a Will exists, it must remain current. It should be reviewed following:
- Marriage or entering a de facto relationship
- Separation or divorce
- Birth of children or grandchildren
- Significant changes in assets
- Establishment of companies or trusts
- Changes in beneficiaries’ circumstances
In Queensland, marriage can revoke an existing Will unless it was prepared in contemplation of that marriage.
Takeaway: Maintain a valid Will and review it regularly.
2. Using DIY Wills or Improper Execution
DIY Will kits often create unintended legal issues.
To be valid, a Will must meet strict legal requirements, including correct execution and witnessing. Errors can result in the Will being declared invalid or challenged.
This can lead to:
- Court involvement
- Increased legal costs
- Delays in estate distribution
Takeaway: Engage an experienced estate planning lawyer to ensure your Will is valid and clearly drafted.
3. Choosing the Wrong Executor
Your executor is responsible for administering your estate, including:
- Applying for probate
- Managing assets
- Paying liabilities
- Distributing assets
An unsuitable executor can create delays, errors, or disputes.
Takeaway: Choose someone trustworthy, capable, and willing—and ensure they understand their role.
4. Misunderstanding Asset Ownership
Not all assets are controlled by your Will.
Assets held as joint tenants (e.g. the family home) typically pass automatically to the surviving owner and do not form part of your estate.
This can create unintended outcomes, particularly in blended families.
Takeaway: Understand how assets are owned and ensure structures align with your intentions.
5. Ignoring Superannuation
Superannuation is often one of the largest assets but is not automatically governed by your Will.
Binding Death Benefit Nominations (BDNs)
A valid BDN directs the super fund trustee on how to distribute benefits. However, many lapse after three years unless non-lapsing.
Tax Implications
- Spouse/dependants: generally tax-free
- Adult children: may incur tax (often up to ~17% or more)
Reversionary Pensions
These allow income streams to continue automatically to a spouse.
Takeaway: Treat superannuation as a separate but critical component of your estate plan.
6. Failing to Plan for Incapacity
Estate planning also involves preparing for loss of capacity.
Without an Enduring Power of Attorney (EPOA), decisions may require tribunal or court involvement.
Takeaway: Include an EPOA alongside your Will to ensure continuity of decision-making.
7. Overlooking Tax Consequences
Poor structuring can result in unnecessary tax and reduced inheritances.
Key considerations include:
- Capital Gains Tax (CGT)
- Tax on superannuation death benefits
- Transfer and stamp duty implications
Takeaway: Structure your estate with tax outcomes in mind.
8. Not Planning for Blended Families
Blended families introduce competing interests that can increase the risk of disputes.
If dependants are not adequately provided for, they may bring a claim against the estate.
Strategies may include:
- Clearly drafted Wills
- Testamentary trusts
- Binding Financial Agreements
Takeaway: Take additional care and seek advice where family structures are complex.
9. Being Unclear or Overly Restrictive
Attempts to control beneficiaries through overly complex or restrictive conditions can increase the likelihood of disputes.
Courts may intervene where provisions are unclear or inequitable.
Takeaway: Prioritise clarity and fairness in your estate planning.
10. Failing to Consider Asset Protection
Some beneficiaries may not be well positioned to manage an inheritance.
A testamentary trust can:
- Protect assets from creditors
- Provide tax flexibility
- Allow controlled distribution over time
Takeaway: Consider structures that protect long-term outcomes for beneficiaries.
11. Not Maintaining Liquidity
A lack of accessible cash can create practical challenges after death.
Expenses such as:
- Funeral costs
- Legal fees
- Ongoing living expenses
may arise before assets can be accessed.
Takeaway: Ensure sufficient liquidity is available to meet short-term needs.
12. Not Seeking Professional Advice
Estate planning involves legal, tax, and financial considerations.
Uncoordinated or informal approaches increase the risk of unintended outcomes.
Takeaway: Work with qualified professionals to ensure your estate plan is effective and aligned.
The Bottom Line
Estate planning is about more than having a Will. It requires coordination across legal structures, taxation, and financial strategy.
By avoiding common mistakes, you can:
- Ensure your assets are distributed as intended
- Minimise tax and costs
- Reduce the risk of disputes
- Provide clarity and security for your family
A well-structured estate plan delivers certainty, control, and peace of mind.
Start With Advice
Every estate plan should reflect your individual circumstances.
We work with clients and their legal advisers to ensure estate planning strategies are aligned with broader financial objectives.
To discuss your situation:
- Phone our office on 07 3421 3456; or
- At your convenience, use our linked Book a Meeting facility.
A proactive approach today can protect your legacy for the future.
(This article was first posted by us in April 2026.)