Estate Planning Guide
Protect your family's future with proper estate planning including wills, powers of attorney, and super nominations.
50%
Australians Without Will
$300
Simple Will Cost
$0
Inheritance Tax in AU
3 yrs
Super Nomination Expiry
⚠️ Why Estate Planning Matters
Without a valid will, your estate is distributed according to intestacy laws - which may NOT match your wishes.
Without a Will:
- • State law decides who gets what
- • De facto partners may miss out
- • Court appoints administrator
- • Family disputes more likely
- • Longer, more expensive process
With a Will:
- • You decide distribution
- • Name guardians for children
- • Choose your executor
- • Reduce family conflict
- • Faster, simpler process
Essential Estate Planning Documents
| Document | Purpose | Status |
|---|---|---|
| Will | Distribute assets after death | No, but essential |
| Enduring Power of Attorney (Financial) | Someone manages finances if incapacitated | No, but recommended |
| Enduring Power of Attorney (Medical) | Someone makes health decisions | No, but recommended |
| Advance Health Directive | Your medical wishes in writing | No, but recommended |
| Binding Death Nomination (Super) | Direct who gets your super | No, but important |
Superannuation Death Benefits
Your super does NOT automatically go through your will. You need separate nominations:
Non-Binding Nomination
- • Trustee considers your wish
- • Not legally binding
- • No expiry date
- • Trustee has discretion
Binding Nomination
- • Trustee MUST follow
- • Legally binding
- • Expires every 3 years
- • Must renew regularly
Reversionary Pension
- • Pension continues to spouse
- • For account-based pensions
- • No probate required
- • Tax-effective transfer
Important: Check your super fund NOW. Your nomination may have expired!
Will Costs Comparison
| Type | Cost | Best For |
|---|---|---|
| DIY will kit | $30-100 | Simple estates, no complications |
| Public Trustee | $100-400 | Basic estates, free for pensioners |
| Solicitor (simple) | $300-800 | Most people, standard needs |
| Solicitor (complex) | $1,000-5,000+ | Blended families, business owners |
| Estate planning package | $1,500-3,000 | Will + POAs + comprehensive review |
Powers of Attorney
Powers of attorney let someone act on your behalf if you become incapacitated:
Enduring Power of Attorney (Financial)
- • Manage bank accounts
- • Pay bills
- • Sell property if needed
- • Access investments
- Must be done while you have capacity!
Enduring Power of Attorney (Medical)
- • Make health decisions
- • Consent to treatment
- • Choose care facility
- • End-of-life decisions
- Names vary by state (EPA, Guardian)
Estate Planning by Life Stage
Young Adult (18-30)
- ☐ Basic will
- ☐ Super beneficiary nomination
- ☐ Consider enduring POA
- • Update after major changes
Family with Kids
- ☐ Will with guardian provisions
- ☐ Testamentary trust (optional)
- ☐ Life insurance review
- ☐ Both POAs
- ☐ Binding super nomination
Approaching Retirement
- ☐ Review and update will
- ☐ Both POAs (critical!)
- ☐ Advance health directive
- ☐ Super death benefit strategy
- ☐ Consider testamentary trust
Estate Planning Checklist
Documents
- ☐ Valid, up-to-date will
- ☐ Enduring power of attorney (financial)
- ☐ Enduring power of attorney (medical)
- ☐ Advance health directive
- ☐ Super death benefit nomination
Actions
- ☐ Store documents safely
- ☐ Tell executor where documents are
- ☐ Review every 3-5 years
- ☐ Update after major life events
- ☐ Check super nomination expiry
Super Calculator
Check super value
SMSF Calculator
Self-managed options
Centrelink Calculator
Age Pension planning