Estate Planning Services
Most people know they should have a will, yet almost one in three Australians don’t have one.
Good estate planning goes much further than deciding who receives your assets when you die. It is about making sure the right plans are in place for the people you care about — and that those plans will continue to reflect your life as it changes.
Marriage. Divorce. A blended family. Children arriving. Starting a business. Building wealth. Retirement.
Each transition in life can change what you own, who you are responsible for, and what you want to happen in the future.
At You First, we see estate planning as part of managing life’s transitions.
That means looking beyond an individual document and considering your will, Enduring Power of Attorney (EPOA), superannuation, assets, business interests and broader financial position together.
Because an estate plan should not simply exist.
It should be up to date and fit for purpose.
Managing Life's Transitions
Your estate plan should change as your life changes.
You may have married or divorced.
Your family may now include children, stepchildren or grandchildren.
You may have started a business, established a trust, purchased property or accumulated significantly more wealth.
Or perhaps the people you once nominated to make decisions or administer your estate are no longer the people you would choose today.
These are not simply legal changes. They are life changes.
And they are good reasons to stop, review what you have in place and ask whether it still reflects your circumstances and wishes.
Important times to review your estate planning can include:
- Marriage or entering a long-term relationship
- Separation or divorce
- Becoming part of a blended family
- Having children or grandchildren
- Starting, buying or selling a business
- Changes to the people named in your will or EPOA
- Establishing or changing a trust
- Buying significant assets
- Changes to your superannuation
- Approaching retirement
- Changes in the health or circumstances of you or your family
Estate planning should not be something you prepare once, put in a drawer and forget about.
The aim is to keep your will, EPOA and broader estate plan up to date and fit for purpose as your life evolves.
What Does Estate Planning Include?
It is about more than having a will.
A will is an important part of estate planning, but it is only one piece of the picture.
A good estate plan considers what happens if you die, but also what happens if illness or injury means you can no longer make important decisions for yourself.
It also considers how different assets are owned and controlled. Your home, superannuation, investments, trusts and business interests may not all be dealt with in the same way.
Depending on your circumstances, you may need to consider:
Your will
Enduring Power of Attorney (EPOA)
Superannuation death benefits
Testamentary trusts
Asset protection
Guardianship for children
Business interests
Personal insurance
What Happens If You Die Without a Will?
Your estate plan should change as your life changes.
If someone dies without a valid will in Australia, they are said to have died intestate.
This means the relevant state or territory laws determine how the estate is administered and how estate assets are distributed.
For some families, the outcome may be relatively straightforward. For others — particularly blended families, business owners or those with more complex structures — it can create uncertainty.
A valid will cannot remove grief.
But it can provide something incredibly valuable at a difficult time: Clarity.
We’ve explored this in more detail here.
Estate Planning for Business Owners
Creating time to work on your business, not just in it.
If something happened to you, what would happen to the business? Who would take control? And what would that mean for your family, employees or business partners?
Business succession planning considers these questions alongside your personal estate plan, business structure, trusts, asset protection and insurance.
The aim is to make sure the business you have worked hard to build is considered as part of the bigger picture.
Estate Planning Is Part of the Bigger Picture
Because your will is only one part of your financial life.
Your estate plan does not sit in isolation.
Your superannuation, insurance, investments, property, trusts and business interests can all affect what happens when you die or can no longer manage your affairs yourself.
That is why we look at estate planning as part of your broader financial strategy.
Through our One Stop Desk™ approach, we help bring the different pieces together, working with your legal advisers where appropriate, so everyone is looking at the same bigger picture.
Estate planning often crosses both financial and legal territory. Where legal advice or documents are required, we work alongside appropriately qualified legal professionals, while helping you consider how your will, EPOA, superannuation, insurance, trusts and broader financial position fit together.
FAQs
What is estate planning?
Estate planning is about putting clear arrangements in place for your assets, financial affairs and the people who depend on you if you die or can no longer make decisions for yourself.
A will is an important part of estate planning, but the bigger picture can also include your EPOA, superannuation, insurance, trusts, property and business interests.
Do I need estate planning if I already have a will?
A will is a good starting point, but it may not cover every part of your financial life.
Your superannuation, jointly owned assets, trusts and business interests may need separate consideration. The important thing is making sure your will and broader estate plan work together and remain fit for purpose.
What is an Enduring Power of Attorney?
An Enduring Power of Attorney (EPOA), depending on the laws in your state or territory, can allow you to appoint someone you trust to make certain decisions on your behalf if you are unable to make those decisions yourself.
It is an important part of planning not only for what happens after you die, but for what may happen during your lifetime.
How often should I review my estate plan?
There is no single timetable that suits everyone. A good time to review your estate plan is whenever life changes.
Marriage, divorce, a blended family, children, buying property, starting a business, retirement or significant changes to your financial position can all be reasons to make sure your arrangements are still up to date.
What is a testamentary trust?
A Plan for Life — and Whatever Comes Next
Life changes, and your estate plan needs to keep up.
If you’re not sure where to start, or whether what you already have in place is still right for you now, we’re always happy to have a conversation.