Quick Look
Focus – How to protect your wishes, family, and finances with simple estate planning tools
Key Takeaways:
Estate planning isn’t just for the wealthy or elderly. It’s for anyone who wants to protect the people and things that matter to them.
Whether you own a home, have kids, or simply want your affairs in order, having a basic estate plan — including a will and power of attorney — is one of the most practical gifts you can leave behind. It’s not about morbid “what ifs” — it’s about peace of mind.
More than half of Australians don’t have a valid will (Money Smart, 2024). Many assume they’re too young, don’t own enough, or think it’s all sorted by default.
But without clear instructions, your estate may not go to the people you expect. Loved ones could face long delays, costly court processes, or even family disputes. And if you lose mental capacity due to illness or injury, not having someone legally authorised to act for you can create unnecessary stress and confusion.
A basic estate plan avoids these headaches — and gives you control.
A will is a legal document that sets out:
Who gets your assets (property, super, savings, personal items)
Who will look after your children (guardianship)
Who will manage your estate (the executor)
Without a will, state intestacy laws decide who inherits — and it may not be who you’d expect. For example, de facto partners may need to prove the relationship, and stepchildren may not automatically be included.
A valid will must be:
In writing
Signed and dated
Witnessed by two adults (not beneficiaries)
Tip: Review your will after major life events — marriage, divorce, children, property changes.
This lets someone you trust make legal and financial decisions on your behalf if you become incapacitated.
Enduring POA remains valid if you lose capacity (unlike a general POA)
You can choose when it starts — immediately or only when capacity is lost
Covers decisions like managing bank accounts, paying bills, or selling property
You can also appoint a medical decision-maker (this may be a separate form, depending on your state or territory).
Choose carefully: Your attorney should be someone responsible, available, and trustworthy — ideally not much older than you.
Super and life insurance usually don’t form part of your will unless you’ve made a binding nomination with your fund.
Binding death benefit nomination tells your super fund who should receive your super payout
Must be updated every 3 years (unless non-lapsing) and signed/witnessed properly
Without one, the fund’s trustee decides — and it could delay payments or go to unintended recipients.
DIY wills without legal review: Can be invalid or unclear
No enduring POA: Leaves loved ones powerless if you can’t act for yourself
Outdated beneficiaries: Ex-partners may still be listed on super or life insurance
Assuming everything passes via the will: Super, jointly-owned property, and trusts may not
Tip: Keep everything together — will, POA documents, super nominations, and a list of assets — in a safe but accessible place. Let someone know where it is.
Every3–5years, or whenever your life circumstances change (new partner, kids, home, or separation).
Estate planning isn’t just about money — it’s about protecting your wishes and the people you care about. And getting the basics right is easier (and cheaper) than most people think.
Whether it’s a simple will, a power of attorney, or updating your super nominations, the earlier you sort it out, the more secure and in control you’ll feel — no matter what life throws at you.
Just because you earn more doesn’t mean you should spend more. True wealth is often invisible — it’s the money you don’t spend.
Compounding takes time, so patience pays off. Warren Buffett earned over 90% of his wealth after age 60. It’s not about finding the best investment, but staying invested the longest.
Be cautious with your spending, but trust that over time, markets grow, and opportunities emerge.
Not all success is due to skill. Likewise, not all failure is due to mistakes. Be humble and avoid copying others blindly.
The best financial strategy is one you can actually follow during good times and bad.
Don’t aim to beat the market. Aim to stay in the game.
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