Will You or Will you Not

“I don’t have enough assets to worry about a will.”
“I’m too young to think about estate planning.”
“I’ll get around to it later.”

Does this sound familiar? If so, you’re not alone. According to a Finder survey, almost 60% of Australians don’t have a Will or an Estate Plan in place.
But if you don’t take control of your future, who will?
Many assume that estate planning is only for the wealthy or elderly, but the reality is that everyone – young or old, single or married – needs to have their legal affairs in order. Life is unpredictable, and while no one likes to think about what happens when they pass away or become incapacitated, failing to plan can leave your loved ones burdened with legal battles, financial stress, and uncertainty.
When you consider the potential financial and emotional impact on loved ones left to navigate unclear legal affairs, it’s easy to see why creating or updating a Will and other key legal documents is so crucial.

Why Estate Planning Matters

If you don’t make key legal decisions, someone else will, and it may not be who you’d want. Without a valid will:

• Your assets may not go to the people you intended.

• If you have a de facto partner, they may need to fight for recognition of their rights.

• Courts decide who will take care of your children if you pass away unexpectedly.

• Family members may dispute inheritance, leading to costly legal battles.

• The government may take control of your estate if no close relatives exist.

Essential Legal Documents Everyone Should Have

Estate planning isn’t just about writing a will it’s about ensuring every aspect of your personal, financial, and medical affairs is protected. There are three key documents every Australian should have in place:

1. Will – Who Gets What?
A will is a legally binding document that outlines how you want your assets (property, savings, investments, and possessions) to be distributed after you pass away. Without one, the government decides who gets what, which may not align with your wishes.

Why It’s Important:

• Ensures your assets go to the right people, not just next of kin by default.

• Avoids family disputes and legal battles over inheritance.

• Lets you nominate a guardian for minor children, ensuring their care is in trusted hands.

2. Power of Attorney – Who Manages Your Affairs?
A Power of Attorney (POA) allows you to appoint someone you trust to make financial and legal decisions on your behalf if you become unable to do so yourself (e.g., due to illness, injury, or mental incapacity).

Why It’s Important:

• Ensures your bills, mortgage, and financial commitments continue to be managed.

• Prevents the need for costly court-appointed administrators if you become incapacitated.

• Can be tailored to cover temporary or long-term decision-making authority.

3. Advance Care Directive – Who Decides Your Medical Treatment?
An Advance Care Directive (or Living Will) is a legal document that outlines your preferences for medical care and treatment if you’re unable to communicate them yourself. It ensures doctors and family members respect your wishes regarding life support, palliative care, and other treatments.

Why It’s Important:

• Gives clear guidance to doctors and loved ones about your medical preferences.

• Prevents family disagreements over healthcare decisions.

• Ensures your values and beliefs are respected in medical treatment.

When Should You Review Your Estate Plan?

Estate planning isn’t a “set and forget” task. You should review your documents every 3 to 5 years and update them after significant life events, such as:

• Marriage, divorce, or separation – Marriage can revoke a will, and divorce may require updates.

• Birth of a child or grandchild – Ensure they’re included in your inheritance plan.

• Buying property or acquiring wealth – Your assets need to be accounted for.

• Starting a business – Plan for business succession if you become incapacitated.

• Major health diagnosis – Ensure your medical wishes are documented.

• Death of a beneficiary or executor – You may need to appoint someone new.

Take Action Now

Estate planning is about more than just preparing for the inevitable – it’s about protecting your loved ones and ensuring your wishes are honoured.
If you’re not sure of the next step, we can help put you in touch with a lawyer or estate planner today.