Do I really need an estate plan if I already have a will?
Short answer: Yes—absolutely. And here’s why it matters more than you think.
Many Australians believe that having a will is enough to ensure their affairs are in order after they pass. But estate planning is much broader than simply writing a will—especially if you own a business, have superannuation, or use a family trust.
At McMillans, we help individuals, families, and business owners in Gippsland and beyond protect their legacy and make sure their assets are passed on in the most tax-effective and financially efficient way possible.
What Happens If I Die Without a Will?
If you die without a will (known as intestate), your estate will be distributed according to a standard government formula. This rigid system often doesn’t reflect what you would have wanted, and it can cause delays, confusion, and disputes among family members.
Even if you do have a will, it may only deal with personally owned assets—and that’s where most people get caught out.
What a Will Doesn’t Cover
In today’s world, many people hold wealth in structures such as family trusts and superannuation funds. Legally, these are not your personal assets, and therefore cannot be directed by your will.
For example:
Family trust assets: These are controlled by the trustee. The trust deed (not your will) governs how those assets are managed or passed on. So, it’s crucial to consider who controls the trust after you're gone.
Superannuation funds: These are not automatically part of your estate. Without a binding death benefit nomination, your super fund trustee decides who receives your super, which may not align with your intentions.
An Estate Plan Looks at the Full Picture
Effective estate planning includes:
Reviewing your business interests and succession plans.
Considering the tax implications of asset distribution.
Avoiding direct transfers to people at risk from creditors or legal disputes.
Appointing the right executors and trustees.
Ensuring future control of family trusts, companies, and SMSFs is clearly assigned.
It’s not just about who gets what—it’s about how, when, and under what legal structure.
We’re Here to Help—Before It’s Too Late
The best time to plan is before a problem arises. At McMillans, we provide expert financial advice and collaborate with your solicitor to ensure your estate plan:
Reflects your wishes
Protects your wealth
Minimises tax
Reduces stress on your family
Whether you're a business owner, investor, or simply planning ahead, let’s have a conversation.