Why is estate planning so important — and where should I start?
When it comes to looking after your loved ones and preserving your legacy, few things are more important than having a clear estate plan. But it’s often one of the most overlooked aspects of financial planning.
At McMillans, we regularly assist clients in navigating the complexities of estate planning — and the earlier you start, the better.
What Is Estate Planning, and Why Does It Matter?
Estate planning is about more than just writing a Will. It’s about making sure your assets are protected, your wishes are honoured, and your loved ones are provided for — with minimal stress, legal hurdles, or financial complications.
Without a proper estate plan in place, decisions about your assets and healthcare may be made by the courts, not your family. This can lead to delays, disputes, and unintended consequences.
What Documents Should I Have?
We recommend you seek legal advice and consider putting in place the following five key documents:
Enduring Power of Attorney (Financial) – Appoints someone to make financial decisions on your behalf if you're unable to.
Enduring Power of Guardianship – Appoints someone to make personal, lifestyle, and medical decisions for you.
Superannuation Beneficiary Nominations – Because super doesn’t automatically form part of your estate.
Insurance Policy Ownership and Beneficiary Nominations – To ensure proceeds go to the right person.
A Legally Valid Will – To direct how your personal assets are distributed after your death.
Common Estate Planning Issues to Watch Out For
Even well-intentioned plans can go wrong without the right structure. Here are some traps we help our clients avoid:
Jointly held assets may override your Will and pass automatically to the surviving owner.
Superannuation and insurance are not necessarily covered by your Will unless properly nominated.
Ex-partners can still benefit if beneficiary nominations are outdated.
Divorce doesn’t automatically revoke your Will, though marriage does.
Blended families require particularly careful planning.
Dying without a Will (intestate) means your estate will be distributed according to a strict legal formula.
Trust-held assets need special consideration — a statement in your Will may not be enough.
Means-tested Centrelink benefits can be impacted by the way assets are passed on.
Family members or dependants may challenge your Will if they believe you haven’t made adequate provision.
Where to From Here?
Estate planning isn’t just about ticking a box. It’s about protecting your family’s future and making sure your hard-earned assets go where you want them to.
Let’s help you get it right.