News

Many people assume that having a will is sufficient estate planning. But in Australia, a will is only one part of a broader, more complex set of decisions. Not fully planning can lead to legal uncertainty, family conflict, tax inefficiencies, loss of asset value, and an emotional burden on loved ones.

Below are key reasons to begin estate planning proactively:

• Avoiding intestacy: If you die without a valid will (or with an outdated or invalid will), your estate enters intestacy. That means your assets are distributed under laws you did not choose. In Western Australia, for example, around 42% of people either don’t have a will or aren't sure whether they do. (Solomon Hollett Lawyers)
• Outdated wishes: Many people who do have wills do not feel they are up to date. In a major Australian survey, about half of adults with wills felt their wills did not fully reflect their current wishes. (Charles Sturt University Research Output)
• Incapacity and decision-making: It’s not just death. Many people do not plan for what happens if they are incapacitated (due to illness, dementia, or accident). Having powers of attorney, advance care directives etc. can make a significant difference. For instance, the “Estate Planning in Australia” survey found that relatively few people have arranged durable powers of attorney or equivalent arrangements, and even fewer have guardianship arrangements for children. (Charles Sturt University Research Output)
• Emotional cost & family stress: Unclear instructions, surprise distributions, disputes among heirs—these all impose emotional distress. Loved ones may be unsure of what their relative would have wanted, or may be left to deal with a legal and financial mess, precisely at times when grief and shock make decision-making hard.
• Financial cost & value lost: Delays, legal challenges, probate or administration overhead, mismanagement—all can erode estate value, sometimes significantly.