Wills and estate planning

Wills, estate planning and your retirement plan

A Will is a legal document with instructions on who you want to inherit your money and other assets when you pass away. Super is not automatically included in your Will. To include it, you will need to leave it to your estate by nominating a beneficiary.

An estate plan is a legal plan that carries out your wishes when you’re no longer here, or can no longer make decisions.  

Getting your Will and estate planning in order is an essential part of planning for the future – it's never too early to get started. 

How to make a Will

As one of the most important legal documents you can make, you want to feel confident that you’ve made the right decisions. Options include using the state-based public trustee services, as well as online services. Some of these options may offer a service of review by a solicitor, seeing a solicitor in person, or DIY kits (if you go with this option, it’s strongly recommended to have it reviewed by a professional).  

When you’re getting ready to have your Will prepared, it’s a good idea to think about:  
 

• Who you’d like to be your executor (the person who is responsible for carrying out your wishes) 
• What your assets are 
• Who you’d like to be your beneficiaries (who will receive your assets) 
• If there are any gifts you’d like to give 
• Who you’d like to care for any pets. 

Make sure your Will is valid

For a Will to be legally valid, it needs to be completed properly, witnessed and signed. Using a DIY Will kit might feel convenient, but it could leave you open to the risk that your Will is not properly completed and therefore invalid. Plus, it may not properly reflect your wishes or deal with your super. 

What happens without a Will?

When someone dies without a Will, it’s known legally as ‘dying intestate’. The rules of intestacy are made by the state government and set out who is entitled to receive your assets.  

Laws differ in different states, but usually your next of kin or a loved one will have to apply to be an administrator of the estate. How the estate is distributed is then determined by a formula, rather than your wishes. It can be problematic, complicated and stressful.

What is estate planning?

Estate planning isn’t just about writing your Will. It’s about choosing who will make financial, medical and personal decisions if you can no longer make them yourself, as well as who will look after your estate and receive your assets when you die. That’s why it’s a key part of life planning, and planning for retirement.  

There are three important estate planning documents: 

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You can consult with a lawyer for advice and help with drafting these documents. It’s a good idea to regularly review these documents, even after you’ve stopped working.

What your estate includes 

Your estate simply means your assets and liabilities.  

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Certain assets and liabilities are not automatically distributed in accordance with your Will or under the rules of intestacy. 

These include: 

• your super 
• assets and liabilities you own with someone else 
• any private companies or trusts.
   

That's why it’s important to understand what assets you own, how you own them and what happens to those assets if you die. 

Choose what happens to your super

Super isn’t automatically covered by your Will. You’ll need to choose who it will go to, by nominating a beneficiary. You can nominate the following people to inherit your super when you pass away: 

• Your spouse 
• Your children 
• A person who is financially dependent on you 
• A person you live with, who you’re in a close personal relationship with, and provides you with, and/or receives financial and domestic support from you
• Your Legal Personal Representative (Estate).
   

Generally, you can’t nominate siblings, friends or your parents as beneficiaries. However, if there's someone you’ve decided to give your super to who isn’t a valid beneficiary, you can include your super in your Will by nominating the Legal Personal Representative of your estate as the beneficiary of your super, and making sure you have made a valid Will. That way, your super is paid out as per your instructions. 
 

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