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estate planning: what every professional should know

Estate planning is a critical component of financial and personal risk management—yet it is often overlooked until it’s too late. For professionals, business owners, and property investors, a well-structured estate plan ensures that your assets are protected, your intentions are honoured, and your loved ones are spared unnecessary legal and financial complications.

Here are the key elements every individual should consider:

1. A VALID WILL

Under the Succession Act 2006 (NSW), a Will allows you to nominate executors, appoint guardians for minor children, and direct how your estate is to be distributed. Without a valid Will, your estate will be distributed according to the rules of intestacy, which may not reflect your wishes and can lead to disputes or unintended outcomes.

2. ENDURING POWER OF ATTORNEY (EPOA)

An EPOA authorises a trusted person to manage your legal and financial affairs if you lose capacity. This includes managing bank accounts, real estate, and business interests. Without an EPOA, your family may need to apply to the NSW Civil and Administrative Tribunal (NCAT) for financial management orders, which can be time-consuming and costly.

3. APPOINTMENT OF ENDURING GUARDIAN

This document allows you to appoint someone to make health and lifestyle decisions on your behalf if you are unable to do so. It complements the EPOA and ensures that your personal welfare is managed by someone you trust.

4. Superannuation death benefit nomiations

Superannuation is not automatically covered by your Will. To control who receives your superannuation upon death, you should make a binding non-lapsing death benefit nomination with your fund. This legally obliges the trustee to pay your superannuation to your nominated beneficiary, rather than exercising discretion.

5. TAX CONSIDERATIONS

When making a superannuation nomination, it’s important to understand the tax treatment of death benefits. Generally, tax dependants (as defined under the Income Tax Assessment Act 1997 (Cth) include a spouse, minor children, or someone financially dependent on you—can receive superannuation death benefits tax-free. Non-dependants may be subject to tax of up to 32% on the taxable component.

6. Regular Reviews

Estate planning is not a one-time task. Major life events—such as marriage, divorce, the birth of children, or acquiring significant assets—should prompt a review of your documents to ensure they remain current and effective.

If you haven’t reviewed your estate plan recently—or if you’ve never created one —now is the time. Our firm offers tailored estate planning advice to help you protect your assets and provide certainty for your loved ones. To arrange a confidential consultation, please contact our office.