Think you don’t need a Will? Think again

“I don’t have much to leave behind.”

“It’s not urgent.”

“I’ll sort it out later.”

If any of that sounds familiar, you’re in the right place – and you’re not alone.

According to research by Finder in 2022, nearly 60% of Australians don’t have a Will or estate plan. And yet, taking the time to put a plan in place could make a world of difference for the people you care about.

Estate planning in Australia isn’t just for those nearing retirement or with significant wealth. It’s for anyone who wants clarity, control, and peace of mind – because life doesn’t always follow a predictable path. When things go wrong and plans haven’t been made, it’s often loved ones who bear the burden.

Why having an estate plan and Will matters

When no Will or legal instructions exist, important decisions fall to others—and the outcomes might not align with what you would have wanted.

Here’s what can happen if you pass away without an estate plan:

• The law determines how your estate is divided – regardless of your personal wishes.
• A partner in a de facto relationship may have to fight to be recognised.
• A court chooses who will care for your children.
• Disagreements between family members can escalate into legal disputes.
• If no next of kin can be identified, your estate could be handled by the state.
• Your family may be left navigating this in the middle of their grief.

What to include in your estate plan

Estate planning in Australia involves more than simply drafting a Will. It’s about protecting your legal, financial, and health-related decisions in advance – so that when the time comes, your voice is still heard.

Here are the three key documents most Australians should have:

1. Your Will – deciding how your assets are passed on

A valid Will outlines how your possessions, property, and savings should be distributed when you pass away. Without one, decisions about your estate are made according to standard legal rules, which may not reflect your intentions.

Why it’s worth having:

• Your assets go to the people or causes you choose – not a default formula.
• You can nominate a guardian for children under 18.
• It helps prevent confusion, disputes, and stress for those left behind.

2. Power of Attorney – nominating someone to act on your behalf

A Power of Attorney allows a trusted individual to manage your legal and financial affairs if you become unable to do so yourself—for example, due to illness or injury.

What it covers:

• Keeping bills paid, bank accounts managed, and legal matters in order.
• Can apply for a limited time (e.g. while travelling) or indefinitely.
• Avoids the need for expensive court processes to appoint someone later.

3. Advance Care Directive – making your medical wishes clear

This document outlines your preferences for medical care if you’re unable to communicate them, such as decisions around life-sustaining treatment or palliative care.

Why it’s valuable:

• Your doctors and family won’t have to guess what you would have wanted.
• It reduces the emotional burden on loved ones during stressful times.
• It ensures your treatment aligns with your values and beliefs.

When should you update your estate plan?

Once you’ve created your estate plan, it’s important to keep it current. You should review and update your documents if any of the following occur:

• You marry, divorce, or separate – legal changes can affect your Will.
• A child or grandchild is born – you may want to include them.
• You buy property or accumulate new assets – your Will should reflect this.
• You start a business – consider succession planning in case something happens to you.
• Your health situation changes – it may affect your medical directives.
• A named beneficiary or executor passes away – you’ll need to nominate someone else.

Even if your situation hasn’t changed, reviewing your estate plan every few years is a smart move.

Don’t leave your Will to chance

Estate planning isn’t about being pessimistic – it’s about being prepared.

By putting the right documents in place, you’re helping to protect your family, your values, and your wishes. You’re also sparing your loved ones from unnecessary stress and uncertainty.

Whether you’re creating a Will for the first time or reviewing one from years ago, now is the right time to take control of your estate planning. Speak to a qualified financial adviser, lawyer, or estate planner to get started.