A Guide to Estate Planning

Estate planning isn't just writing a will. It's ensuring your assets are protected, your family is provided for, and your wishes are legally enforceable when you die. Without proper planning, your estate may be distributed in ways you didn't intend, and disputes may arise during your family's grief.

An effective estate plan addresses asset distribution, who manages your estate, what happens if you lose capacity, and how to minimise tax and disputes.

At Velocity Legal, we create comprehensive estate plans covering wills, powers of attorney, trusts, superannuation, and dispute prevention strategies.

What an Estate Plan Should Include

A complete estate and planning strategy goes beyond a will.

Essential components:

Your will – Specifies asset distribution and executor. Without it, intestacy laws apply, which may not reflect your wishes

Executor appointment – Choose someone trustworthy and capable of handling legal and financial responsibilities

Guardian appointments – For minor children or dependents with disabilities. Without this, courts decide

Powers of attorney – Appoint someone to make financial and legal decisions if you lose capacity

Medical treatment decision maker – Nominate someone for healthcare decisions if you can't

Superannuation nominations – Super doesn't automatically go to your estate. Binding nominations control where it goes

Testamentary trusts – Protect assets for beneficiaries, provide tax benefits, and control distribution over time

Funeral wishes – Document preferences and share with family before death

Why Superannuation Requires Separate Estate Planning

Super doesn't automatically follow your will; it's controlled by the fund trustee unless you make a binding death benefit nomination.

Without a valid nomination:

• The trustee decides who receives your super
• Your intended beneficiaries may receive nothing
• Family disputes can arise

Binding nominations must be in the correct form, renewed every three years (unless non-lapsing), and directed to dependents or your estate. Consider tax implications when deciding payment destination.

When to Review Your Estate Plan

Estate plans aren't set-and-forget. Review when:

• Relationship changes (marriage, divorce, separation)
• Children born or adopted
• Significant assets acquired
• Beneficiaries' circumstances change (health, financial, relationship issues)
• Executor or attorney becomes unsuitable
• Tax or legal changes occur
• Every 3-5 years regardless

Outdated plans result in unintended beneficiaries, invalid nominations, and avoidable disputes.

Common Causes of Estate Disputes

Understanding dispute triggers helps you structure your estate to minimise risk.

Disputes arise from:

• Will validity challenges – Claims of improper execution, lack of capacity, or undue influence
• Family provision claims – Spouses, children, or dependents claiming inadequate provision
• Executor disputes – Allegations of breach of duty or asset mismanagement
• Ambiguous terms – Vague language creating uncertainty
• Superannuation disputes – Conflicting claims when nominations are invalid or outdated

Minimise disputes by:

• Using clear, specific language
• Documenting reasoning for unequal distributions
• Keeping super nominations current
• Considering testamentary trusts for vulnerable beneficiaries
• Engaging specialist advice for complex estates

Why Estate Planning Requires Specialist Advice

What is estate planning at its core? It involves succession law, tax law, superannuation, family law, and trusts. DIY wills and templates often miss critical issues.

We help with:

• Drafting wills that minimise dispute risk
• Structuring testamentary trusts for protection and tax benefits
• Advising on superannuation nominations
• Preparing powers of attorney and medical decision maker appointments
• Reviewing and updating existing plans
• Strategies to minimise family provision claims
• Estate dispute representation

Protect Your Estate and Your Family

If you don't have an estate plan, or your existing plan is outdated, you're leaving your family vulnerable to disputes and unintended outcomes.

We offer a preliminary advice session to assess your circumstances, review existing documents, and outline an estate planning strategy.

Contact Velocity Legal to discuss your estate planning needs.

‍