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Estate Planning
Estate Planning Guide: How to Make a Will in Australia
What is estate planning?
Thinking about getting your estate in order? Estate planning is all about organising your affairs to ensure everything you own is handled just the way you want after you’re gone. It’s more than just making a will—it’s about designating power of attorney, planning for probate, and managing all your assets, from property and investments to personal belongings and even digital assets. By planning, you can make sure your wishes are followed, your loved ones are taken care of, and your assets are managed according to your instructions.
A will is your go-to legal document for stating who gets what, naming guardians for your kids and appointing someone to administer your estate plans. On the other hand, a power of attorney lets you pick someone to manage your finances and legal matters if you can’t. So, whether your estate is simple or a bit more complex, having a plan in place gives you peace of mind knowing everything’s sorted.
The importance of estate planning
Estate planning is key to making sure your assets are handled just the way you want and that your loved ones are taken care of. Without a proper estate plan, your assets may not be distributed as you intend, leading to potential disputes and complications and extra red tape. Creating a will and an estate plan helps provide for future generations. Planning your estate also allows you to make specific provisions for family members, friends, and charitable organisations. Estate planning also includes considering your superannuation and using an estate planning checklist to cover all bases. It ensures that your wishes are honoured and provides you with peace of mind knowing that your legacy is secure.
What is included in a will?
Wondering how to write a will or what to include in your estate plan? A well-crafted will typically covers several key elements to ensure your wishes are followed. Here’s what to include:
- Personal information: Your full name, address, and date of birth.
- Executor: The person you appoint to carry out the instructions in your will.
- Beneficiaries: The individuals or organisations who will receive your assets.
- Guardianship: Appointing guardians for minor children or dependants.
- Assets and liabilities: A detailed list of your assets and any outstanding debts.
- Specific bequests: Instructions for distributing particular items or amounts of money.
- Residuary estate: Instructions for distributing any remaining assets after specific bequests have been made.
Creating a will, whether you’re looking for guidance on how to create a will in Australia or simply need to know how to set up a will, ensures all aspects of your estate are covered.
How to create a will in Australia
Creating a will in Australia is a straightforward process if you follow these key steps:
- Gather information: Collect details about your assets, liabilities, beneficiaries, and personal information.
- Choose beneficiaries: Decide who will inherit your assets and in what proportions.
- Select an executor: Choose a trustworthy person to administer your estate.
- Appoint guardians: If you have minor children, appoint guardians to care for them.
- Power of attorney: Consider appointing someone to manage your affairs if you become incapable.
- Draft the will: Work with a legal professional or use an online service to draft your will.
- Sign and witness: Ensure the will is signed and witnessed according to legal requirements.
- Store the will safely: Keep your will in a secure place and inform your executor of its location.
Estate planning superannuation considerations
Superannuation is an important aspect of estate planning that requires special attention. Unlike other assets, superannuation is not automatically included in your estate. To ensure your superannuation benefits are distributed according to your wishes, you need to nominate beneficiaries directly through your super provider. These nominations can be either binding or non-binding.
- Binding nominations: These ensure that your super is distributed exactly as you wish.
- Non-binding nominations: These serve as a guide for the trustees of your super fund.
It’s crucial to review your superannuation nominations regularly, especially after major life events like marriage, divorce, or the birth of a child. This helps ensure that your superannuation benefits are distributed according to your current wishes.
The role of a will and estate lawyer
How will working with an estate lawyer benefit you?
- Expert advice: Estate lawyers offer professional guidance to ensure your estate plan is legally sound and comprehensive.
- Tailored solutions: They help create personalised estate plans that address your unique needs and goals.
- Compliance: Estate lawyers ensure your will and estate plan comply with current laws and regulations.
- Conflict resolution: They assist in resolving any disputes that may arise during the administration of your estate..
At APS, our estate planning process involves a thorough review of your assets and goals, creating a customised plan, and providing ongoing support to ensure that your end-of-life affairs are in order.
Estate planning checklist
What information do you need during the estate planning process?
Here is a checklist of information and documents needed for estate planning:
- Personal identification details
- List of assets (property, bank accounts, investments, personal items)
- List of liabilities (loans, mortgages, debts)
- Details of beneficiaries
- The executor and guardian information
- Superannuation details
- Insurance policies
- Business interests
- Details of any trusts
- Power of attorney documents
- Existing wills or estate plans
| Estate Planning Toolkit (PDF, 115KB) |
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How much does it cost to create a will?
Creating a will can vary in cost depending on the approach you choose—be it an online will kit, an online will service, or working directly with a lawyer.
An online will kit is an affordable option, but it comes with risks since no estate lawyer reviews your document. For those with straightforward wishes, using an online will service can be a reliable alternative. At APS, all online wills are reviewed by our estate lawyers to ensure accuracy and compliance before you sign. You can complete an online will with APS starting from $130.
If you prefer a more comprehensive approach, working with a lawyer for your estate plan provides personalised solutions. Typically, the cost for a detailed estate plan with a lawyer can reach up to $2,500, but APS offers estate planning services starting from $385. Investing in professional estate planning ensures that your will is legally sound and that your assets are protected and distributed according to your specific wishes.
APS Estate Planning Pricing
Members
Couple — $495
Single — $385
Non-members
Couple — $550
Single — $440
Planning your estate for future generations
Taking the time to plan your estate is a thoughtful and responsible way to protect your legacy and provide for your loved ones. Whether you’re starting from scratch or updating an existing plan, we are here to help. Our team of experienced and friendly estate planning lawyers is dedicated to guiding you through the process with care and expertise. Ready to secure your family’s future? Enquire about estate planning services today and take the first step towards peace of mind.
Meet our estate planning lawyer
Meet the cheerful Phil Lambourne, our Principal Lawyer who brings warmth and approachability to the world of law with over 35 years of experience in private practice and 25 years in trusts and estate planning. As the Principal Lawyer at APS Wills & Estates, Phil is the mastermind behind the scenes, offering trusted advice and carefully preparing documents in areas such as wills, powers of attorney, probate, and estate administration for clients all around Australia.
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