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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.ÌýÌý

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.Ìý

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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).ÌýÌý

When you’re getting ready to have your Will prepared, it’s a good idea to think about:ÌýÌý
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  • Who you’d like to be your executor (the person who is responsible for carrying out your wishes)Ìý
  • What your assets areÌý
  • Who you’d like to be your beneficiaries (who will receive your assets)Ìý
  • If there are any gifts you’d like to giveÌý
  • Who you’d like to care for any pets.Ìý

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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.Ìý

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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.ÌýÌý

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.

Did you know?

Part of planning for the future is making sure you or your loved ones are covered if something bad happens. This might mean having enough insurance to help pay for living expenses in place of your income. It also means giving financial protection to anyone else who relies on your income.Ìý

See your insurance options.

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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.ÌýÌý

There are three important estate planning documents:Ìý

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A Will A power of attorney An enduring guardianship or medical/health care directive

Choose who will manage your estate and who you want to leave your assets to when you die.

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Choose who will manage and make decisions about your financial affairs. This can come into effect when you choose - or when you can no longer make these decisions yourself.Ìý

In some states and territories, a power of attorney can also make decisions about personal, lifestyle and health affairs.Ìý


Choose who you want to make decisions about your medical and personal affairs, if you can’t make these decisions while you're alive.

This includes future medical treatment, and 'end of life' wishes.

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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.

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What your estate includesÌý

Your estate simply means your assets and liabilities.ÌýÌý

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Assets include Liabilities include
  • House
  • Car
  • Savings
  • Share
  • Mortgage
  • Car loan
  • Credit card balance


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

These include:Ìý

  • your superÌý
  • assets and liabilities you own with someone elseÌý
  • any private companies or trusts.
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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.Ìý

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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:Ìý

  • Your spouseÌý
  • Your childrenÌý
  • A person who is financially dependent on youÌý
  • 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).
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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.Ìý
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Choose who receives your super

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FAQ

A Will is a legal document with instructions on who you want to inherit your money and other assets when you pass away. If you die without leaving a Will, the laws of intestacy apply. The rules of intestacy are made by the government and set out who is entitled to receive your assets and in what proportion.

Estate planning can also include choosing who will make financial, medical and personal decisions if you can no longer make them yourself. There are three main estate planning documents: a Will, a power of attorney and an enduring guardianship or medical/health care directive.

Not automatically. You’ll need to choose who it will go to by nominating a beneficiary. If you want to nominate people other than valid beneficiaries like siblings, friends or your parents you can include your super in your Will and nominate the Legal Personal Representative of your estate as the beneficiary of your super. That way, your super is paid out as per your instructions.

Your super will go to your nominated beneficiaryÌýor beneficiaries, providing the nomination is valid under the law.ÌýThis is why it’s so important to make a nomination.ÌýIf you don’t nominate anyone, the trustee of your super fund will decide who your money goes to.

You should regularly review your Will, especially in light of major life events like marriage, separation, birth of a child, purchase of a property, loss of a loved one or change in financial circumstance. Making a Will is an important part of getting ready for retirement.Ìý

DIY kits are available, but for a Will to be legally valid, it needs to be properly completed. If you choose to go down the DIY option, it’s highly recommended that you have a solicitor review it.

Costs vary from under $100 for a DIY kit into the thousands, depending on the method you choose and complexity of your estate and circumstances.

Where to next?

Advice and guidance

From questions about your account through to help with more complex financial strategies. We can help.

Find the right advice for you

Nominating a beneficiary

It takes less than 15 minutes for you to nominate your beneficiaries.

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