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Wills and powers of attorney

A good estate plan helps make sure your wishes are carried out.

Estate plans

Estate planning can feel complex, especially when you're not sure what documents you need or how they work together. This page steps you through the basics and points you to help if you need it.

An estate plan sets out what you want to happen to your assets after you die.

It can include documents like:

An estate plan can also cover your medical care and finances if you can no longer make your own decisions.

This part of your plan may include:

The documents you include depend on your situation and the decisions you feel comfortable handing over to others. Get legal advice if you're unsure.

You must be over 18 and able to make your own decisions when you create your estate plan.

Your will

A will is a legal document that says what you want to happen to your assets when you die. It is one part of your estate plan.

Everyone over 18 should have a will, and it can cover things like:

It's important to keep your will up to date - especially if your situation changes (see examples below that include getting married and having children). And even if you have a valid will, others may not follow your wishes. People can challenge (contest) a will in many different ways.

If you die without a will, called dying intestate, the government decides gets your assets. This can take longer and may not be what you wanted.

Making your will

You can have your will prepared by a solicitor for a fee, or some people qualify to have their will prepared by a Public Trustee at no cost, including:

Eligibility rules differ by state and territory. Visit the Public Trustee website in your state or territory for details.

There are also low-cost alternatives to Public Trustees.

If you use an online will kit, have a solicitor or Public Trustee check it. If your will is not done properly, it may be invalid.

Store your will in a safe place and tell someone you trust where to find it. You could keep it in a fireproof safe at home, or with your solicitor, the Courts or the Public Trustee.

Updating your will

You should update your will when your situation changes, for example if you:

Super and your will

Your will does not automatically cover your superannuation. You need to nominate one or more beneficiaries through your super fund. This can be your dependants or your legal personal representatives, such as the executor of your estate.

If you want your super paid through your will, nominate your legal personal representative as the beneficiary. 

Without a valid binding nomination, the trustee of your super fund decides who receives your super (within the rules of superannuation law). It's important to keep your binding nomination up to date. They generally expire every 3 years.

For more information, see protecting your superannuation after death.

Family trusts and your will

A family trust usually keeps running after your death. The trust deed, not your will, decides who receives trust assets.

Testamentary trusts

A testamentary trust sits inside your will. It starts when you die.

You usually name a trustee in your will. The trustee looks after the assets until beneficiaries can receive them. Your will sets out when this happens.

This may occur when:

A trust may suit if your beneficiaries:

A trust can also protect assets from divorce settlements and bankruptcy proceedings.

Powers of attorney

A power of attorney lets you give someone legal authority to manage your financial and legal affairs.

Choose someone you trust. They should manage your money well and be available when you need them.

Each state and territory has different rules for setting up a power of attorney.

There are different types of powers of attorney.

General power of attorney

A general power of attorney lets someone make financial and legal decisions for you for a set time. People often use it when they are overseas or unavailable.

If you lose the ability to make decisions yourself, a general power of attorney ends.

Enduring power of attorney

An enduring power of attorney lets someone make financial and legal decisions for you. It continues to operate if you lose the ability to make decisions.

Enduring guardianship (medical power of attorney)

An enduring guardian - sometimes called medical power of attorney - makes medical and lifestyle decisions for you if you can no longer do so. 

They can decide about:

They cannot make financial decisions for you.

If you don't have these documents

Losing the ability to make decisions without these documents can cause stress and conflict for you and your loved ones. 

Once you lose your decision-making capacity, you cannot put these arrangements in place.

Someone may need to apply to act for you. The law must approve this appointment, and it can take time. And during that time, no one may be able to access your accounts, pay your bills, manage your affairs, or make important health and lifestyle decisions.

Legal and financial housekeeping

Listing your important documents and where they are kept can help your family and your executor.

Other key documents to keep handy include:

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