Estate planning isn’t just for the wealthy or elderly—it’s an essential step for anyone who wants to safeguard their legacy, minimise tax, and reduce stress for loved ones. At Everalls Wealth Management, we believe in building better futures through forward-thinking advice—and estate planning is a critical part of that.
What Is Estate Planning and Why Is It Important?
Many people assume estate planning is simply about writing a will. But in reality, it goes far beyond that.
A strategic estate plan allows you to:
- Ensure the right people receive the right assets, at the right time
- Minimise tax liabilities and reduce potential disputes
- Control how non-estate assets like superannuation or life insurance are distributed
- Leave a clear roadmap for your family when they need it most
What Does a Will Actually Do?
A valid and up-to-date will is the cornerstone of any estate plan. It serves two essential purposes:
- Appoints your executor – the person you trust to administer your estate. If you don’t have a will nominating an executor your family will have to go to court to get someone appointed which can be stressful, time-consuming and expensive and may lead to family disputes if they don’t agree on who it should be.
- Directs how your estate assets are distributed – done thoughtfully this ensures your wishes are honoured and protects your beneficiaries by ensuring the right assets got to the right beneficiaries at the right time.
However, not all of your assets will automatically be included in your will.
Not All Assets Are Covered by Your Will
It’s a common misconception that your will covers everything you own. In reality, assets such as:
- Superannuation savings
- Life insurance policies
- Family trust assets
- Company assets
- Jointly owned property
often sit outside the scope of your will. These assets require separate planning, such as Binding Death Benefit Nominations (BDBNs), trust deeds, or corporate succession planning, to ensure they are handled according to your wishes.
“Estate planning is about more than having a will
—it’s about placing each asset in the right bucket to ensure your legacy is protected.”
Understanding the “Estate Planning Buckets”
Visualising your estate plan in terms of “buckets” can make the process clearer.
The Will Bucket
Includes:assets held in your sole name and assets held as tenants in common.
These assets pass through your will and are managed by your appointed executor. However, wills can be contested—so strategic asset placement is key to avoid disputes.
The Joint Assets Bucket
Includes:jointly held property (as joint tenants).
These assets automatically pass to the surviving owner, which may be appropriate for spouses, but might not be suitable for complex family or tax situations.
The Superannuation Bucket
Covers: your super balance and any insurance proceeds held inside super.
Unless you’ve made a valid Binding Death Benefit Nomination (BDBN), your super fund trustee decides who receives your super. With a BDBN, you can direct your super to your estate or direct to specific beneficiaries in which case they often receive the money faster by bypassing your will and avoiding probate delays.
The Insurance Bucket
Includes:
Insurance proceeds go directly to the nominated beneficiaries on the policy, bypassing your will and avoiding probate delays. If you are the owner and nominated beneficiary of the policy the proceeds will be paid to your Estate for distribution in accordance with your will.
Common Misconceptions About Estate Planning
“I don’t need an estate plan until I’m older.”
False. The ownership structures you use today will affect how assets are transferred and taxed in the future.
“My will covers everything I own.”
Not true. Many key assets—such as super, insurance, or trust assets—don’t pass through your will.
“Estate planning is only for the rich.”
Incorrect. Using a will to appoint your executor saves your family stress, time and money; and enables relevant assets to be passed on to beneficiaries correctly.
Why Start Now?
The sooner you start the estate planning process, the more flexibility and protection you have.
A proactive estate plan allows you to:
- Purchase investments in the appropriate name now (saving stamp duty and CGT if you would otherwise have to transfer later
- Reduce the risk of family disputes and legal battles
- Protect your wealth from unnecessary tax, litigation, or external claims
- Tailor asset distribution to your beneficiaries’ specific needs (e.g., age, financial literacy, relationship status)
- Provide peace of mind knowing your legacy will be honoured
“How you own an asset determines its bucket. How you plan determines who benefits.”
What Should a Comprehensive Estate Plan Include?
- A legally valid Will
- A Binding Death Benefit Nomination (for superannuation)
- Consideration of Testamentary Trusts to protect assets and beneficiaries
- Powers of Attorney and Guardianship (in case of incapacity)
- Advance care directives or medical directives
- Tax considerations – including Capital Gains TaxStamp Duty, and Land Tax
- Planning for non-estate assets (e.g., businesses, trusts, companies)
Protect Your Legacy with a Trusted Adviser
We specialise in guiding professionals, executives and business owners through strategic, forward-thinking estate plans. Whether you’re just starting to build wealth, preparing for retirement, or want to secure your family’s future, we’re here to help.
Don’t leave your legacy to chance.Let’s make sure your wealth ends up in the right hands, at the right time, in the right way.
Contact us to book a confidential estate planning consultation
