Estate planning isn’t just about a Will. It ensures your financial portfolio, health care and family legacy are managed according to your wishes. Without an estate plan and an effective will, your estate will be dealt with under the rules of intestacy, and the outcomes may not align with what you wanted.
The more complex your estate, the more important it is to have a written plan. This is particularly true if you have a blended family, business assets, investment properties or a high net worth.
Here’s a comprehensive guide to estate planning on the Gold Coast.
Why estate planning on the Gold Coast matters
In Queensland, if you die without a valid Will (known as dying intestate), the state sets out how your estate is divided.
Similarly, if you lose decision-making capacity without a designated power of attorney, it might be necessary for the Queensland Civil and Administrative Tribunal (QCAT) to appoint a guardian or administrator to execute these decisions.
Having an estate plan in place ensures:
- Your assets are distributed the way you intend.
- Dependants are cared for by someone you trust.
- Your health and lifestyle wishes are respected if you cannot advocate for yourself.
- Delays, disputes, and legal battles are avoided after your death.
Essential estate planning documents
According to Peter Muller of QBM Lawyers, who we often work with in estate planning on the Gold Coast, individuals who do not hold assets in companies or trusts can usually meet their estate planning needs with four key documents:
- a Will
- a binding death nomination
- an enduring power of attorney
- an advance health directive.
Let’s look at how each one plays a role in protecting your interests.
Your Will
A Will is the cornerstone of estate planning. It sets out how your assets are to be distributed, appoints an executor to manage the process, and can create testamentary or discretionary trusts to come into effect on your death. Parents can also nominate a guardian in their Will to care for children under 18 years old.
A Will should be drawn up by a lawyer who will ensure nothing is omitted, incorrectly stated or ambiguous. It must be signed in front of two witnesses who are adults (18 or older) and not listed as beneficiaries.
For information on preparing Wills, see here.
Binding death nomination
A binding death nomination (BDN) instructs your superannuation fund on how to pay out your balance and any insurance benefits. BDNs apply only to interests in superannuation and not other assets in your estate. Without a BDN, your fund’s trustee will decide how to distribute your balance.
If you die while your super is in pension mode, you can direct the fund to continue paying the pension to a nominated beneficiary. This is called a reversionary pension.
Many industry super funds have their own format for a BDN. Some funds require nominations to be renewed every three years (referred to as lapsing nominations), while others accept non-lapsing nominations.
Your BDN can only nominate certain people to receive the death benefit, such as your spouse, children, financial dependents or legal personal representative (i.e. the executor of your estate).
A valid BDN must be signed in front of two witnesses who are not beneficiaries.
Enduring power of attorney
An enduring power of attorney (EPOA) lets you nominate someone you trust to make decisions when you are unable to. It covers two areas: financial matters and health or personal matters. Power of attorney only applies while you are alive.
For health decisions, your EPOA only comes into effect if you lose the ability to make decisions yourself. For financial matters, you can choose whether it starts straight away or only if you lose capacity. You may also appoint different people for each role.
In Queensland, an EPOA can be drawn up without a lawyer, but must be witnessed by a qualified person, such as a lawyer, Justice of the Peace or Commissioner for Declarations.
The Queensland Government guide for enduring powers of attorney can be found here.
Advance health directive
An advance health directive lays out your preferences for medical treatment. It consists of two parts: the health directive and the power of attorney for health matters.
The health directive specifies your wishes with respect to your health care, including life-sustaining treatment. In Queensland, it must be signed in the presence of a doctor, who confirms you understand the implications of your choices.
You may also appoint a health attorney within the directive who can make health and personal decisions on your behalf if you can’t. This isn’t necessary if you have already appointed one under your EPOA.
The Queensland Government guide for advance health directives can be found here.
How a financial planner can assist in estate planning
A financial planner will incorporate your estate plan into your overall financial strategy.
They will:
- Review your superannuation, investments and insurance to ensure they align with your estate plan.
- Help you understand the tax implications of distributing assets or creating trusts.
- Work alongside your lawyer to ensure your binding death nomination aligns with your Will.
- Review your estate plan regularly to keep it up to date with changes in legislation, family circumstances or financial goals.
Frequently asked questions
You can use a DIY estate planning kit to draw up a Will yourself, but you risk creating a Will that may contain ambiguous clauses or fail to meet legal requirements. A lawyer ensures your Will is valid under Queensland law and properly witnessed.
Estate planning works alongside your financial strategy to protect your wealth for the next generation. A financial planner can help ensure your superannuation and other investments are structured in a way that will adequately provide for your beneficiaries.
Review your plan every few years, whenever your financial circumstances change or major life events occur, such as marriage, divorce, having or adopting children, or acquiring significant assets.
This is often the best approach. A lawyer prepares the legal documents to ensure they are valid and enforceable, while a financial planner ensures your superannuation, investments and assets remain protected and aligned with your estate plan.
Final thoughts
Estate planning isn’t just about who inherits what. It’s about protecting your family assets, safeguarding your health care wishes and ensuring your legacy is preserved.
By working with both a financial planner and a lawyer, you can be confident your estate plan is legally sound and financially secure. RFS Advice, in partnership with QBM Lawyers, provides a complete tailored approach to estate planning.
To create a financial strategy that includes estate planning on the Gold Coast, contact RFS Advice. Email info@rfsadvice.com or schedule a call with one of our experienced financial advisors.
General advice warning:
The information and any advice provided in this article have been prepared without taking into account your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider the appropriateness of the advice, having regard to those things.
