What Is Estate Planning? And What Does an Estate Plan Actually Include?
Estate planning is about making sure the people you love are looked after, your wishes are followed, and the things you have worked hard for are managed the way you intend.
If you have children, own a home, have superannuation, run a business, or have people who depend on you, you have more to think about than simply writing a Will.
A complete estate plan considers what should happen when you die, who should make decisions for you if you lose the capacity to make them yourself, and how your assets should be managed and passed on to the people you care about.
For some people, that might mean a straightforward Will plus some supporting documents. For others, particularly families with young children, blended families, significant assets, or a family business, it may involve more detailed planning to protect their loved ones and provide greater control over how an inheritance is managed.
At Sun Wills & Estates, we help Queensland families work through these decisions and put a plan in place that reflects their circumstances, priorities, and wishes.
Here we explain what estate planning is, what a complete estate plan can include, and how to work out what you may need.
What is estate planning?
Estate planning is the process of arranging how your assets, responsibilities, and personal wishes will be managed if you lose the capacity to make decisions yourself or when you die.
It involves putting the appropriate legal documents and arrangements in place so that the right people can make decisions, your wishes can be followed as far as the law allows, and your assets can be managed and distributed according to your intentions.
Depending on your circumstances, an estate plan may include a Will, a Letter of Wishes, an Enduring Power of Attorney, an Advance Health Directive, superannuation death benefit nominations, and arrangements for other assets or structures held outside your estate.
It can also involve decisions about who would care for your children, who would manage their inheritance, whether a testamentary discretionary trust would be appropriate, and how you want your family to understand your wishes.
The important thing is that your estate plan is tailored to your life. There is no single set of documents or arrangements that suits every person or family.
What does an estate plan include?
A complete estate plan may include several documents and arrangements, each serving a different purpose.
Will: Sets out how your estate should be dealt with after your death and appoints the person responsible for administering it.
Letter of Wishes: Provides additional guidance about your intentions and preferences to help the people administering your estate understand what matters to you.
Enduring Power of Attorney (EPA): Allows you to appoint trusted people to make personal, health, and/or financial decisions on your behalf if you lose decision-making capacity, subject to the terms of the document and Queensland law.
Advance Health Directive (AHD): Records directions about your future health care and can appoint an attorney for health matters.
Superannuation death benefit nomination: May direct your superannuation fund trustee about who should receive your superannuation death benefit, depending on the fund rules, nomination type, and applicable law.
Testamentary discretionary trust: A trust established under your Will that can provide flexibility in how an inheritance is managed and distributed after your death.
Not everyone needs every item on this list. Your circumstances, family relationships, assets and priorities will help determine which documents and strategies are appropriate.
Let's look at the main components in more detail.
1. Your Will: What happens when you die?
Your Will is one of the most important parts of your estate plan.
It sets out how you want your estate to be distributed when you die and appoints an executor to administer your estate. Depending on your circumstances and the way your Will is prepared, it can also address matters such as guardianship for minor children, gifts of particular assets, funeral wishes, and the establishment of testamentary trusts.
Your Will should reflect your family relationships, assets, financial arrangements, and intentions. It should also be drafted with an understanding of how your assets are legally owned and whether they will form part of your estate.
Who will raise your children if you die?
If you have children under 18, deciding who you would want to care for them if you died is one of the most important decisions you can make.
In Queensland, you can nominate a testamentary guardian in your Will. The appointment and the guardian's role are subject to the relevant law and any applicable court considerations, so it is important to understand how the nomination would operate in your circumstances.
Think about who would provide your children with a loving, stable home, understand their needs, and help them maintain important relationships.
Who will manage your estate?
Your executor is responsible for administering your estate. This may involve locating your Will, identifying assets and liabilities, arranging any required probate application, paying debts and expenses, and distributing the estate in accordance with your Will and the law.
Choosing an executor involves thinking about whether the person is willing and able to take on the role, and whether they would be able to manage the practical responsibilities and deal with the people involved.
Who will manage your children's inheritance?
This is a separate consideration from who will raise your children.
Depending on your Will, the person responsible for managing an inheritance may need to make decisions about how money is used for your children's education, living expenses, health care, activities and other needs. They may also be responsible for investing and protecting the funds and deciding when your children can receive money outright.
You may be comfortable with one person taking on both roles of being your child’s guardian and managing your child’s inheritance. You may prefer to appoint different people because the qualities you want in a caregiver are different from those you want in someone managing a substantial inheritance.
Your Will can be structured to reflect those decisions.
Read more: Will Value Packages and Just The Will to understand the options available through Sun Wills & Estates.
2. Enduring Power of Attorney: Who can make decisions for you?
Estate planning also involves thinking about what would happen if you were alive but unable to make certain decisions yourself.
An Enduring Power of Attorney, or EPA, allows you to appoint one or more trusted people to make specified decisions on your behalf about financial matters, personal matters, or both, in accordance with the document and Queensland law. Personal matters can include health care, lifestyle, and living arrangements.
Depending on the arrangements you make, your attorney may be able to deal with financial matters such as paying bills, managing investments, or handling property transactions. An attorney for personal matters may be able to make decisions about matters such as where you live or the support you receive when you cannot make those decisions yourself.
An EPA does not give your attorney unlimited power to do whatever they want. Attorneys must act within their authority and comply with their legal obligations.
Why is an EPA important?
Imagine you are involved in a serious accident and cannot manage your finances or make certain personal decisions for several months.
Your mortgage still needs to be paid. Your household expenses continue. Your investments or business may need attention. Your family may need to make decisions about your care.
Without appropriate arrangements, the people closest to you may not automatically have the legal authority to manage all these matters for you. A formal appointment through the Queensland Civil and Administrative Tribunal may be necessary in some circumstances.
Preparing an EPA while you have the capacity to make your own decisions allows you to choose who you trust to step in and gives you an opportunity to establish clear arrangements in advance.
Read more: Enduring Powers of Attorney for information about planning for a time when you may need someone else to make decisions on your behalf.
3. Advance Health Directive: What are your wishes for future health care?
An Advance Health Directive, or AHD, is a Queensland legal document that allows you to give directions about your future health care in certain circumstances.
It can record your preferences about medical treatment and other health care matters. It can also appoint an attorney to make health decisions on your behalf in circumstances where the law allows them to do so.
Your AHD may become relevant if you cannot make or communicate decisions about your health care yourself.
Why should you consider an AHD?
Your family may know you well, but they may not know what you would want in every medical situation.
An AHD gives you an opportunity to think through your wishes in advance and document relevant directions. It can also help the people involved in your care understand your preferences.
An AHD and an EPA serve different purposes, although they can work together as part of your estate plan. An EPA deals with the appointment of decision-makers for specified matters. An AHD records directions about future health care and can also appoint an attorney for health matters.
The right arrangements depend on your circumstances and the decisions you want to make in advance.
Read more: Advance Health Directives for more information about documenting your future health care wishes.
4. Superannuation: Who will receive your super when you die?
Superannuation is often one of a family's largest financial assets, particularly when you have spent years building your retirement savings.
However, your superannuation does not necessarily form part of your estate or pass under your Will when you die.
The trustee of your superannuation fund generally deals with your death benefit under the fund's governing rules and applicable superannuation law. A valid and effective death benefit nomination may direct the trustee to pay the benefit to nominated eligible recipients or, depending on the arrangement, to your legal personal representative.
The outcome depends on the type of nomination, whether it is valid and effective, the fund's rules and the relevant law.
Why does your super nomination matter?
Imagine you and your partner have a home, two young children, and $1.2 million in combined superannuation.
You have carefully prepared Wills setting out what should happen if you both die. However, your superannuation arrangements have not been reviewed for years.
Your super nominations may affect who receives those benefits and how the money is ultimately dealt with. If the nominations and your estate plan have not been considered together, the outcome may differ from what you intended.
That is why reviewing your superannuation arrangements is an important part of a broader estate planning discussion.
Your super fund may have specific requirements for making or updating a nomination. You should check those requirements and seek advice about how your nomination fits with your overall plan.
Read more: Super Basic for more information about how superannuation death benefits can interact with your Will.
5. Testamentary discretionary trusts: How will an inheritance be managed?
For some families, deciding who receives an inheritance is only part of the planning process. They also want to consider how that inheritance will be managed and used over time.
A testamentary discretionary trust is a trust established under your Will that comes into operation after your death, if the relevant conditions are met.
It can provide flexibility in how trust assets are managed and how distributions are made among the people eligible to benefit under the trust.
Whether a trust is appropriate depends on your circumstances, the terms of the Will, the needs of your family and the legal, tax, and administrative considerations involved.
When might a testamentary discretionary trust be worth considering?
A trust may be worth exploring if you:
Have young children who may inherit substantial assets before they are ready to manage the money themselves.
Want to provide flexibility in how an inheritance is used for your children's needs over time.
Have a blended family and want to consider how an inheritance will be managed for different family members.
Want to consider potential protection from certain financial risks, such as a beneficiary's relationship breakdown or financial difficulties.
Have significant assets or a family business and want to explore more structured succession and inheritance arrangements.
A testamentary discretionary trust is not a guarantee that an inheritance will be protected from every claim, creditor, or liability. The outcome depends on the trust's terms, the circumstances involved, and the applicable law.
Trusts also involve ongoing administration and costs, so they should be considered carefully rather than included automatically.
For families who may benefit from this structure, planning ahead can provide options that a straightforward outright inheritance may not offer.
6. Letter of Wishes: What do you want your family to understand?
A Letter of Wishes is a document that can accompany your Will and explain your intentions, preferences, and the thinking behind some of your decisions.
It can be particularly useful when your Will includes arrangements that may need explanation, such as a testamentary trust, different roles for your children's guardian and the person managing their inheritance, or specific considerations about how funds should be used.
For example, you may want to explain what you hope your children will have access to as they grow up or the values you want to guide decisions made for them.
A Letter of Wishes can also record personal information and family context that would not ordinarily belong in the formal terms of your Will.
It is important to understand that a Letter of Wishes generally does not have the same legal force as the operative provisions of your Will. Its effect depends on its contents and circumstances, and it cannot override the legal terms of your Will.
It is a way to provide additional context and guidance for the people who will be carrying out your wishes.
For parents, it can also be an opportunity to leave a message for the people who may be making important decisions for their children.
7. Practical and personal information for your family
Estate planning involves legal documents, but your family may also need practical information to help them understand your affairs.
You may want to record details such as:
Where important documents are kept.
Your bank accounts, investments, property and liabilities.
Your superannuation funds and insurance arrangements.
The contact details of your accountant, financial adviser, or other professional advisers.
Your preferences for a funeral or memorial.
Information about caring for your pets.
Personal messages or information you would like your family to have.
This information can make a difficult time easier to navigate. It can help the people dealing with your affairs locate important details and understand what needs attention.
Some of these details may change regularly, so it is worth reviewing them as your circumstances change.
At Sun Wills & Estates, we recognise that a family's planning needs can extend beyond the formal legal documents. Practical information and personal messages can help connect the legal plan with the people it is intended to protect.
Is a Will the same as an estate plan?
No. A Will is one component of an estate plan.
Your Will deals with the administration and distribution of your estate after your death. A broader estate plan considers other matters, including who can make decisions for you if you lose capacity, how your superannuation death benefits may be paid, and whether an inheritance should be managed through a trust.
A complete plan may also document your health care wishes and provide practical information to help your family.
For someone with straightforward circumstances, a Will may address many of their main estate planning needs. For a family with young children, superannuation, a business, a blended family, or concerns about how an inheritance will be managed, a broader plan may be more appropriate.
The aim is to identify the arrangements you need and make sure the different parts work together.
Do I need a complete estate plan?
There is no universal checklist that every person must complete. The right estate plan depends on your circumstances, the people who rely on you, your assets, and the decisions you want to make in advance.
You may benefit from considering a broader estate plan if you:
Have children under 18 and need to plan for their care and financial future.
Own a home or other significant assets.
Have substantial superannuation or life insurance.
Own a business or have complex financial arrangements.
Have a blended family or relationships that may make inheritance planning more complicated.
Want to consider how an inheritance will be managed for a young or financially vulnerable family member.
Want trusted people to be able to make decisions for you if you lose capacity.
Have existing documents that may no longer reflect your circumstances or wishes.
You do not need to have a complicated financial situation to benefit from planning. Even a relatively straightforward family situation can involve important decisions about children, decisionmakers, and the management of assets.
The first step is understanding what you have, who you want to protect, and what you want your plan to achieve.
How much does estate planning cost in Queensland?
The cost of estate planning in Queensland depends on the documents required, the complexity of your circumstances, and the level of advice and planning involved.
A straightforward Will will generally cost less than a tailored estate plan involving detailed inheritance arrangements or testamentary discretionary trusts.
When comparing services, consider what is included in the fee. Does the service involve understanding your family and financial circumstances, explaining the available options, providing tailored recommendations, and preparing the documents you need? Or does it simply involve a Will being generated after you’ve filled in a questionnaire?
At Sun Wills & Estates, we offer fixed-fee Will packages designed around different planning needs. Each of our Will Value Packages provides a complete estate plan, covering both what happens when you die and who can make decisions for you if you lose capacity.
Our Starter package is designed for people with straightforward circumstances who need a carefully prepared Will. Our Prime package includes testamentary discretionary trust planning for people whose circumstances and objectives call for a more comprehensive approach.
The right option depends on your situation. A more involved plan is not automatically necessary for everyone, and a simpler plan should still be appropriate for the decisions you need to make.
You can explore our Will Value Packages to see what is included and which option may suit your circumstances.
How do I get started with estate planning?
Getting started can feel like a big task, particularly when you are trying to balance work, children, and everything else life throws at you.
You do not need to have every answer before you begin. A useful starting point is to think about the people you want to protect, the decisions that may need to be made on your behalf, and what you want to happen to your assets.
Here are five practical steps to help you prepare.
Step 1: Think about your family.
Who depends on you? If you have children, who would you want to care for them if you died? Who would you trust to manage their inheritance?
Step 2: Identify your assets and financial arrangements.
Consider your home, other property, bank accounts, investments, superannuation, insurance, and any business interests. Think about your mortgage, credit card debts, loans, and any other liabilities you owe.
Step 3: Consider who you trust to make decisions.
Think about who you would trust to manage your financial and personal matters if you lost capacity, and who you would want involved in decisions about your future health care.
Step 4: Identify your priorities.
You may want to provide for your partner, protect an inheritance for your children, plan for a blended family, or make sure a trusted person can manage your affairs if you cannot. Understanding your priorities helps shape the plan.
Step 5: Get advice about the documents and strategies you need.
An estate planning lawyer can help you understand your options, explain how the different arrangements work together, and prepare documents suited to your circumstances.
At Sun Wills & Estates, we start with a heart-to-heart consultation. It is an opportunity to talk through your family, your assets, your concerns, and what you want your estate plan to achieve.
Jacqui Thomas prepares your plan personally, with clear explanations, tailored recommendations, and fixed-fee options. Our practice is online, so we work with clients throughout Queensland.
When should I review my estate plan?
An estate plan should be reviewed when your circumstances change or when you have reason to think your existing arrangements may no longer reflect your wishes.
Common reasons to review your plan include:
Getting married or entering a de facto relationship.
Separating or divorcing.
Having a child or welcoming a new family member.
Buying or selling property.
Starting, selling, or restructuring a business.
Receiving a significant inheritance.
Changes to your superannuation or insurance arrangements.
A change in your relationship with an executor, attorney, guardian or other person named in your documents.
A change in your wishes about how your estate should be managed or distributed.
It is also sensible to review your documents periodically, even when nothing significant has changed. Your family, assets, and priorities may evolve over time, and the law may change too.
If you have existing documents, do not assume they are still appropriate simply because they were prepared by a lawyer. Have them reviewed when your circumstances warrant it.
Estate planning in Queensland: Why local advice matters
Estate planning laws and document requirements differ between Australian states and territories.
For Queensland residents, this can affect matters such as the formal requirements for making a Will, appointing an attorney, preparing an Advance Health Directive and planning for the care of minor children.
Superannuation and taxation also involve federal law and the rules of the relevant fund or arrangement.
Getting advice that takes your circumstances and the relevant Queensland requirements into account can help you make informed decisions and avoid relying on assumptions that may not apply to your situation.
Sun Wills & Estates provides online estate planning services throughout Queensland. Whether you live on the Sunshine Coast, in Brisbane, regional Queensland or elsewhere in the state, you can work with Jacqui Thomas online.
Frequently asked questions about estate planning
What is included in a complete estate plan?
A complete estate plan may include a Will, an Enduring Power of Attorney, an Advance Health Directive, superannuation death benefit nominations, and testamentary discretionary trust arrangements where appropriate. It may also include a Letter of Wishes with practical information for your family. The documents you need depend on your family, assets, priorities, and personal circumstances.
Can I do my estate planning without a lawyer?
You can prepare some estate planning documents yourself, and Queensland government resources provide information and forms for certain documents. DIY Wills and online templates can seem like a simple, cost-effective option, but the risks can be significant if the documents are not prepared correctly or do not reflect your circumstances.
Errors in signing or witnessing can affect a Will's validity. Unclear wording, missing provisions or failing to account for how your assets are owned can lead to unintended outcomes, disputes or additional costs for your family. A DIY Will may also overlook important considerations, such as who will care for your children, who will manage their inheritance, how your superannuation will be dealt with, or whether your estate plan needs to address incapacity as well as death.
Getting legal advice helps you understand your options, identify potential issues and prepare documents that work together to reflect your wishes. It also gives you the opportunity to ask questions and receive recommendations tailored to your family, assets and priorities.
Do I need a Will if I have a partner?
A partner does not replace the need to consider your own estate planning arrangements. Without a valid Will, Queensland's intestacy laws determine how your estate is distributed, and the outcome may not reflect your wishes. Your partner's rights and the rights of other eligible family members depend on your circumstances and the applicable law.
Does my Will cover my superannuation?
Not necessarily. Superannuation death benefits are generally dealt with by the trustee of your superannuation fund under the fund rules and applicable law. Depending on the arrangements, a benefit may be paid directly to an eligible recipient or to your legal personal representative for administration as part of your estate. Your Will and superannuation nominations should be considered together.
What happens if I die without a Will in Queensland?
If you die without a valid Will, your estate is distributed under Queensland's intestacy laws. The outcome depends on your family circumstances and may differ from what you would have chosen. Your family may also need to arrange for someone to apply for the authority to administer your estate. Making a Will allows you to record your intentions and nominate an executor.
What happens if I lose capacity without an Enduring Power of Attorney?
If you lose capacity to make certain decisions and have not made appropriate arrangements, an application to the Queensland Civil and Administrative Tribunal may be needed for the appointment of a formal decisionmaker in some circumstances. Who can make decisions, and under what authority, depends on the type of decision and the circumstances. Preparing an Enduring Power of Attorney in advance gives you an opportunity to choose trusted decisionmakers while you have capacity.
Is a testamentary discretionary trust necessary for every family?
No. A testamentary discretionary trust is one estate planning option, not a requirement for everyone. It may be worth considering where flexibility or structured management of an inheritance is important, including for some families with young children, significant assets, or protection concerns. Trusts involve legal, tax and administrative considerations, so the benefits should be assessed against the costs and your objectives.
How often should I update my estate plan?
Review your estate plan after major life changes, such as marriage, separation, having children, buying property, selling a business or experiencing a significant change in your assets. It is also sensible to review your documents periodically to check that they still reflect your wishes and current circumstances. Some documents may need more frequent review than others.
Can Sun Wills & Estates help if I live outside the Sunshine Coast?
Yes. Sun Wills & Estates is an online Queensland estate planning practice. We work with clients throughout Queensland, including Brisbane, regional areas, and the Sunshine Coast. Consultations are conducted online, and documents are prepared for your circumstances with signing instructions provided.
Book your consult with Sun Wills & Estates here
Your estate plan should reflect the life you've built
You have probably spent years building your home, raising your family, growing your superannuation, and working towards the life you want for the people you love.
Estate planning gives you an opportunity to think about what happens if you are no longer able to make decisions yourself or when you die. It helps you make important decisions in advance, choose the people you trust, and consider how your assets and responsibilities should be managed.
The right plan will look different for every family. What matters is understanding your options and putting appropriate arrangements in place for your circumstances.
At Sun Wills & Estates, Jacqui Thomas works with you to understand your family, explain your options in plain English and prepare a personalised estate plan that reflects your wishes.
If you are ready to get started, explore our Will Value Packages or request a booking for a heart-to-heart consultation.
Let's put a plan in place for the people who matter most.
The information in this article is provided for general information and educational purposes only. It is not legal advice and should not be relied upon as a substitute for advice about your individual circumstances.
Estate planning and succession laws can be complex and may vary depending on your circumstances. The information in this article is current as at the date of publication and may change over time.
If you need advice about your own circumstances, you should obtain independent legal advice from a qualified lawyer.