Why a Will Is Only One Part of Your Estate Plan

When you say, “I need to do my Will,” you may be thinking about more than what happens after you die. 

Who would pay the bills if you were seriously unwell? Who could speak with your doctors if you could not make a decision? Would your superannuation go where you expect it to go? 

A Will is an important part of planning for your family, but it cannot answer all of those questions.

In South Australia, an estate plan may also include an Enduring Power of Attorney, an Advance Care Directive and a review of arrangements such as superannuation nominations. 

Understanding how these pieces fit together can help you make a clearer plan for yourself and the people who may one day need to act for you.

Brite Legal’s estate planning team can help you work through what is relevant to your circumstances. 

What does a Will do? 

A Will sets out how the assets in your estate should be dealt with after your death.

It also names an executor: the person responsible for administering your estate and carrying out the terms of your Will. 

Depending on your circumstances, a Will can address gifts to particular people, arrangements for children and whether assets should be held in a trust.

Your executor’s role begins after your death. A Will does not give someone authority to manage your affairs while you are alive.  

That distinction matters. Imagine you have a valid Will, then an illness leaves you unable to manage your bank accounts or make decisions about your care.

Your Will would still be important for the future, but your family would need to look elsewhere for authority to help you now. 

Who can manage your finances if you cannot?

 An Enduring Power of Attorney lets you appoint a person or people you trust to deal with financial and legal matters during your lifetime. Depending on the authority given and the circumstances, this could involve paying bills, managing accounts or dealing with property. 

“Enduring” means the authority can continue if you lose the ability to make those decisions yourself. It does not mean you give up control simply by making the document. It also does not give your attorney authority over health care or personal decisions.  

It is worth thinking carefully about the role. The person you choose may need to keep records, deal with organisations and make practical financial decisions at a stressful time. The person you trust most emotionally may be right for the role, but it is useful to consider their willingness and ability to take it on. 

Who can make health and personal decisions? 

In South Australia, an Advance Care Directive allows you to record instructions and preferences about future health care, living arrangements and personal matters. You can also appoint substitute decision-makers to make decisions if you are unable to make them yourself.  

This gives you an opportunity to think about what matters to you before a difficult situation arises. It may also give the people close to you a clearer understanding of your wishes. 

An Advance Care Directive serves a different purpose from an Enduring Power of Attorney.

One concerns health, living arrangements and personal matters; the other concerns financial and legal affairs. You can consider the right people for each role separately.

Someone who understands your values and communicates well with your family may be suited to one role, while someone comfortable managing accounts or business matters may be suited to another.  

Does your Will cover everything you own? 

Your Will is a central document, but some assets need separate attention. 

Superannuation is a common example. It does not automatically form part of your estate. Who receives a super death benefit can depend on the fund’s rules, any valid beneficiary nomination and whether the benefit is paid to your estate. If you have life insurance through your super, that may also be part of the death benefit.  

How you own property matters too. For example, jointly owned assets may pass to the surviving owner outside the estate. That is why it is useful to look at your assets and ownership arrangements alongside your Will, rather than assuming the Will directs everything.  

You do not need to work out every legal detail on your own. A helpful starting point is to make a list of your property, bank accounts, super funds, insurance, business interests and significant debts, then bring it to an estate planning discussion. 

How do you make the documents work together? 

Start with the people and decisions involved, rather than a list of documents to buy. 

Ask yourself: 

• Who should deal with my estate after I die? 

• Who could manage my financial and legal affairs during my lifetime if needed? 

• Who understands my wishes well enough to make health or personal decisions? 

• Have my assets, superannuation arrangements or family circumstances changed? 

The answers may point to different people for different roles. They may also reveal a gap between an older document and the life you have now. 

Estate planning is easier to approach when you break it into these decisions. Your Will deals with your estate after death. An Enduring Power of Attorney and an Advance Care Directive address different decisions during your lifetime. Reviewing how your assets are held helps connect those documents to what you actually own. 

Take the next step with a clearer picture 

You do not have to have every answer before seeking advice. Knowing who matters to you, what you own and where you feel uncertain is enough to begin. 

If you would like help putting the pieces together, book an estate planning consultation with Brite Legal. We can talk through your circumstances and help you understand which documents and arrangements need attention. 

This article provides general information, not legal advice. The right arrangements depend on your circumstances. 

Written by Brite Legal
Reviewed by Justine Walker, Solicitor

Justine is a solicitor at Brite Legal, assisting clients with family law, property settlement, mediation and estate planning matters across South Australia.

This article has been legally reviewed to help ensure the information is accurate and up to date at the time of publication.