10 Essential Estate Planning Actions You Should Take Today

Why Estate Planning Matters

As we journey through life, we accumulate assets, relationships and responsibilities. Without proper estate planning, the wealth you've worked decades to build could be distributed against your wishes, depleted by unnecessary taxes or consumed by family disputes. For West Australians of any age having an updated estate plan isn't just advisable—it's essential protection for your family's future and your legacy.

Your estate plan is not a "set and forget" document. Life changes, laws evolve and your estate planning documents should keep pace. Here are ten critical actions you can take today to ensure your estate plan truly reflects your wishes.

1. Review Your Will After Major Life Events

Marriage: In Western Australia, marriage automatically revokes your will unless it was made in contemplation of that specific marriage and this is expressly stated in the will. After saying "I do," create a new will.

Divorce: Under WA law, divorce invalidates your entire will. Following divorce, update your will immediately to reflect your new circumstances.

Action: If you've experienced marriage or divorce since creating your will, contact your solicitor to draft a new will or update your existing one.

2. Check Your Superannuation Death Benefit Nominations

Superannuation doesn't automatically form part of your estate. Binding death benefit nominations direct where these funds go, but they typically expire every three years.

After Divorce: Unlike your will, a binding death benefit nomination (BDBN) naming your ex-spouse as beneficiary is NOT automatically revoked by divorce. You must manually revoke and update these nominations after a relationship breakdown.

Action: Log into your super fund account(s) online or call your fund directly. Verify if your binding death benefit nomination is:

• In place

• Current (not expired)

• Correctly reflects your wishes (especially if you've divorced)

If expired or missing, download the relevant binding death benefit nomination form from your super fund's website, complete it naming your intended beneficiaries, have it witnessed by two adults who aren't beneficiaries and submit it to your fund. There are rules who can be nominated as a beneficiary.

3. Plan for Predeceased Beneficiaries

If a beneficiary dies before you, their gift typically lapses and falls into the residue of your estate.

Action: Review your will to ensure it includes contingent beneficiaries using language like: "to my daughter Jane, but if she predeceases me, then to her children in equal shares." If this provision is missing contact your solicitor to update your will.

4. Create a Digital Asset Inventory

Action: Create a secure document listing:

• All online accounts (financial, social media, email, subscription services)

• Access information and passwords

• Digital assets (cryptocurrency, digital purchases, intellectual property)

• Instructions for handling each account after your death.

Store this document securely (password manager, encrypted file, or physical safe) and inform your executor where to find it and how to access it.

5. Update Non-Will Beneficiary Designations

Many assets pass outside your will through beneficiary designations.

Action: Review and update beneficiaries for:

• Life insurance policies (contact your insurer)

• Investment accounts (check your online portal or contact your broker)

• Additional superannuation accounts (contact each fund)

Ensure these designations align with your current wishes and will provisions.

6. Organize Your Documents

Action: Create a comprehensive estate planning file containing:

• Original will and trust documents

• Powers of attorney (financial and medical)

• Insurance policies

• Property deeds

• Financial account information

• Birth, marriage and divorce certificates

• List of assets and debts.

Store originals in a fireproof safe. Create a document indicating the location of these items and share it with your executor.

7. Verify Powers of Attorney and Guardianship

Action: Ensure you have both:

• An Enduring Power of Attorney for financial and property decisions

• An Enduring Power of Guardianship for health, lifestyle, and accommodation decisions

Additionally, complete an Advance Health Directive to document your medical treatment preferences.

After Divorce: Unlike your will, Enduring Powers of Attorney and Enduring Powers of Guardianship naming your ex-spouse are NOT automatically revoked by divorce. You must manually revoke these documents and create new ones after a relationship breakdown.

Confirm that:

• Your appointed representatives are still willing and able to serve

• The documents reflect your current wishes

• You've properly signed and witnessed all documents according to WA requirements

If you don't have these documents, contact your solicitor immediately to put them in place.

8. Address Jointly Held Assets

Action: Review how your property is titled:

• Check property deeds to determine if held as joint tenants (passes automatically to surviving owner) or tenants in common (your share passes according to your will)

• For tenants in common, ensure your will clearly addresses your share

• Consider severing joint tenancies if you wish your share to pass according to your will

If you're unsure about title arrangements, check your Certificate of Title or contact Landgate, Western Australia's land registry.

9. Consider a Testamentary Trust

Action: Evaluate whether a testamentary trust (created by your will) would benefit your beneficiaries through:

• Tax advantages for income distributed to minor beneficiaries

• Asset protection from bankruptcy or family law proceedings

• Control over asset distribution for vulnerable beneficiaries

If these benefits apply to your situation, discuss implementing a testamentary trust with your solicitor.

10. Make Special Provisions for Blended Families

Action: If you have a blended family:

• Clearly identify all children and step-children in your will

• Consider a life interest for your current spouse with the remainder to your children

• Specify personal items of sentimental value and who should receive them

• Document your reasoning for distribution decisions.

Review these arrangements with your solicitor to ensure they're legally sound and reflect your intentions.

Remember, regular review is essential. Schedule time every 2-3 years to revisit these documents, especially after significant life events. Taking these actions today can prevent confusion, conflict and unintended consequences tomorrow.

Don't Leave Your Legacy to Chance

If your estate plan needs attention in any of these areas, now is the time to act. As solicitors specialising in estate planning in Western Australia, we can help you navigate these complex matters with confidence and peace of mind.

Contact our office today to schedule your comprehensive estate plan review. I will help ensure your estate plan accurately reflects your wishes and protects your loved ones. Call me on 04211 45637 or email val@crystallawyers.com.au to secure your appointment.