Why Every Australian Needs a Will - And How a Financial Planner Can Help

Most of us know we should have a will, but surprisingly, almost 40% of adult Australians still don’t. For those over 70, the number drops to 7%, but that still leaves a significant number of people without a clear plan for their estate.

Not having a will means the Intestacy laws decides how your assets are distributed. This is based on a fixed formula and can lead to unintended outcomes, especially in complex and Blended family situations. Your estate might go to a surviving spouse, children, parents, siblings, or even distant relatives. In some cases, if no relatives can be found, the state inherits your assets.

This is where having a will becomes more than just a legal formality. It’s about making sure your wishes are respected and your loved ones are cared for or your favourite charities, sporting clubs or other similar ideas.

Why a Will Matters

1. Control Over Your Assets
   A will ensures that your assets are distributed according to your wishes, not a pre determined government formula.
2. Protecting Family Members
   For blended families or those with children from previous relationships, a will can help prevent disputes and protect everyone’s interests.
3. Reducing Stress and Conflict
   Clear instructions reduce uncertainty for family members during what can be an emotional and challenging time.

How a Financial Advisor Can Help

While a will is a legal document, estate planning isn’t just about the law, it’s about your finances and long-term goals.

A financial advisor can:

• Coordinate with Legal Professionals: Ensure your will aligns with your overall financial strategy.
• Plan for Tax Implications: Help structure your estate in a way that minimises unnecessary tax burdens.
• Integrate with Wealth Planning: Consider trusts, gifts, or charitable donations as part of your legacy.
• Provide Peace of Mind: Knowing your assets are managed according to a thoughtful plan reduces stress for you and your family.
• What assets are part of your will and what are not: Not all of your assets will form part of your will depending on your family situation and how assets are owned and what assets have beneficiaries nominated so don’t form part of your estate.
• Tax and Centrelink implications of someone passing away: For Centrelink recipients in particular the death of the first person can also mean the end of the age pension for the survivor if your will is like most will and leaves everything to your partner. You do not have to do that especially if the family would prefer to retain some age pension in the event of death of the first person.

Enduring Powers of Attorney and Guardianship

Horror Stories

Most of the real horror stories occur when someone does not die. They have an event of illness that takes away there mental capacity. Strokes, severe coronary events and dementia are common major circumstances where people lose mental capacity however falls also can have the same devastating long term outcomes.

If you do not have enduring powers of Attorney and Guardianship in place at this distressing time you are being introduced to the State Administrative Tribunal to plead your case as to why you should be the person that is able to care for your loved one. This is a very uncomfortable time and does not need to happen if you have your estate planning documents in order. You will also be surprised that they are concerned about the ill person. That is their role. They are not so concerned about you and how you will be able to manage they are only generally concerned about the financial welfare of the ill person.

We have seen that in two client meetings this month so it is more common than you think. It is very distressing for all of the family and health events happen unexpectedly all the time.

Next Steps:

If you don’t have a will and your other appropriate Estate Planning documents now is the time to start. Even a simple document can provide clarity and security for your family. If you already have a will, review it regularly to ensure it still reflects your wishes and current family situation. It should also be consistent with or mindful of your nominated superannuation beneficiaries and the tax outcomes in all cases and in some cases there can be significant centrelink detriment at the death of the first person if your will and estate planning does not consider that.

Working with a financial advisor ensures your wealth, family, taxes and Centrelink are all considered together to ensure a good outcome for the family legacy.

It’s about more than money; it’s about making sure your intentions are carried out exactly as you want.

Contact Fortuna Advisory Group's Wealth Management Team and book an appointment at one of our Southwest offices.

📞 (08) 9754 2903
📧 wealth@fortunaadvisors.com.au

We proudly serve Perth Metro and Southwest region, including Busselton, Mandurah, Bunbury, Margaret River, and Albany. No matter where you are, our team is here to support you.