When most people think about estate planning, they think about a Will. Whilst this is a very important piece, for many Australian families, the will is only one piece of a much larger puzzle. And the missing pieces can create serious problems at the worst possible time.
Here’s what a genuinely complete estate plan looks like in 2026.
Cover incapacity and more with an Enduring Power of Attorney
The document most frequently overlooked is an Enduring Power of Attorney. An Enduring Power of Attorney lets your chosen person manage your financial affairs, pay bills, and buy/sell financial investments, without expensive court involvement if you lose mental capacity. A separate enduring guardianship covers medical and lifestyle decisions.
Without these documents in place, a family can find itself before a tribunal simply to access a loved one’s bank account. That’s a process that takes time, costs money, and adds unnecessary stress.
Binding death benefit nominations
Here’s something that surprises many Australians. Superannuation does not automatically form part of your estate. Without a valid death benefit nomination, the trustee of your super fund decides who receives your benefits when you die. That decision may not reflect your wishes at all.
A valid binding death benefit nomination takes precedence over your will when distributing your superannuation. Most nominations must be renewed every three years to remain valid, though some funds now offer non-lapsing options. Super is often the largest asset a person holds at retirement, so this is a detail you should not leave to chance.
Digital estate planning: the new frontier
This is the area where estate planning has changed most dramatically, and where most families are most underprepared.
In Australia, there is currently no statutory scheme that gives a legal representative automatic authority to access digital assets, meaning neither your attorney nor your executor can simply step in and manage your online accounts without prior planning.
Digital assets now include everything from online banking and investment platforms to cryptocurrency, social media accounts, cloud-stored photos, and subscription services, all of which may carry financial or sentimental value.
A practical starting point is creating a secure digital inventory of your accounts and access credentials, stored separately from your Will. Passwords should never be placed directly in a Will, as they become public documents once probated.
A complete estate plan brings this all together:
- a current Will,
- properly executed Powers of Attorney,
- a valid binding death benefit nomination, and
- a plan for your digital life.
Each element protects your loved ones in a different way.
If it has been more than a few years since you reviewed any of these, now is a good time. Life changes quickly, and it is important that your estate plan keeps pace.
The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.
