Estate planning isn’t just about passing on wealth—it’s about protecting your family, avoiding unnecessary stress, and making sure your final wishes are honoured.
Yet despite its importance, it’s estimated that around 60% of Australians don’t have a valid will. Even more concerning, half of all wills are now contested, often leading to lengthy and costly legal battles at a time of grief.
Christine Swanson, Owner and Financial Adviser at Prominent Financial, explains:
“A will is one of the most important financial documents you’ll ever create. It provides peace of mind that your loved ones will be protected and your intentions clearly understood. Smart decisions start with the right advice—and that includes planning the legacy you want to leave behind.”
What Is Estate Planning?
Estate planning is more than writing a will—it’s about having a comprehensive, legally sound plan for how your assets are managed and distributed in the event of your death or incapacity. It includes:
- A valid and up-to-date will
- Enduring and medical powers of attorney
- Superannuation nominations
- Testamentary trusts, where needed
- Clear plans for blended families, dependent children, or vulnerable beneficiaries
It’s also about making sure your wishes are legally documented and communicated to avoid confusion or conflict down the track.
Why a Will Matters
If you pass away without a valid will, you are considered to have died intestate, and your assets will be distributed according to a statutory formula that may not reflect your true wishes—particularly in the case of blended families, estranged relationships, or complex asset structures like family businesses or trusts.
Your will gives you the power to:
- Choose who receives what—and when
- Appoint guardians for children or dependants
- Nominate executors to manage your estate
- Minimise family disputes and delays
Avoiding Common Estate Planning Mistakes
Some of the most common oversights include:
- Not having a will at all
- Failing to update your will after major life events
- Overlooking superannuation and insurance nominations
- Not considering how assets like jointly owned property or family trusts are treated
- Leaving loved ones exposed to avoidable tax or legal complications
A comprehensive estate plan, guided by professional advice, can help ensure your affairs are in order and your wishes are carried out smoothly.
Peace of Mind Starts Here
Estate planning isn’t just about wealth—it’s about values, relationships, and the legacy you leave behind. It’s about making sure your voice is heard, even when you’re no longer here.
Christine Swanson adds:
“Estate planning isn’t something to leave until later. It’s an act of care for the people you love and a vital part of any well-rounded financial strategy. With the right support, it doesn’t have to be complicated or overwhelming.”
Ready to Take Control of Your Legacy?
At Prominent Financial, we’ll help you put the right structures in place so you can move forward with clarity and confidence. Whether you’re starting from scratch or updating an existing plan, our expert advice ensures your estate planning is aligned with your values and goals.
Contact us today to start the conversation—because peace of mind begins with a smart plan.
