How do I start estate planning?
In brief
Start with a will. Just know that it only covers part of what you own.
Your super, and property you own as joint tenants, usually pass outside your will.
In Western Australia (WA), you use separate documents for money decisions, for personal and health decisions, and for your treatment wishes.
There is no inheritance tax in Australia. But your family may still pay tax on your super, or on assets they sell later.
Your lawyer prepares the documents. A financial adviser checks that your money will actually go where you intend.
In this article
In this article, Tracy Wan, Senior Financial Adviser at Aspire2 Wealth, explains where to start with estate planning in WA, and why your will is only part of the picture.
When I ask clients about their estate plan, most say, 'I've got a will.' That's a great start. But when we look at how their money is actually held, we often find that much of it won't follow the will at all.
Good estate planning is about peace of mind: knowing your family will be looked after, whatever life brings. The good news? You don't need to sort everything out at once. Each step you take now saves your family a hard decision later.
Talk to a lawyer about your will. This article is general information, not legal advice. Wills, powers of attorney and super nominations are legal documents, so get independent legal advice before you make or change one.
What does estate planning actually cover?
Estate planning answers three questions.
Who gets what you own when you die?
Who makes decisions for you if you can't?
How much reaches your family after tax and costs?
Your lawyer answers the first two with legal documents. The third is where we come in.
Why your will might not cover everything
Your will deals with your estate assets. Everything else passes in other ways, whatever your will says. We call these non-estate assets.
Estate assets usually include:
property, shares and bank accounts in your name alone
your share of a property you own with others as tenants in common.
Non-estate assets usually include:
Property you own as joint tenants. When one joint tenant dies, their interest ends and the surviving owner holds the whole property, according to Landgate. The survivor then applies to Landgate to update the title.
Your super. It doesn't automatically follow your will. In most cases, your fund pays it to the person you nominate, according to the Australian Taxation Office (ATO).
Life insurance inside super. Moneysmart notes that your super nomination also covers any life insurance you hold through your fund.
So if most of your wealth sits in super or in joint names, your will may control very little of it. That's why the order of your plan matters.
The five documents to think about in WA
1. A will
In WA, wills are governed by the Wills Act 1970. Your will must be in writing. You sign it in front of at least two witnesses, who must both be there at the same time.
Here's a WA rule that catches many people out. According to the Public Trustee, marriage and divorce normally cancel a will in WA, unless it includes clauses to prevent this. Ask a lawyer to prepare or review your will, so it's valid and does what you intend.
2. An enduring power of attorney
An enduring power of attorney (EPA) lets you choose someone to make financial and property decisions for you. Unlike an ordinary power of attorney, it keeps working if you lose capacity. You decide whether it starts straight away or only once you can't make decisions yourself.
For your finances, this is the document that matters most while you're alive. Without it, no one can manage your investments or sell property for you if you lose capacity.
3. An enduring power of guardianship
An enduring power of guardianship (EPG) lets you choose someone to make personal, lifestyle, treatment and medical research decisions. Think about where you live, the support you receive and the care you agree to.
4. An advance health directive
An advance health directive (AHD) records the treatment you would or wouldn't want in certain medical situations. A valid AHD is a legal document. Health professionals must follow it except in limited cases, according to Healthy WA.
You sign it in front of two witnesses aged 18 or over. One must be authorised to witness statutory declarations in WA.
5. Your super death benefit nomination
Your super works a bit like a trust. The fund holds your money for you, so its trustee decides who receives it unless you give clear instructions. You do that with a death benefit nomination. A binding nomination tells your fund who to pay, as long as it's valid. With a non-binding nomination, or none at all, the fund's trustee decides. Some binding nominations lapse after three years, so keep yours current. Some funds also offer non-lapsing binding nominations, which stay in place until you change them. You can also choose whether your super goes straight to your spouse or children, or to your estate so your will decides. Each choice has a different tax outcome, so it's worth checking yours.
Already drawing a pension from your super? Ask your fund about a reversionary nomination. With a reversionary pension, the payments continue automatically to your nominated beneficiary when you die, according to the ATO.
This also buys a surviving partner some time. The ATO doesn't count the pension towards their transfer balance cap until 12 months after the death. The transfer balance cap is the lifetime limit on how much super you can move into retirement pensions.
How does WA compare with other states?
WA splits future decisions across separate documents. Your EPA covers money and property. Your EPG covers personal and health decisions. Your AHD records specific treatment choices.
Other states do it differently. In Queensland, for example, one enduring power of attorney can cover both financial and personal matters, including health. The person you appoint can make personal and health decisions only when you can't.
The names, forms and witnessing rules vary from state to state. Moving interstate, or own property in another state? Ask whether your documents need updating.
Will my family pay inheritance tax?
No. The ATO is clear that there are no inheritance or estate taxes in Australia. That's true in WA and every other state.
But tax can still apply to what your family inherits. Here are three things to plan for.
Super paid to adult children. The tax depends on who receives the money and how. Adult children who aren't financially dependent on you pay up to 17% tax, including the Medicare levy, on the taxed part of a lump sum. Some funds, including some government schemes, have an untaxed part, which is taxed at up to 32%. A spouse, or a child under 18, usually pays no tax. Whether it's paid as a lump sum or an income stream, and how your super is made up, also make a difference. There may be ways to reduce the tax your children pay, but conditions apply, so get advice first.
Selling inherited assets. Capital gains tax (CGT) doesn't usually apply when someone inherits an asset. It may apply when they sell it later.
The family home. An inherited home can be exempt from CGT if it's sold within two years of the death and certain conditions are met. One condition is that it was the main residence of the person who died. The ATO can extend the two years in some cases.
Income from inherited shares or property, such as dividends and rent, is taxed as usual.
What about a testamentary trust?
Your will can set up a testamentary trust. This is a trust that starts when you die and holds some or all of what you leave.
Tax is one reason families consider them. Trust income paid to children under 18 is usually taxed at the highest marginal rate, plus the Medicare levy. But income a testamentary trust earns from the assets of a deceased estate is generally an exception, according to the ATO. That income is usually taxed at normal adult rates.
Your lawyer sets up the trust in your will. We can help you decide whether one suits your family and your assets.
Should I help my children now, or leave it in my will?
It's a question we hear more and more, especially with housing costs where they are. There's no one right answer, and it depends on your situation. Before you act, get independent legal advice.
Helping now has real rewards. You get to see the difference it makes, whether it's a home deposit, paying off debt or the grandkids' school fees. But your own security has to come first. People are living longer, and aged care can be costly, so make sure you don't give away money you'll need later.
A few things to weigh up:
Age Pension gifting limits. If you get the Age Pension, you can give away up to $10,000 in a financial year, and up to $30,000 over five financial years, without affecting your payment. Anything above those limits still counts as your asset for five years, according to the Department of Social Services.
Relationships. If your child's relationship breaks down, money you gave them may be split.
Fairness. If you have more than one child, think about how to keep things fair between them.
Sometimes the answer is a mix, such as a loan instead of a gift, or helping a little now and leaving the rest through your will. We can work out how much you can comfortably give, the best way to structure it, and how it fits with the rest of your estate plan. That way, you can help your family with confidence.
Where a financial adviser helps
Your will says who gets what. A financial plan checks whether that will actually happen, and what it will cost. Here's what we look at with you.
Ownership. Which assets are in your name, in joint names, in super or in a trust, and where each one will go.
Super. Whether your nominations are valid, binding and up to date, and whether a reversionary pension suits you.
Tax. Which of your beneficiaries may pay tax on your super, or on assets they sell later.
Insurance. Whether your cover would clear your debts and support the people who rely on you. My article on reviewing your insurance cover explains what to check.
Income for a surviving partner. How they would pay the bills, and how their pension or other income might change. My colleague Damon Tuthill looks at the bigger retirement picture in his article How much do I need to retire in Australia?
Later-life care. How you would pay for aged care if you needed it, and who would make that decision. My article How do I get aged care financial advice? explains the current rules.
Fairness. Whether your plan treats each of your children the way you intend, including in blended families. In WA, some family members can apply to the court under the Family Provision Act 1972 if they believe your will doesn't adequately provide for them.
Your lawyer prepares the legal documents. We work alongside them, so your financial plan and your legal documents point the same way. Read more about our estate planning advice.
Six steps to get started
List what you own and how you own it. Include super, life insurance and anything in joint names.
Make or update your will. It's the foundation of your plan. A lawyer can prepare it for you.
Check your super nominations. Log in to your fund. See who it names, and whether the nomination is binding.
Choose your decision-makers. Make an EPA for money and an EPG for personal and health decisions.
Record your health wishes. Make an AHD when you're ready to think about treatment choices.
Share copies. You don't need to register these powers. The Public Advocate suggests giving certified copies to the people you appoint, your doctor and your family. If you own property, consider lodging your EPA with Landgate.
Free help in WA
The Office of the Public Advocate offers a telephone advisory service about EPAs and EPGs on 1300 858 455.
The Public Trustee prepares wills and EPAs for a fee. Call 1300 746 116.
Legal Aid WA's Elder Rights WA service gives information and advice on EPAs to people over 65, and to First Nations and culturally diverse people over 55.
The WA Department of Health's Advance Care Planning Information Line can help with AHDs on 9222 2300.
Common questions
Does my will cover my super?
Not automatically. Your fund pays your super, usually to the person you nominate. A valid binding nomination makes your wishes clear.
Does my will cover the house I own with my partner?
Not if you own it as joint tenants. Your share passes to your partner as the surviving owner. If you own it as tenants in common, your share forms part of your estate.
Will my children pay inheritance tax?
No. Australia has no inheritance tax. But they may pay tax on part of your super, or CGT if they sell an asset they inherit.
Can I make an EPA for Mum if she already has dementia?
No. The person making an EPA, EPG or AHD must have full legal capacity at the time. If there's any doubt, the Public Advocate suggests getting a doctor's written opinion first.
How often should I review my plan?
After any big change, such as marriage, divorce, a death in the family, a move interstate, or a large change in your super or assets. And remember: marriage and divorce normally cancel a will in WA. Talk to your lawyer before you change your will.
Book a complimentary consultation
Not sure where to start? A short conversation can help. I'll look at which documents you have, which you need and how they fit with your money. Call us on (08) 9322 7029 or book a consultation.
Sources
Office of the Public Advocate WA, Information Sheet 10: Planning for the future, July 2026
Office of the Public Advocate WA, Information Sheet 8: Enduring Powers of Attorney, July 2026
Legal Aid WA, Enduring power of attorney
Public Trustee WA, Make a Will: Public Trustee
Western Australian Legislation, Wills Act 1970
Western Australian Legislation, Family Provision Act 1972 (current version on the register)
Landgate, DEC-02 Survivorship applications
Healthy WA, Advance Health Directives
WA Department of Health, Advance Health Directives
Australian Taxation Office, Superannuation death benefits
Australian Taxation Office, Transfer balance account
Australian Taxation Office, Trust tax return 2024 instructions, Appendix 9: beneficiaries under 18
Australian Taxation Office, If you are a beneficiary of a deceased estate, updated 4 June 2026
Australian Taxation Office, Inherited property and CGT
Moneysmart, Who gets your super if you die
Queensland Government, Making and ending an enduring power of attorney
Office of the Public Guardian Queensland, Enduring Power of Attorney
Australian Taxation Office, Payments from super
Department of Social Services, Social Security Guide 4.1.10: The rolling 5 financial year deprivation provisions
Aspire2 Wealth Advisers Pty Ltd ABN 42 125 897 903 is an authorised representative and credit representative of Charter Financial Planning Limited ABN 35 002 976 294, AFSL and Australian Credit Licence No. 234665. This website contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
