A standard Will is not enough to fully protect most Australian families.

While it documents who receives your assets when you die, it does not protect those assets from divorce, creditors, or unnecessary tax, and it does not address what happens if you lose capacity while you are still alive.

For many families, a Will that incorporates a testamentary discretionary trust provides significantly stronger protection.

The moment most families realise their Will was not enough

A woman sat across from me not long ago and said something I have heard more times than I can count. "We did our Wills years ago. We thought we were sorted." She wasn't wrong to feel that way. They had done something most people never get around to. They had sat with a solicitor, signed the documents, filed them away and felt like that chapter was closed.

It wasn't until her husband was unexpectedly in hospital, suddenly unable to make decisions, that she realised the Will had never been the whole picture. Nobody could act on his behalf. Not properly. Not without stress, scrambling, and phone calls she should never have needed to make in that moment.

The Will dealt with what happened if he died. Nobody had ever thought about what happened if he couldn't.

What a standard Will actually covers

A standard Will is a legal document that records your wishes for how your assets should be distributed after your death. It names an executor to carry out those wishes, may name a guardian for minor children, and sets out who receives what. That is important. It is also, for many families, not enough.

A standard Will does not tell you who has authority to manage your affairs if you lose capacity temporarily or permanently. It does not protect inheritances from being exposed in a beneficiary's divorce settlement. It does not allow income from an inheritance to be distributed in a tax-effective way across your family. It does not address how control of a family trust passes after your death.

The gap between having a Will and having a protected estate plan

There is a significant difference between having a Will and having an estate plan that is genuinely built to protect your family. A simple Will distributes your assets at the point of death. A Will that incorporates a testamentary discretionary trust creates a protected structure that holds and manages assets for your beneficiaries over time, with flexibility around how income is distributed, real protection from external claims, and tax advantages that a straightforward distribution simply cannot provide.

The difference in outcome for your family, in terms of tax, protection, and long-term flexibility, can be enormous. This is general information only. Every family's situation is different and tailored advice always matters.

What needs to be in place alongside your Will

A complete estate plan for most Australian families includes more than a Will. It includes an Enduring Power of Attorney, which gives a trusted person authority to manage your financial and legal affairs if you lose capacity.

It includes an Enduring Guardianship or Advance Care Directive, which covers medical and lifestyle decisions. It considers how superannuation is directed, since super does not automatically follow your Will. It addresses the succession of any family trust, which also does not pass through your Will and potentially a Corporate Power of Attorney where a business is run, particularly with a sole Director.

Who this applies to

This applies to any Australian adult who has a Will in place and has not reviewed whether it is structurally complete. It is particularly relevant for parents of young children, families with meaningful assets, anyone with a family trust, business or superannuation, and anyone who has not reviewed their documents since a significant life change.

What to do next

If you have a Will in place and are not certain whether it is actually built to protect your family the way you intend, a Family Wealth Planning Session is the right starting point. Before that, if you want to make sure the practical information your family would need is documented and accessible, Sorted Life is a simple way to get that in order.

✦ Book a Family Wealth Planning Session

✦ Start with Sorted Life

Frequently Asked Questions

Does a Will cover everything in my estate plan?

No. A Will covers the distribution of assets you hold personally at the time of your death. It does not cover superannuation, assets held in a family trust, or decisions that need to be made if you lose capacity while still alive.

What is the difference between a Will and a testamentary discretionary trust?

A standard Will distributes assets directly to beneficiaries. A testamentary discretionary trust, established inside your Will, creates a protected structure that holds those assets and provides flexibility, tax advantages, and protection from external claims that a direct distribution does not.

What happens if I lose capacity and only have a Will?

Your Will has no effect during your lifetime. Without an Enduring Power of Attorney in place, your family may need to apply to a tribunal such as NCAT in New South Wales to be appointed as your financial manager, which is a costly and time-consuming process.

Do I need to review my Will regularly?

Yes. Life circumstances change and your Will should reflect your current situation. Significant life events including marriage, divorce, the birth of children, acquiring a business, or changes in your asset structure are all triggers for review.

This content contains general information only. It is not legal advice. Your situation may differ and this is where tailored advice matters.