Estate planning is more than a will. A will only directs assets you own personally — your superannuation is generally not covered and instead passes according to a binding death benefit nomination. A complete plan also includes an enduring power of attorney and guardianship, and a conversation with your family to prevent disputes.
Most people believe that once they have a will, their estate is “sorted.” A will is essential — but it is the floor of good estate planning, not the ceiling. Some of the most important assets and decisions sit entirely outside it.
A will is the floor, not the ceiling
Your will directs the assets you own personally. That’s a vital job. But a surprising amount of your wealth may not pass through your will at all — and that’s where well-meaning families are most often caught out.
Your super isn’t automatically covered
This catches almost everyone off guard: superannuation is generally not governed by your will. Where it goes is decided by your fund, guided by the nomination you’ve made (or haven’t). For many Australians, super plus its insurance is one of the largest assets they own — so leaving it to chance is a serious gap.
The biggest estate mistakes aren’t made in malice. They’re made by assumption.
Binding death benefit nominations
The fix is usually a valid binding death benefit nomination, which tells your super fund exactly who should receive your benefit. These can lapse after a few years if they’re not the non-lapsing kind, so they’re worth checking periodically — especially after a marriage, divorce, or the birth of grandchildren.
Powers of attorney and guardianship
Estate planning isn’t only about what happens after you’re gone. An enduring power of attorney and an enduring guardianship decide who manages your finances and your health decisions if you’re ever unable to — through illness or simply age. Putting these in place is one of the kindest things you can do for the people who love you.
Talk to your family
The most underrated estate planning tool is a conversation. Telling your family what you intend, and why, prevents the misunderstandings that turn grief into conflict. It doesn’t have to be heavy. It just has to happen while everyone is well enough to have it.
A legacy worth the name
Done properly, estate planning isn’t about death — it’s about care. It’s the quiet confidence that what you’ve built will reach the people and causes you love, with as little friction and as much grace as possible.
Key takeaways
- A will directs personally owned assets, but not everything you own.
- Superannuation is generally not governed by your will — it follows a binding death benefit nomination.
- Enduring powers of attorney and guardianship decide who acts for you if you cannot.
- Telling your family your intentions helps prevent misunderstandings and disputes.
Frequently asked questions
Does my will cover my superannuation?
Generally no. Superannuation is usually paid according to the nomination held by your super fund, not your will. A valid binding death benefit nomination tells the fund who should receive your benefit.
What is a binding death benefit nomination?
It is a written instruction to your super fund specifying who should receive your super (and any attached insurance) when you die. Some nominations lapse after a few years unless they are the non-lapsing kind.
What is an enduring power of attorney?
It is a legal document appointing someone to manage your financial or legal affairs if you become unable to. An enduring guardianship does the same for health and lifestyle decisions.