How to leave your assets with your family, rather than to chance

Let’s face it: no-one likes to think of death, especially their own. It’s not exactly a great conversation starter, is it? This might explain why so many people end up “dying Intestate” which means they die without a will and, as a consequence, have their assets distributed according to State law.

Sadly, the way State law distributes a deceased person’s assets among family members can often be a lot different to the way a deceased person wanted their assets distributed

It can create a lot of unnecessary stress and conflict within a family.

So unless you’re living as a hermit with no contact or relationships with others, and you also don’t have a single possession to your name, you need to not only think about preparing a will, but do something about it.

And you need more than just a will. You need an estate plan.

Why having a will is not enough

If you have a will in place, you may not think you even need an estate plan. After all, your will spells out your “Who gets what” instructions regarding your estate, right?

Unfortunately, the estate you’ve specified in your will may not include all of your assets. By law, your will doesn’t include assets such as:


  • jointly-held property
  • superannuation
  • proceeds of life insurance policies
  • assets held in trust
  • company assets.


To control what happens to these assets, you need an estate plan.

6 more reasons to have an estate plan

A well-written estate plan can do more than just distribute all of your assets the way you want. It can also help:


  1. Your beneficiaries (i.e. your loved ones) to reduce (if not eliminate) tax on the income generated when they receive their inheritance, and every year thereafter
  2. Protect your beneficiaries’ inheritance from unfortunate events such as divorce and bankruptcy
  3. Minimise or even avoid the death benefits tax when distributing your superannuation benefits
  4. Guard against a beneficiary wasting their inheritance because of their spending habits, mental health, drug addictions, gambling or other vulnerabilities
  5. Make capital gains tax savings on the assets distributed through your estate
  6. Ensure your assets are passed to your preferred beneficiaries rather than, say, an in-law or former spouse.

Who should help you create your estate plan?

While an estate plan is a legal document, its creation shouldn’t be left solely to your solicitor. You need someone who knows about you, your family and your financial situation.


And the person who generally knows the most about that is your accountant or financial planner. Therefore contact us on 93568033 to discuss the process and what you need to consider.



However, while they may know all about your finances, they may not have the legal qualifications needed to create a watertight estate plan. So you actually need your accountant or financial planner and a solicitor. We have an association with a solicitor so if you haven’t organized a solicitor we can help.


“The financial planner’s job is to try and identify if the estate plan is funded properly, and if it is funded that the insurance is owned by the right person; the accountant’s job is to make sure that the client’s affairs are structured appropriately from a tax point of view; and the solicitor’s job is to make sure the documentation is all drawn up.”

Avoid leaving a trail of chaos behind you

Whether or not you have an active will in place, without an estate plan there’s no telling who your assets may end up with. Avoid creating stress and conflict for your loved ones, and give yourself the peace of mind in the here-and-now that your affairs are well in order. Get in touch and we can start the ball rolling to get a solid estate plan in place for you and your family. 

Need help with your accounting?

Find Out What We Do

In Your 50s? 10 Ways to Give Your Super a Boost Before Retirement

September 14, 2026
In your 50s and thinking about retirement? Discover 10 practical strategies to boost your super and get your retirement savings on track.

Buying Your First Home? 5 Government Schemes Worth Knowing About

September 14, 2026
Buying your first home? From deposit schemes to stamp duty concessions, here are 5 government schemes that could help you get into the market sooner.

The New $1,000 Work-Related Deduction: What Does It Mean for Your 2027 Tax Return?

September 14, 2026
A new way to claim work-related expenses is coming for the 2027 tax return — but there is an important catch. From 1 July 2026, eligible taxpayers can claim a standard deduction of up to $1,000 for certain work-related expenses, without having to substantiate each expense individually. Sounds simple enough. But before you assume you can claim $1,000 on top of everything else, there are a few things you need to know. The $1,000 Is the Maximum The new standard deduction is capped at $1,000. It is designed to cover certain common work-related expenses, such as work-related phone and internet, home office expenses, stationery and some travel expenses. You can't claim the $1,000 and then claim those same expenses again separately. If you have actual work-related expenses of more than $1,000, you can continue to claim your actual expenses under the existing rules, provided you meet the requirements and have the records to support them. Do I Still Need to Keep My Receipts? Yes: and this is where it is worth being organised. If you use the standard deduction, you don't need to substantiate the individual expenses covered by it. But if you think your actual work-related expenses could be more than $1,000, keeping your receipts and records throughout the year will allow you to claim your actual expenses instead. There are also some deductions that aren't covered by the standard deduction and can still be claimed separately if you are eligible. It's for Your 2027 Tax Return The new deduction applies from the 2026–27 financial year, so you won't use it for the tax return you are preparing now. It will first apply to your 2027 tax return, lodged from July 2027. Is the $1,000 a $1,000 Tax Refund? No. The $1,000 is a deduction from your taxable income. It doesn't mean you'll receive an extra $1,000 back from the ATO. The value of the deduction will depend on your individual tax circumstances. What Should You Do Now? The best thing you can do is keep track of your work-related expenses throughout the 2026–27 financial year. When it comes time to prepare your 2027 tax return, we can look at your circumstances and determine whether the standard deduction or claiming your actual expenses is likely to give you the better outcome.  At Ascent Accountants, we can help you make sense of the new rules and make sure you're claiming the deductions you're entitled to: without claiming the same expense twice!

Late With Super Under Payday Super? Here's What It Will Cost You.

By Nigel Parker • August 13, 2026
Late paying super under Payday Super? Learn the new deadlines, penalties, and the one step that can reduce your Administration Uplift charge.

Scammed by a Renewal Notice? Happens to the Best of Us.

By Nigel Parker • August 13, 2026
Received a business name or company renewal notice that looks official? Learn how to spot a fake ASIC notice before you pay.

Negative Gearing Is Changing: What Property Investors Need to Know.

By Nigel Parker • August 13, 2026
Negative gearing is changing from 1 July 2027. Find out what it means for established properties, new builds, and your next investment.
More Posts