As the financial year draws to a close, many people focus on tax returns and ticking off compliance tasks. But this is also an ideal time to pause and consider a different kind of planning — your estate plan.
Surprisingly, around 70% of Australians don’t have a legally valid Will, or haven’t put proper instructions in place for what happens to their superannuation when they pass away. Even among those aged over 50, almost one in three don’t have a Will, and nearly half haven’t updated theirs in more than five years. Life moves fast — and your estate plan can easily fall out of step with your current wishes.
EOFY is a perfect time to review where things stand. You’re already thinking about your finances, reviewing your assets, and planning ahead for the year to come. That makes it easier to take stock of your situation and ask: If something unexpected happened, would everything be handled the way I’d want it to be?
For business owners, there are even more layers to consider. A standard Will might not be enough to deal with company shares, trust structures, or ongoing business operations. You may need to nominate a successor director, plan for the future of a trading entity, or set up agreements that allow for a smooth transition. These are the things that can easily be missed — and can cause significant stress for loved ones or business partners if not addressed early.
Superannuation and life insurance also sit outside your Will unless specific nominations are made. If you haven’t reviewed your beneficiary nominations recently, they may not reflect your current wishes — or worse, they may have lapsed altogether. This matters, especially when you consider that $3.5 trillion is expected to pass between generations in Australia over the next two decades. A proactive estate plan is the best way to ensure your part of that transfer is handled properly.
At VI Partners, we help clients identify gaps in their estate planning, particularly when it comes to trusts, businesses, and company structures. If legal updates are needed, we can connect you with professionals we trust who specialise in this area.
Taking the time now — before the new financial year begins — means you can start FY26 knowing your affairs are in order, your wishes are up to date, and your family or business won’t be left with unnecessary complications later on.