At q4 financial, we know that building and protecting wealth goes hand in hand with planning for the future. Estate planning is one of those areas that many people put off, but it plays a crucial role in safeguarding not just your financial position, but also the security of your loved ones.
To help unpack the essentials, we sat down with Jade Duncan from Clover Law, an experienced estate lawyer who works closely with families, professionals and business owners to ensure their wishes are legally protected and their assets are managed with clarity and care. We’ve asked Jade to share her insights on why having your estate legally prepared is vital, common pitfalls to avoid, and how estate law fits alongside the advice you receive from your accountant and financial planner.
Q: Why is having a legally prepared estate plan essential—not just for older individuals, but for anyone with assets or dependents?
Having an up to date estate plan at all stages of life is essential. If something unexpected happens to you, have you left your estate structured in a way that is easy to understand and supports your loved ones appropriately?
Many people also assume that they don’t have enough assets to justify an estate plan or that if they die their spouse will receive everything, however this is not necessarily the case.
If you own property, have superannuation, life insurance, run a business, or have family who rely on you financially, it’s relevant right now. It’s also important to understand that an estate plan is more than just your will – an estate plan covers not only what happens after you’re gone but can also outline your preferences for decision-making if you become seriously ill or incapacitated.
Many young adults don’t realise for example that if they are over 18, their parents aren’t automatically entitled to make medical or financial decisions for them if they lose capacity or need support.
Without a current estate plan that is tailored to your present circumstances, your loved ones might face unnecessary stress, costs, and delays during a difficult time. In short, it’s a way to protect the people and assets you care about, regardless of your stage of life.
Q: What are the risks of not having a will or estate plan in place?
The biggest risk is losing control over what happens to your assets and responsibilities after you’re gone. Without a will or estate plan, the law decides how your estate is divided using a standard legal formula – which often doesn’t reflect individual relationships, promises, or special circumstances.
It also means that a family member will need to apply to the Supreme Court for the right to administer your estate in accordance with that formula, a process which can cause delays and further costs.
This can mean cherished items don’t go where you’d intended, or loved ones having to go through long, costly legal processes to sort things out. In family situations, especially blended families, this can even lead to disputes and breakdowns in relationships.
If you own a business, not having a clear succession plan can jeopardise its operation, put staff at risk, and reduce the value you’ve worked so hard to build.
In many cases, there are also opportunities under a lawyer-drafted will to implement tax effective structures for minors, asset protection strategies and additional support for beneficiaries than a basic will can provide.
Working with an experienced estate planning lawyer will also ensure that the right questions are asked and unintended consequences are avoided.
Q: How often should someone review their estate plan, and what life changes should trigger a review?
Your estate plan should grow and adapt with you.
We recommend doing a review every couple of years, even if nothing big has happened. Laws and tax rules can change without you realising, and these can impact your plan.
But if there’s a major life event, review it sooner.
These “trigger points” include getting married, separating or divorcing, welcoming new children or grandchildren, starting or selling a business, buying or selling property, or significant shifts in your financial situation, including implementing new structures such as a discretionary trust or company.
Regular reviews also help ensure important appointments like executors, trustees, or guardians, are still the best choice for the role. It’s about keeping your estate plan up to date so it works the way you intend when the time comes.
Q: How can a well-structured estate plan protect business owners or professionals with complex financial affairs?
For business owners and professionals, estate planning is about more than distributing personal assets, it’s key to business continuity.
Your estate plan can address business succession planning, ensuring the right people are ready to step in and carry on the business smoothly.
Working through trust and company succession, shareholder agreements, buy-sell arrangements, and clear instructions for key stakeholders can help preserve the value of what you’ve built over time and reduce stress for your family and surviving business partners.
If you’re a professional with complex investments or structures, the right estate plan minimises disputes, supports your family financially, and ensures that the business can operate without interruption which in turn reduces the risk of losing clients, staff, or business momentum.
Q: Are there specific tax or asset structuring decisions that should be made in consultation with both an accountant and an estate lawyer?
Absolutely. We are strong advocates for working collaboratively with our clients’ trusted advisers to ensure that all issues have been covered off, that we have a deep understanding of their affairs, and being able to tap into the knowledge of advisers who have worked with clients for years is invaluable.
Estate planning decisions often have both legal and tax implications and getting these wrong can have significant consequences for your beneficiaries.
Setting up a family trust, deciding how to hold property, planning for capital gains tax, making sure superannuation death benefit nominations are valid – these are all decisions that can’t be fully optimised without input from both legal and accounting or financial advisors.
For example, you might have the right legal structure but miss opportunities for tax efficiency, or vice versa. Both professionals can work together to ensure your assets are owned and structured in a way that protects them from unnecessary tax, legal disputes, or creditors.
It’s a team effort to create a plan that not only honours your wishes but also maximises benefits for those you leave behind.
Q: If you could give one piece of advice to someone who’s been putting this off, what would it be?
Just start.
Estate planning feels like one of those tasks you can leave for ‘later’, but life doesn’t always wait until we’re ready. The most common feedback we hear at the end of a matter is ‘that was easier than I thought it would be’, which always makes me happy to hear because making complex tasks simple is a big part of our job.
If there is an aspect of your life, whether it be family circumstances, business arrangements, or something else, that is making you feel like you can’t resolve how to leave things in your own mind – talk to us. We work through strategies with people every day who have various complexities and more often than not, we can come up with a tailored solution you may not have considered.
Think of it as a gift for your loved ones: it saves them from stress, confusion, and potentially expensive disputes at a time where they’re grieving.
And remember, it’s not set in stone. You can (and should) update your estate plan as your life changes. So even if you’re unsure about every detail, putting a basic plan in place now gives you a foundation to build on.
You’ll have more peace of mind knowing that whatever happens, you’ve taken steps to protect the people and things that matter most to you.
Estate planning is about more than just having a will—it’s about creating certainty, reducing risks, and making sure your financial and personal legacy is protected. Jade’s insights highlight how important it is to have the right legal framework in place, and how estate law works best when integrated with financial planning and accounting advice.
If you’d like to learn more about how your estate planning can be strengthened by a coordinated approach, we’d be happy to connect you with trusted experts like Jade and work alongside you to create a comprehensive plan for your future.
Jade Duncan
Senior Associate, Clover Law
As an estate planning lawyer with almost 10 years of experience assisting clients to achieve their succession and asset protection goals, Jade has the knowledge and empathic approach to guide clients through what can, for many people, seem like a daunting task.
https://www.cloverlaw.com.au/
jade@cloverlaw.com.au
https://www.linkedin.com/company/clover-law/
