The start of a new year is the perfect time to reassess priorities and ensure your legal and financial affairs are in order. Yet, estate planning often falls to the bottom of the to-do list. Many assume that once a Will is written, it doesn’t need to be revisited. However, life changes, asset growth and changes in the law mean that without regular updates, your Will may no longer reflect your wishes or protect your wealth as effectively as it should.
A well-structured estate plan ensures your assets are distributed as intended, tax burdens are minimised for your beneficiaries and family and risk of legal disputes are reduced. With 2025 ushering in key legislative changes, now is the time to ensure your estate plan remains aligned with your circumstances and long-term goals.
Why Updating Your Will in 2025 is Essential
Estate planning is not just about wealth distribution. It is about control, protection and have a plan in place for your family’s financial future. If you have experienced significant life changes such as marriage, divorce, the birth of a child or the sale of a business, your Will may be outdated.
Beyond these legal and life changes, superannuation and digital assets increasingly complicate estate planning. Superannuation does not automatically form part of your estate, meaning that without the correct binding nominations, your super funds could be distributed in ways you did not intend. Likewise, digital assets such as bitcoin, cryptocurrencies, online businesses and intellectual property need to be incorporated into your estate strategy.
Key Considerations for Reviewing Your Estate Plan
A well-prepared Will should go beyond simply listing who inherits what. It should reflect your financial position, business interests and family dynamics. Ensuring your chosen executor can effectively manage your estate is crucial, as is nominating a suitable guardian for minor children if required.
Tax efficiency is another essential factor. Poorly structured estate plans can result in unnecessary tax liabilities for your beneficiaries. Options such as testamentary trusts can provide significant tax advantages and asset protection, making them a valuable tool for high-net-worth individuals.
If philanthropy is part of your vision, structuring charitable donations within your Will ensures they are made in a tax-effective way. Similarly, for business owners, estate planning should integrate with business succession strategies to ensure continuity and avoid financial complications when transitioning ownership.
The Risks of an Outdated Estate Plan
Failing to update your Will can create unnecessary complications for your family. Outdated documents can often lead to legal disputes, particularly if they fail to include new family members, incorrectly allocate assets or lack clarity in distribution. In worst-case scenarios, assets can be distributed contrary to your wishes, leaving loved ones vulnerable or financially disadvantaged.
Superannuation is another asset where oversight can lead to unintended consequences. Without proper and valid nominations, your super fund (not your Will) determines who receives your superannuation benefits. This can lead to funds bypassing intended beneficiaries or being subject to avoidable tax liabilities.
Business owners face additional risks if estate planning is not aligned with their business structure and succession plan. A lack of clarity on ownership transition can create operational instability, legal challenges and even force the premature sale of assets.
The Importance of a Legally Sound Will
Many people assume that informal verbal agreements about their estate will hold up but the reality is far different. Verbal will agreements are not legally binding and can lead to significant disputes among beneficiaries. Without a properly structured and signed Will, your assets may not be distributed according to your intentions, potentially causing family conflict and unnecessary legal challenges. A well-drafted Will provides clear instructions on how your estate should be handled and ensures that your wishes are carried out without ambiguity. Additionally, taking the necessary legal steps—such as appointing a trusted executor, making clear provisions for beneficiaries and signing your Will in the presence of appropriate witnesses—helps safeguard your estate from being contested.
6 Essential Steps
To safeguard your estate and reduce the risk of disputes, it is essential to follow a structured approach when preparing your Will. The 6 key steps include:
- Choosing Beneficiaries – Clearly define who will receive your assets and in what proportions.
- Appointing an Executor – Select someone you trust to manage and distribute your estate.
- Considering Guardianship – If you have minor children, name a guardian to ensure someone you trust will be taking care of them.
- Addressing Debts and Liabilities – Ensure outstanding obligations are settled appropriately.
- Signing in the Presence of Witnesses – A Will is only valid if signed correctly according to legal requirements.
- Reviewing and Updating Regularly – Life circumstances change and as such, your Will should reflect current priorities.
By taking these steps, you ensure that your estate is protected, your loved ones are provided for and your legacy is preserved in the way you intend.
Beyond Your Will: A Holistic Approach to Estate Planning
A comprehensive estate plan extends beyond the Will itself. Reviewing powers of attorney and advance health directives ensures that, should you become incapacitated, trusted individuals can make financial and medical decisions on your behalf. Family trusts should also be examined to confirm they align with your estate strategy, particularly regarding tax planning and beneficiary entitlements.
Business owners must ensure their succession plan is well-documented and integrated into their estate planning. Without a structured transition plan, businesses may struggle to operate smoothly in the event of unexpected circumstances.
Taking Action: Ensure Your Estate Plan is Future-Ready
Estate planning is not just for the ultra-wealthy—it is a critical step for anyone looking to protect their family’s financial future. Reviewing your Will and estate plan now ensures your wishes are clearly documented, your assets are protected and your beneficiaries are not burdened with preventable complications.
If your Will has not been updated in years, now is the time to take action.
For more information, please contact Robert Lamb, on +61 (0) 7 3007 2000 or email contact@resourcesunearthed.com.au.
Resources Unearthed is a solutions hub that provides integrated financial, legal, property and accounting & business advisory services for executives, professionals and business owners in the mining and resources sectors.
The information in this article is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute legal advice. While we attempt to ensure the information is current and accurate, we do not guarantee its currency and accuracy. You should seek legal or other professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.
