Estate Planning – Will Considerations

When considering your estate planning and succession needs, your Will is the predominate document that sets out how your assets should be administered and distributed when you die. It is important to consider a number of things when planning your estate and will. In this post, we consider a number of these issues.

Appointment of Executor/s

The Executor is the person who administers your estate after your death. You can appoint one or more people to be the Executor and they should be someone that you trust. Generally, they should be a person with some business acumen. Often you would appoint your spouse, your next of kin or a professional person such as a solicitor or accountant.

Foreign Assets

If you are domiciled overseas, that is, you consider your home to be out of Australia, or hold assets overseas, you need to consider how to deal with these in your Will. In some cases, you may be able to make an International Will that will deal with all your assets throughout the world. In other cases, you may need to make Wills in different countries to ensure that your assets are dealt with how you wish them to be dealt with when you die.


If you run a business or are in a partnership or own shares in a private company, special care must be taken with dealing with your interest in these entities. There may be special provisions in the Partnership Agreement, Shareholder Agreement or Constitution of the company dealing with what you can and can’t do with your interest in the entity on your death. It may also not be appropriate to gift your interest in the entity to a person that does not want to continue running the business.

Family Trust

If you have control over a Family Trust or Unit Trust, or own shares in a corporate trustee for one of these trusts, you must take care to ensure that you deal with the trust or shares appropriately so that your wishes with the trust can be properly effected. A simple will gifting all of your estate to your spouse or children may have unforeseen consequences for the Trust and its assets.

Guardians for children

If you have minor children, you should appoint guardians for your children in your will so that someone you know and trust can care for them if you die whilst your children are under the age of 18 years.  You should discuss the appointment with the person you are appointing prior to making the Will to ensure they understand the role and their obligations.

Debts owed to you

You may have debts owed to you by friends or family members. You should consider how you want these debts to be dealt with when you die. Whether these people will have to pay the money back to your estate or whether the debt should be forgiven on your death and considered a gift to that person.

Start your estate planning today

Our team is experienced in all aspects of estate planning and succession. We can assist with preparing documents for simple estates or complex estates with a myriad of family trusts and companies. Contact our team today to start your estate and succession planning.

Related Posts


No part of these notes can be regarded as legal advice. Although all care has been taken in preparing all notes, readers must not alter their position or refrain from doing so in reliance on any of these notes. Stephen Wawn & Associates do not accept or undertake any duty of care to readers relating to any of these notes. All inquiries should be directed to Stephen Wawn & Associates.

We are using cookies to give you the best experience. You can find out more about which cookies we are using or switch them off in privacy settings.
AcceptPrivacy Settings


  • Privacy Policy
  • Google Analytic
  • Facebook Pixel
  • LinkedIn Insight
  • Microsoft Clarity

Privacy Policy

We collect and use your data to provide and improve our services to you and your experience. By using our website, you agree to the collection and use of your information in accordance with our Privacy Policy.

Our full privacy policy can be found here: https://stephenwawn.com.au/privacy-policy/

Google Analytic

Our website uses Google Analytics to collect anonymous information such as the number of visitors to the site and the most popular pages.

Information on the Google Analystics Privacy Policy can be found here: https://policies.google.com/privacy

Keeping this cookie enabled helps us to improve our website and your experience.

Facebook Pixel

Our website uses Facebook Pixel to collect anonymous information which may be linked to your Facebook account.

Information on the Facebook Privacy Policy can be found here: https://www.facebook.com/policies/cookies/

Keeping this cookie enabled helps us to improve our website and your experience.

LinkedIn Insight

Our website uses LinkedIn Insight to collect anonymous information including your engagement with posts and pages related to our business on LinkedIn which may be linked to your LinkedIn account.

Information on the LinkedIn Privacy Policy can be found here: https://www.linkedin.com/legal/privacy-policy

Keeping this cookie enabled helps us to improve our website, the content on our website and your experience.

Microsoft Clarity

Our website uses Microsoft Clarity to collect anonymous information on your use and interactions with our website to help improve your use of our website.

Information on the Microsoft Privacy Policy can be found here: https://privacy.microsoft.com/en-GB/privacystatement

Keeping this cookie enabled helps us to improve our website, the content on our website and your experience.