Estate and Succession
Planning
Preparing for death, incapacity, and business transition — comprehensive planning for every stage of life and every type of asset.
Will Drafting, Estate Planning, and Succession Planning — What's the Difference?
These three terms are often used interchangeably, but they mean different things and serve different purposes.
Will drafting is the preparation of a single legal document — your Will — that sets out what happens to your assets after you die. It appoints an executor to carry out your wishes, names beneficiaries, and can include guardianship arrangements for minor children. A Will only takes effect on death. It says nothing about what happens while you are alive.
Estate planning is broader. It is the process of preparing for both death and incapacity. A complete estate plan includes a Will, an Enduring Power of Attorney (which appoints someone to manage your financial affairs if you lose capacity), and a Medical Treatment Decision Maker appointment (which authorises someone to make healthcare decisions on your behalf). For clients where appropriate, an estate plan may also include a testamentary trust — a structure created within a Will that can reduce tax and protect assets for beneficiaries.
Estate planning is relevant to every adult, not just those approaching retirement.
Succession planning addresses what happens to a business when a key person dies, retires, loses capacity, or exits. It sits alongside estate planning but focuses on business continuity — ensuring the business survives the departure of any one person. It typically involves buy-sell agreements between owners, shareholder or partnership agreements, and a succession Will that is carefully coordinated with the business structure.
If you are a business owner, you need both an estate plan and a succession plan. If you are not, estate planning — starting with a Will — is the right place to begin. For a full picture of how these elements fit together, read our article: Succession Planning in Victoria: Wills, Trusts, and What Most People Miss.
Based at 4 Watton Street, Werribee, we assist clients across Hoppers Crossing, Point Cook, Tarneit, Wyndham Vale, Truganina, Manor Lakes, and the wider Wyndham region.
A valid Will appoints an executor, directs how your assets are distributed, and can include guardianship nominations for minor children. We draft Wills for straightforward estates and complex blended family situations alike, and advise on updating existing Wills after major life events.
Wills — full details →An Enduring Power of Attorney appoints someone to manage your financial affairs if you lose capacity. A Medical Treatment Decision Maker appointment authorises someone to make healthcare decisions on your behalf. Both are essential components of a complete estate plan.
Powers of attorney — full details →A testamentary trust is created within your Will and takes effect on death. It offers significant tax advantages for beneficiaries receiving investment income, and asset protection for beneficiaries at risk — including minor children, those with disability, or those in fragile relationships.
Testamentary trusts — full details →Estate and succession planning sit within our broader Wills and Estates practice — which also covers probate, contesting a Will, letters of administration, and more. See the full range of services we offer.
All wills and estates services →Your wishes.
Your legacy.
Estate planning is a deeply personal process. We take the time to understand your family circumstances, your assets, and what matters to you — then structure documents that reflect your wishes accurately and are built to last.
For business owners, succession planning sits alongside estate planning. We ensure your Will, buy-sell agreements, shareholder arrangements, and trust deeds all point in the same direction — and we coordinate with your accountant and financial adviser where needed.
As Werribee's oldest law firm, we have helped Wyndham families plan their estates — and administered them after death — for generations. That continuity of service means your family is not starting from scratch when they need us most.
Estate and succession planning FAQs
Estate planning is the process of preparing for both death and incapacity. It covers who inherits your estate, who manages your finances if you cannot, and who makes healthcare decisions on your behalf. Without these documents, the law steps in — and the outcome may not reflect what you would have chosen. Estate planning is relevant to every adult, not just those approaching retirement or holding significant assets.
A complete estate plan includes: a Will (directing who receives your assets and appointing an executor); an Enduring Power of Attorney (appointing someone to manage your finances and legal affairs if you lose capacity); and a Medical Treatment Decision Maker appointment (authorising someone to make healthcare decisions if you cannot). Depending on your circumstances, a testamentary trust within your Will may also be appropriate.
An Enduring Power of Attorney (EPOA) is a legal document that appoints a person — your "attorney" — to manage your financial and legal affairs if you lose the capacity to do so yourself. In Victoria, EPOAs are governed by the Powers of Attorney Act 2014. It is called "enduring" because it continues to have effect even if you lose mental capacity — unlike a general power of attorney, which ceases when capacity is lost.
Review your estate plan after any major life event: marriage (which revokes an existing Will in Victoria); divorce; death of a beneficiary, executor, or attorney; birth of a child or grandchild; or significant change in assets. Business owners should also review their succession arrangements whenever the business structure or ownership changes. We recommend reviewing your estate plan every three to five years regardless of life events.
This is one of the most common estate planning challenges for blended families. Options include a life interest Will (your current partner can use assets during their lifetime, with the remainder passing to your children), a testamentary trust, or a mutual Wills agreement. The right structure depends on your assets, the ages of your children, and your relationship with your current partner. We advise on the approach that best protects both your current partner and your children.
Not automatically. Superannuation does not form part of your estate and is not governed by your Will. It passes according to a binding death benefit nomination (BDBN) filed with your superannuation fund. Without a valid BDBN, the trustee decides who receives your superannuation — which may not align with your wishes. A BDBN can direct your super to dependants or to your estate (which then distributes it under your Will). We advise on coordinating your Will and superannuation nominations.
Business succession planning is the process of arranging what happens to your business if you die, lose capacity, retire, or exit for any other reason. It focuses on business continuity — ensuring the business survives the departure of any one person. It typically involves buy-sell agreements between owners (usually funded by life and TPD insurance), shareholder or partnership agreements with exit provisions, and a succession Will that is carefully coordinated with the business structure.
Without a succession plan, your business interest passes under your Will — or, if you have no Will, under intestacy laws. This can force co-owners into partnership with your beneficiaries who may have no involvement in the business, disrupt operations, and trigger disputes between family members. A buy-sell agreement funded by life insurance is the most common and effective way to prevent this.
Your Will and your succession plan must work together. A business interest forms part of your estate and is governed by your Will if there is no buy-sell agreement directing otherwise. In a family business context, your Will needs to address how business assets are treated relative to non-business assets — and how to treat fairly a child who works in the business versus one who does not. A Will drafted without regard to the business structure can undermine a succession plan entirely.
This is one of the most common challenges in family business succession. Options include equalising non-business assets between children who do not receive the business, using life insurance to fund a payout to non-business beneficiaries, or structuring a staged buyout so the business-active child acquires the business over time. The right approach depends on the relative values involved, family relationships, and your priorities. We work through the options with you.
Yes. We are based at 4 Watton Street, Werribee and regularly act for clients across the Wyndham region — including Hoppers Crossing, Point Cook, Tarneit, Wyndham Vale, Truganina, Manor Lakes, and Werribee South. We also assist clients in Lara, Little River, and Geelong. Call (03) 9741 3777 to arrange an appointment.
Don't leave it to chance.
A complete estate plan takes one appointment. A succession plan protects everything you've built.