What’s the Difference Between a Will and an Estate Plan?

A will is just one component of an estate plan—while a will outlines who gets your assets after death, a complete estate plan includes legal tools like trusts, powers of attorney (POA), superannuation documents, and medical directives to manage your affairs during life and after.  

Understanding the difference between a will and an estate plan is crucial for anyone wanting full control over their legacy and medical decisions. 

When people hear "estate planning," they often think it means writing a will and nothing more. But in reality, estate planning is much broader and more comprehensive.  

Whether you're planning for future incapacity, minimising tax, or ensuring your children are protected, there's much more to consider than just who inherits what. Let’s break down the differences between a will and a complete estate plan, and explain why proper estate planning with lawyers in Brisbane or anywhere else in Australia could make all the difference. 

What Is a Will? 

A will is a legal document that outlines your wishes regarding the distribution of your assets after your death. It includes appointing an executor and nominating beneficiaries, however it should also take into account nomination of guardians for minor children, funerary wishes, and responsible control mechanisms for beneficiaries who are underage. 

While a will is a powerful legal tool, its scope is limited. It only comes into effect after you pass away and only covers assets that are solely in your name and not already subject to other legal arrangements (like superannuation, jointly held property or property held by trusts or companies). You need to undertake a full estate plan with documents like powers of attorney and correct superannuation nominations, because a will: 

• Does not manage your affairs if you become incapacitated; 

• Does not authorise people to look after any minor children whilst you are incapacitated; 

• May not protect your assets from taxation or creditors; or 

• Doesn’t cover assets held in trusts or jointly owned. 

This is why relying solely on only a will can leave significant gaps in your personal and financial planning. 

What Is an Estate Plan? 

An estate plan includes a will, but it goes far beyond that. It’s a comprehensive strategy designed to manage your assets and personal affairs while you're alive (particularly if you become incapacitated) and after your death. 

Key Components of a Complete Estate Plan: 

1. Will – This is an essential. It outlines asset distribution and names key people like executors and guardians. Without this your family must go through the expensive and time consuming ordeal of obtaining Letters of Administration from the Supreme Court. 

2. Enduring Power of Attorney (POA) - This is likewise essential. It allows someone or multiple people you trust to be pre-appointed to make financial or legal decisions on your behalf if you lose capacity. Without this,  orders must be obtained from QCAT as to who is most appropriate to make these decisions on your behalf and that order may result in appointment of people you do not want making decisions for you. 

3. Advance Health Directive - Sets out your wishes for medical treatment in situations where you can’t communicate. This is a much more personal document but very important if you wish to control what treatments you receive. It is also a very good tool to remove decision anxiety / indecision for attorney who may not otherwise be able to easily make a health decision for you.  

4. Trusts – These are great tools which can be used for asset protection, tax benefits, and providing for children or vulnerable beneficiaries on a controlled and responsible basis. They can be established during your lifetime or through your will (testamentary trusts).  

5. Superannuation Nominations - Super is not automatically covered by your will. Putting in place a Binding Death Nomination will help ensure your super goes to the right person. Depending on the type of will you complete and your desired outcomes, it is very important that the nomination be completed carefully and correctly.   

6. Insurance & Financial Planning Coordination – It is also important to obtain advice from insurance or financial planners. Ensuring your life insurance and investments requirements align with your estate plan is an important aspect, particularly if you have a partner or children which need certain financial outcomes should you pass away. 

7. Asset Protection and Tax Planning – If your family dynamics include circumstances of estrangement or other circumstances which may give rise to claim against your estate then understanding correct structures and implementing them while alive can protect your estate from unnecessary family disputes and court action but also alleviate tax burdens and other control concerns. 

An estate plan is customisable and can be tailored to address business succession, blended families, or international assets—something a basic will doesn’t account for. 

Why You Need a Complete Estate Plan in Brisbane 

Brisbane families, property owners, retirees, and business professionals have more to protect than ever before. With rising property values, complex superannuation rules, and blended families becoming more common, estate planning is no longer just for the wealthy—it’s for everyone. Whether you are in Brisbane or further abroad, here’s why a complete estate plan  is essential: 

1. Queensland Laws Are Unique 

Queensland's succession laws, including intestacy rules (what happens if you die without a will), differ from state to state. A carefully drafted estate plan ensures your wishes are carried out under the correct legal framework. 

2. Avoiding Family Disputes 

Without clear and legally sound documents, your estate could be tied up in litigation. Disputes between children, ex-partners, or stepfamilies are unfortunately common. An estate plan can include trust structures and clear directives to minimise these risks. 

3. Planning for Incapacity 

Accidents, strokes, or illnesses like dementia can strike without warning. If you become incapacitated without a POA or health directive in place, your family may need to apply to the Queensland Civil and Administrative Tribunal (QCAT) for decision-making rights. This process is stressful, expensive, and avoidable. It may also result in persons being appointed as your guardian who you did not want to have making decisions for you. 

4. Protecting Your Super and Life Insurance 

As mentioned earlier, these major assets aren’t automatically dealt with by your will. Proper estate planning ensures they go to your intended beneficiaries. 

Common Myths About Wills and Estate Plans 

❌ "I’m too young for an estate plan." 

If you own property, have superannuation, or dependents—you need an estate plan. It’s about preparedness, not age. 

❌ "My assets are simple; a will is enough." 

Even “simple” estates can become complicated if you become incapacitated, if you remarry, or if there’s a dispute after you pass. If you do not have a will or any of the other necessary documents in place then you have absolutely made administration of your estate unnecessarily expensive (much more so than doing a will and enduring power of attorney) and your family’s life much more stressful than is necessary. 

❌ "I can just use a DIY will kit." 

DIY wills are risky. They may not comply with Queensland laws and often omit crucial clauses. One mistake could invalidate your entire will and whilst they are ‘better than nothing’, they do not include any comprehensive advice on your personal circumstances and so do not provide for appropriate tools to administer any assets you may own through other structures or superannuation.  

They also don’t cover enduring powers of attorney or health directives. This leaves you in a position with no-one pre-appointed by you to look after you if you lose capacity.  

Why Work with a Brisbane Estate Planning Solicitor? 

A solicitor experienced in complete estate planning in Brisbane can help you: 

• Ensure your documents comply with Queensland law 

• Customise your plan to your unique family and asset situation 

• Minimise legal challenges and, in consultation with your accountant or financial planner, potentially take advantage of any tax efficiencies that may be available 

• Keep your estate out of court as much as possible 

• Provide peace of mind that everything is done properly 

Estate planning isn’t just about death—it’s about protecting your life, your legacy, and your loved ones. 

Don’t Leave Your Future to Chance 

A simple will isn’t enough in today’s world. A complete estate plan protects you, your family, and your assets both now and in the future. Whether you're just starting out or nearing retirement, the time to act is now. 

📞 Ready to Protect Your Legacy? 

Contact Drakos & Company Solicitors today to discuss your estate plan. Our understanding and patient team will guide you through every step of the process, ensuring your wishes are honoured and your loved ones protected. 

Let us help you create a complete estate plan today.