Plan While You Can: Why Estate Planning Shouldnt Wait

Introduction

Most people think estate planning is something you do later in life after retirement, after buying a house, or once your kids are grown. But the reality is, the best time to plan your estate is well before you think you need to. Life is unpredictable, and planning early gives you control, protection, and peace of mind, not just for yourself, but for the people who rely on you.

Here is why later is often too late and why planning while you can is one of the most important legal decisions you will ever make.

Why Legal Capacity Matters

In Australia, legal capacity is required to prepare estate planning documents, appoint decision makers, or make any legally binding decisions. This means you must be able to understand:

• What the document or decision is and what it means
• The nature and extent of your personal and financial affairs
• Who may reasonably be affected by your decisions

If capacity is lost due to illness, accident, or age related decline, it may be too late to put these protections in place. Anything signed without proper capacity can be challenged or ruled invalid, leaving your affairs unresolved and your loved ones without clear direction.

What Happens When Its Too Late

At Salbridge Lawyers we are regularly contacted by concerned family members seeking help with a Will, Power of Attorney, or Guardianship for a loved one, only to discover that person has already lost capacity. Unfortunately, at that point, no law firm can legally prepare these documents.

When this happens, families are left in incredibly difficult situations. Control passes to tribunals or government bodies, and decisions that should have been personal become public and procedural. Even with the best intentions, your loved ones may not be able to carry out what you would have wanted.

That is why planning early is not just helpful, it is essential.

Its Not Just a Will: What a Complete Estate Plan Includes

Many people assume estate planning simply means having a Will. But a proper estate plan goes further. It includes documents that protect you while you are alive and ensure your affairs are managed according to your wishes, even if you lose capacity.

A complete estate plan typically includes:

• A Will
• An Enduring Power of Attorney
• An Appointment of Enduring Guardian

Each plays a vital role in securing your future and reducing the burden on those around you.

1. Will

A Will determines how your assets will be distributed after you pass away. It allows you to:

• Choose who inherits your property, savings, and belongings
• Appoint a trusted executor to carry out your wishes
• Avoid the strict rules of intestacy, which apply when no valid Will exists

Dying without a valid Will (known as dying intestate) means your assets will be distributed according to a government prescribed formula under the laws of intestacy.

2. Enduring Power of Attorney

This document gives someone legal authority to manage your financial and legal affairs if youre unable to do so yourself. This can include:

• Managing your bank accounts
• Paying bills or debts
• Handling property, investments, or business matters

You can choose for it to start immediately, or only if youre declared legally incapacitated by a medical professional. It is crucial to appoint someone you trust, as their decisions will carry significant weight.

3. Appointment of Enduring Guardian

This allows someone to make decisions about your health and personal care if you lose the ability to make them yourself. It can cover:

• Medical treatment decisions
• Whether you remain at home or move into care
• Daily personal care and wellbeing decisions

Appointing a guardian in advance means someone who knows you, and understands your values, will be the one making these deeply personal decisions.

Why Early Planning Protects You and Your Family

Early estate planning does more than just get paperwork in order. It protects your autonomy, spares your family from difficult legal processes, and ensures your wishes are carried out exactly as you intended.

It means:

• You choose who will manage your money, care, and estate
• You avoid unnecessary stress, delay, and public tribunal processes
• You reduce the risk of family disputes or confusion during already emotional times
• You give clarity to the people who may need to step in on your behalf

How to Get Started

1. Speak with a solicitor
   A lawyer will confirm your capacity, explain your options clearly, and ensure all documents are legally valid under NSW law.

2. Inform your decision makers
   Let your appointed attorney, guardian, or executor know youve named them and what that role involves.

3. Store your documents securely
   Keep originals with your solicitor and make sure your trusted people know where to find them.

4. Review regularly
   Update your plan if your circumstances change, for example after marriage, divorce, having children, or acquiring significant assets.

Conclusion: Plan While You Can

Estate planning is not about expecting the worst, it is about being prepared for lifes uncertainty. By planning while you have capacity, you stay in control of your finances, healthcare, and legacy, and spare your family from confusion and legal stress down the track.

Plan while you can. Because once capacity is lost, your ability to act may go with it.

Need help getting started

We can help you create or update your Will, Enduring Power of Attorney, and Enduring Guardianship. Contact us today for clear legal advice tailored to your needs.