It’s something no-one likes to think about but planning for what happens to your assets after your death will not only give you peace of mind now, it will also help alleviate the stress on your loved ones when the time comes. Not sure how to start the conversation? We asked Susie Grehl, executive general manager of wealth and private at CommBank, and Donnelle Hestelow, partner and private advisory at Mills Oakley, to share their tips.
What does a good estate plan look like?
An estate plan is more than a will; it’s a comprehensive strategy for managing your assets should you become incapacitated or pass away. It puts the future of your wealth in your hands and allows you to look after those you care about. “An estate plan is where the decisions and documents you’ve made in your lifetime come together as a roadmap for the people you’ve left behind,” says Hestelow.
A will, a power of attorney and an advanced-care directive regarding medical treatment and end-of-life care form the basis of an estate plan. Hestelow suggests that the best ones are drafted by a professional. “You can read all the articles, you can use all the AI tools, but they don’t know your family. A professional wants to get to know your family.”
Who needs to be involved in estate planning?
Preparing the family ahead of time is vital so the next generation is confident enough to manage any inheritance they receive. “Planning for wealth transfer needs to be deliberate and practical,” says Grehl. “The best-prepared families treat financial capability as a core life skill and start building it early.”
What’s the best way to broach the topic with family?
Estate planning can be complex and uncomfortable but it shouldn’t be avoided.
“These conversations are inherently sensitive – because they’re not just about money, they’re about values, fairness and identity,” says Grehl. When going into a discussion about estate planning, she suggests considering two questions: “What are we trying to achieve? And what does this wealth need to do - now and in the future?”
When is the best time to tackle this kind of planning?
In short, sooner rather than later. “The right time to start thinking about estate planning is early – before any meaningful transfer happens,” says Grehl, who suggests starting conversations about wealth transfer while the stakes are still low so the next generation is able to learn about money management before their finances shift significantly.
How can I make sure my assets are a benefit, not a burden?
Estate planning done well is one of the most meaningful things you can do for the people you love. “It’s the best gift a person could leave their family,” says Hestelow, “because financial stress or uncertainty is not something you want to be dealing with when grieving.”
But you do need to answer some tough questions first, she adds. At what age do you want your children to inherit? What happens in a worst-case scenario if you’re all gone together? And is there anyone who might challenge your will? If so, that changes how the plan should be structured.
How can CommBank help?
“This isn’t just about those who will inherit significant wealth,” says Grehl. “Even for those without that advantage, access to tools like the Investing Hub can help people build capability and shift from being passive observers to active stewards of their own financial future.” There are also bespoke banking services offered by Commonwealth Private, a service for eligible customers focused on intergenerational wealth and making the most of a family’s legacy.
