How does estate planning work in NSW?
In NSW, estate planning usually involves a will, an enduring power of attorney and an appointment of enduring guardian, prepared with a lawyer. Superannuation and some life insurance may not pass under a will, so beneficiary nominations matter too. Financial matters beside the legal plan can form part of advice from MGB Financial Services. Neither Vermilion nor MGB gives legal advice.
What estate planning covers
Estate planning is deciding, while a person is able to, what happens to their assets and who makes decisions for them if they cannot. In NSW the core documents are usually a will, an enduring power of attorney and an appointment of enduring guardian. Families with larger or more complex affairs may also use testamentary trusts. These are legal documents, prepared with a lawyer.
Common issues people in Sydney raise
- Super outside the will. Super is paid by the fund under its rules and any valid nomination. A will on its own may not decide who receives it.
- Insurance ownership. Life cover held inside super, or owned by someone else, may be paid differently from cover owned personally.
- Blended families. Second marriages and children from earlier relationships make it more important that the will, super nominations and insurance all point the same way.
- Business and investment structures. Assets held in a company or family trust are not owned personally and are dealt with under the structure's own documents.
- Out-of-date documents. Marriage, separation, a new child or the death of a beneficiary can change what a will achieves.
How financial advice fits with legal advice
| Matter | Usually handled by |
|---|---|
| Will, testamentary trusts, powers of attorney | A lawyer |
| Tax returns and trust or company accounts | An accountant |
| Super nominations, insurance ownership, how investments are held | Financial adviser |
Estate planning is not a service offered by Vermilion. Vermilion Wealth Advisory can introduce people to MGB Financial Services, which can consider the financial side, such as super nominations and insurance ownership, alongside a person's own lawyer. MGB Financial Services does not prepare wills or give legal advice, and Vermilion does not give legal or financial advice. Families thinking about the next generation can also read the general guide to wealth succession planning.
What people commonly gather first
People often start with a list of what they own, how each asset is held, who their super nominations point to and when their will was last updated. Moneysmart's guide to wills and powers of attorney covers the documents in more detail. The financial side is explained on the income protection and life insurance and superannuation advice in Sydney pages.
How Vermilion can assist
Vermilion offers a free initial 15-minute chat about the questions this article raises. If personal advice is wanted, Vermilion can arrange an introduction to MGB Financial Services, which provides the advice. Vermilion does not give financial advice.
Sources
- Australian Taxation Office, Superannuation death benefits, checked 21 October 2026.
- ASIC Moneysmart, Wills and powers of attorney, checked 21 October 2026.
- NSW Trustee and Guardian, Wills, powers of attorney and enduring guardianship, checked 21 October 2026.
Questions
Questions people ask
Is super automatically dealt with under a will?
Not necessarily. The ATO explains that a super fund generally pays death benefits to the nominated beneficiary. With a non-binding nomination or none at all, the trustee may decide which dependants receive it, or pay it to the estate. Nomination options differ between funds.
Who prepares a will in NSW?
A will can be prepared by a lawyer, by the NSW Trustee and Guardian, or by the person themselves. Legal advice about wills comes from a lawyer, not from a financial adviser.
What is an enduring power of attorney?
In NSW, an enduring power of attorney lets an appointed person make financial and legal decisions on someone's behalf, and it continues if that person loses capacity. It is a legal document prepared with legal advice.
Where does financial advice fit?
Financial advice can cover matters such as super beneficiary nominations, who owns insurance policies and how investments are held, so that they line up with the legal plan. Any such advice is provided by MGB Financial Services, alongside the person's lawyer.
