Why You Need a Will
Over 50% of Australians don't have a valid will. If you die without one (intestate), your assets are distributed according to state law — which may not reflect your wishes. For Chinese Australians with assets in both countries, proper estate planning is especially critical. Without a will, your family may face months or years of legal processes, significant costs, and potential disputes.
Making a Will
DIY will kits: Available from newsagents and online for $30-50. Suitable for simple estates but risky for complex situations. Online will services: Safewill, Willed.com.au — $100-200, guided process with legal review. Good for straightforward situations. Solicitor: $300-1,500 depending on complexity. Essential if you have overseas assets, blended families, business interests, or complex trust structures. Many Chinese community legal centres offer reduced-fee will preparation.
Power of Attorney
Equally important as a will. A power of attorney authorises someone to make decisions if you become incapacitated. Financial POA: Manages your money, property, and financial affairs. Medical/healthcare POA: Makes health decisions on your behalf. Choose someone you trust absolutely — they will have significant power over your affairs. You can appoint different people for financial and medical decisions.
Superannuation Death Benefits
Super does NOT automatically go to your estate — it's distributed by your super fund trustee. To control where your super goes, make a binding death benefit nomination with your super fund. This must be updated every 3 years (or make a non-lapsing nomination if available). Without a nomination, the trustee decides — they may distribute to dependents you didn't intend.
Cross-Border Issues
If you own property in China, you may need separate wills for Australian and Chinese assets. Chinese succession law differs from Australian law. Australia has no inheritance tax, but some assets may have CGT implications on transfer. Professional advice from a lawyer experienced in both jurisdictions is essential for cross-border estates. Consider documenting all overseas assets clearly so your executor can locate and manage them.