Beyond the Pavlova: Talking Wills, Death and Taxes This Festive Season

By Luisa Capezio, Aged Care Specialist

As the festive season approaches, many of us are thinking about menus, gifts, and whether the prawns will run out before lunch. But this time of year is also an opportunity to reflect on something less glamorous yet far more important: how prepared we are for the future—financially and in terms of health.

Planning ahead is not just a legal exercise. It is one of the greatest gifts you can give your family: clarity, peace of mind, and protection from unnecessary stress or financial hardship.

Here is the reality: millions of Australians do not have a will, and even those who do often forget to update it as life changes. Marriage, divorce, children, and overseas assets can dramatically alter how your estate is distributed. Without a valid plan, the law decides where your money goes—not you.

But estate planning is more than deciding who gets the good china. It is about ensuring your financial resources and health decisions are managed properly if you cannot act for yourself. That means thinking beyond the obvious and covering the essentials:

• Financial readiness: Review your superannuation nominations and ensure they are binding. Incorrect or outdated nominations can cost your loved ones thousands in tax. Consider strategies to minimise capital gains tax on inherited assets and understand how your investments will be treated.
• Health directives: Powers of attorney and advance health directives are critical. Someone needs the authority to make decisions if you cannot—whether that is paying bills or approving medical treatment.
• Cash flow and care costs: If aged care becomes necessary, how will you fund it? Government support does not cover everything, and planning early can prevent financial strain later.
• Family conversations: Talking openly about your wishes now can avoid disputes later. A well-structured plan reduces stress and keeps relationships intact.

The most common mistakes? Assuming all assets fall under your will (superannuation often does not), failing to review your plan regularly, overlooking tax implications, and not seeking professional advice.

As Noel Whittaker wisely says: “Advice does not cost, it pays.”

This festive season, while you enjoy the pavlova, take a moment to think about your health and financial future. It is a conversation worth having—and a gift your family will truly appreciate.