From an optometry and ophthalmology perspective, vision is all about clarity – correcting, protecting, preventing, and ensuring we see the world with precision. Estate planning, in many ways, is the same. Just as a carefully prescribed lens ensures clear vision, a well-structured estate plan provides clarity and security for your future and your loved ones.

WRITER Sarah Kabiri

With a background in optics and now practising as a Wills and Estates lawyer, I’ve seen how professionals often overlook estate planning until it’s too late. Yet, for those managing practices, patients, and personal responsibilities, it’s a critical part of long-term planning.

A comprehensive estate plan typically covers:

• A valid Will,

• Appointment of a Medical Treatment Decision Maker,

• Enduring Powers of Attorney (financial and personal), and

• Superannuation death benefit nominations.

Each of these elements plays a role in ensuring your wishes are respected and your affairs are managed smoothly – both during your lifetime and after.

A Will is not just a simple document outlining who inherits your house or treasured heirloom. It carries far greater significance. It can either safeguard your family’s future or inadvertently create disputes.

Your Will should align with the succession provisions of your business operation documents and/or family trusts, include instructions in case a beneficiary predeceases you, and consider minors and strategies to prevent estate funds from becoming entangled in legal proceedings.

For instance, if your adult child inherits wealth and later divorces, intestacy laws may entitle their ex-partner to a portion of those funds. Without proper planning, your estate could become part of an unintended asset pool. These technical but crucial aspects are often overlooked.

Ophthalmologists, optometrists, and other industry professionals dedicate their careers to enhancing vision and improving patients’ quality of life. But have you considered what would happen to your practice if you were incapacitated or passed away unexpectedly?

Estate planning addresses these vital concerns. It also plays a critical role in asset protection and tax minimisation – especially important for professionals with business interests, trusts, or complex family structures.

Estate planning also encompasses critical decisions during life. If you are ever incapacitated, these documents ensure that trusted individuals can make medical and financial decisions on your behalf.

This is particularly important for business continuity. For instance, if you’re overseas and an urgent authorisation is needed – such as a wet-ink signature – having an appointed attorney can prevent costly delays.

Many people mistakenly believe their superannuation automatically forms part of their estate. It does not.

Your superannuation death benefit must be directed to a valid nominee – typically a spouse, child, your estate, or someone financially dependent on you. Friends or siblings generally do not qualify unless they meet strict dependency criteria.

There are also different tax treatments depending on who receives the benefit. Understanding the difference between binding and non-binding nominations is essential:

• Binding nominations require the trustee to follow your instructions.

• Non-binding nominations allow the trustee discretion in distributing your benefits.

Further complexity arises with lapsing (typically expiring after three years) versus non-lapsing nominations. If your nomination is contested, your estate may face the burden of proving entitlement to the trustee.

Another key decision is whether to nominate your Legal Personal Representative. Doing so means your superannuation is paid into your estate and distributed according to your Will. This may reduce tax implications – but not always. Professional advice is essential.

Estate planning isn’t just for the elderly or the wealthy. It’s for anyone who wants to ensure their affairs are handled with the same clarity and foresight they bring to their professional work.

The Burke Lawyers Wills and Estate team. L-R: Sarah Kabiri, Meghan Warren (Principal), and Pabashini Herath (Senior Associate).

Sarah Kabiri is a Wills and Estates Lawyer at Burke Lawyers in Melbourne, with 15 years of prior experience in optics.

The Wills and Estates team at Burke Lawyers is dedicated to providing clear, compassionate, and strategic advice tailored to each client’s unique circumstances. With extensive experience in estate planning, probate, and succession law, the team works collaboratively to help individuals and families protect their legacies and plan with confidence.

Legal Disclaimer

This article is for general informational purposes only and does not constitute any legal advice or services. Readers should seek independent, qualified, legal advice relating to their specific circumstances or concerns and should not apply, act on, or rely on any of this advice otherwise.