Estate Planning Checklist Australia: The Complete Guide

Introduction: the plan your future self will thank you for

Estate planning is not about being old. It is about being organised. If you have children, a partner, a mortgage, super, or a business interest, you already have an estate. Without a plan, the courts and the tax office decide more than you expect, at the worst possible time. With a plan, your family gets clarity, liquidity, and time to grieve without money chaos in the background.

High-income households face extra complexity. You may hold assets across a family trust, company, SMSF, and personal names. You might have an investment property, RSUs, unpaid present entitlements, or loans between related parties. You may be in a blended family or have dependants with special needs. Each of those adds a rule set. The good news is that a clean checklist and a few decisions take most of the stress out of this.

This guide gives you a complete Australian estate planning checklist, plain English definitions, examples, state-based nuances, and the sequencing to get it done. You will learn how wills interact with super, when a binding death benefit nomination is critical, how a testamentary trust can protect children, and how to avoid common traps that cost families time and money. You will finish with a 30 day and a 90 day action plan, a document pack list, and the exact review cadence to keep everything current.

Table of contents

1. What estate planning covers in Australia
   
2. The master checklist at a glance
   
3. Step by step: build your plan
   
4. Structures that matter for high-income families
   
5. Asset ownership and beneficiary strategy
   
6. Tax issues most people miss
   
7. Digital assets, passwords, and social media
   
8. What happens when someone dies: the timeline
   
9. Common mistakes and how to avoid them
   
10. 30 day quick start and 90 day full build
    
11. FAQs
    
12. How Pivot Wealth helps
    

1) What estate planning covers in Australia

Estate planning coordinates legal documents, asset ownership, insurance, superannuation, and tax so that:

• The right people receive the right assets at the right time
  
• Children and vulnerable beneficiaries are protected
  
• Executors and attorneys can act quickly
  
• Tax is managed within the rules
  
• Your wishes are understood and easy to carry out
  

Key building blocks:

• Will: Directs assets that you own personally, not those inside super, trusts, or companies.
  
• Testamentary trusts: Trusts created by your will that can protect assets for minors and help manage tax after your death.
  
• Enduring Power of Attorney (EPA): Lets someone manage your financial and legal affairs if you lose capacity.
  
• Enduring Guardian or Advance Care Directive: Appoints someone to make medical and lifestyle decisions if you cannot.
  
• Superannuation nominations: Control who receives your super and insurance inside super.
  
• Insurance and liquidity: Ensures cash is available for debts, tax, and living costs.
  
• Business succession: Shareholder agreements, buy-sell insurance, and trusteeship handover.
  
• Documentation and storage: The right people can find what they need.
  

Each state and territory has its own forms and names for capacity documents. The principles are the same nationwide. Use the correct local document with a solicitor.

2) The master checklist at a glance

Area	What to decide	Why it matters
Will	Executor, guardians for minors, specific gifts, residue beneficiaries	Directs personal assets and sets the tone for your estate
Testamentary trusts	Who benefits, who controls, distribution rules	Protects assets, manages tax for children and vulnerable beneficiaries
EPA	Who handles money and legal decisions if you lose capacity	Keeps bills paid and investments managed during incapacity
Enduring Guardian / ACD	Who makes medical decisions and your preferences	Reduces family conflict at stressful times
Super nominations	Binding or non-binding, dependants vs estate	Super is outside your will unless paid to your estate
Life insurance	Cover amount, policy ownership, beneficiaries	Creates liquidity to avoid fire sale of assets
Trusts and companies	Successor appointor, directors, shareholders	Maintains control of structures that hold wealth
Property ownership	Joint tenants or tenants in common	Controls whether property passes outside the will
Debts and loans	Record interfamily loans and terms	Avoids disputes and tax confusion
Digital assets	Passwords, 2FA, social media, crypto, cloud	Prevents lockout and loss of value
Document storage	Originals, certified copies, who knows where	Speed of execution depends on access
Review cadence	Life events and scheduled reviews	Keeps the plan current and enforceable

Print that table and tick as you go.

3) Step by step: build your plan

Step 1: map your world

Create an asset and liability register:

• Property: address, title type, loan balance
  
• Super: fund, member number, current balance, nomination type
  
• Investments: brokerage, managed funds, private equity, crypto
  
• Trusts and companies: roles, appointor, directors, shareholders
  
• Personal insurance: policy numbers, sums insured, ownership
  
• Debts: home loan, investment loans, credit cards, family loans
  
• Digital assets: password manager location, seed phrases, 2FA methods
  

Add who owns what, and how. Ownership drives how assets pass.

Step 2: pick your decision makers

• Executor: Responsible, organised, and able to work with your solicitor and accountant. Consider naming a reserve.
  
• Guardian for minors: Practical caregiver who shares your values. Name a backup.
  
• Attorney (EPA): Someone financially literate who will act in your best interests. Many couples appoint each other first, with a trusted friend or professional as alternate.
  
• Enduring guardian: Calm under pressure and available. Medical background is helpful but not essential.
  

Step 3: write a will that fits your family

For most high-income families, a will with testamentary trust provisions is the standard. It allows assets to be held in a trust for children until a chosen age, and gives the trustee flexibility to distribute income tax effectively within the family group.

Decide:

• Specific gifts or charitable bequests
  
• How the residue is split
  
• Who acts as trustee of any testamentary trust
  
• How long the trust can run
  
• Powers and limits for the trustee
  
• Whether you include letters of wishes to guide decisions
  

Step 4: lock in EPAs and medical documents

Each adult needs their own Enduring Power of Attorney and Enduring Guardian or Advance Care Directive. These operate during life if you lose capacity. They do not operate after death. Your will takes over after death.

Step 5: align superannuation nominations

Super is a separate trust. The trustee decides who receives your super unless you have a valid binding death benefit nomination that the fund must follow. In many retail and industry funds you can choose:

• Binding non-lapsing nomination: Remains in force until you change it.
  
• Binding nomination with expiry: Typically lapses after 3 years unless renewed.
  
• Non-binding nomination: A guide only. The trustee has discretion.
  

You can nominate:

• Dependants for super law: Spouse, de facto, children of any age, someone financially dependent, or a person in an interdependency relationship.
  
• Your legal personal representative: Super is paid to your estate and then flows under your will.
  

Why this matters: tax. Super death benefits paid to a tax dependant such as a spouse, de facto, or a child under 18 are generally tax free. Benefits paid to an adult child who is not a tax dependant can be taxed on the taxable component. A common strategy is to direct super to the spouse, or to the estate to be managed by a testamentary trust, depending on your goals. Get advice before choosing.

Step 6: set insurance for liquidity

You want enough cash to retire debts, cover tax, and fund living costs for your family. Review:

• Life cover, TPD, and income protection
  
• Policy ownership and beneficiaries
  
• Whether cover sits in super, outside super, or a mix
  

Ownership and beneficiary choices affect tax and control. For example, a policy owned by a trustee may be tax effective in a buy-sell arrangement for a business, while personal ownership may suit family protection.

Step 7: update trust and company control

If you use a family trust, read the deed to identify the appointor or principal. This role controls who the trustee is. Update the deed to nominate a successor appointor on your death or incapacity.

For companies, update:

• Director succession
  
• Shareholder register and buy-sell agreements
  
• Constitution if needed
  

Step 8: document loans and gifts

If you have advanced funds to children or parents, write loan agreements with clear terms, interest, and repayment expectations. This avoids family conflict and helps a court distinguish between a gift and a loan if there is a dispute.

Step 9: plan for digital assets

List:

• Password manager location and master password recovery process
  
• Email accounts and 2FA methods
  
• Social media accounts and memorialisation instructions
  
• Cloud storage and photo libraries
  
• Crypto wallets, seed phrases, and cold storage locations
  
• Domain names and sites
  
• Subscriptions that need cancelling
  

Give your executor a pathway to access, preferably through a password manager emergency access feature and a sealed instructions letter held with your solicitor.

Step 10: store and share

• Keep originals with your solicitor in safe custody
  
• Keep certified copies at home in a fireproof safe
  
• Tell your executor and attorney where documents are stored
  
• Store a digital index with file names and locations
  

4) Structures that matter for high-income families

Testamentary trusts

A testamentary trust created by your will can:

• Protect assets from a beneficiary’s poor decisions or external claims
  
• Distribute income to children at adult tax rates in some cases
  
• Delay control until a beneficiary reaches a chosen age
  
• Hold and manage assets for a beneficiary with special needs
  

Design choices:

• One umbrella trust for the family, or one per child
  
• Who serves as trustee and who can replace the trustee
  
• How distributions are prioritised
  
• Rules for buying or selling key assets
  
• How long the trust runs and when capital can be advanced
  

Special disability trusts

For a beneficiary with severe disability, a Special Disability Trust can allow family to put assets aside for care while accessing certain social security concessions. Eligibility and trust deed terms are strict. Specialist legal advice is essential.

Family trusts and companies

• Update the appointor succession so control passes to the right person
  
• Confirm who becomes director if you die or lose capacity
  
• If the trust or company owns a business, set up buy-sell terms funded by insurance so your family receives value without having to run the business
  

SMSFs

• Review your trust deed for death benefit payment options
  
• Confirm whether your binding death benefit nomination is valid under the deed
  
• Plan for who becomes trustee or director of the corporate trustee
  
• Consider liquidity and whether the fund can pay benefits without forced sales
  
• Understand tax on death benefits and the impact of transfer balance caps for pensions
  

5) Asset ownership and beneficiary strategy

Property title choices

• Joint tenants: Your share passes to the surviving owner automatically. It does not flow through your will.
  
• Tenants in common: Your share passes under your will to your chosen beneficiaries.
  

Choose the title that matches your estate plan. Many couples hold the family home as joint tenants for simplicity and hold investment property as tenants in common for flexibility.

Bank accounts and investments

• Consider holding cash buffers in joint names for immediate access
  
• Keep investment accounts in clean ownership buckets so the executor can transfer or sell without confusion
  
• Maintain a current beneficiary nomination for any insurance bonds or investment bonds you hold
  

Matching assets to beneficiaries

Not all dollars are equal. Consider tax characteristics:

• Super and insurance inside super: Generally tax free to a spouse or child under 18. Usually taxable to independent adult children on the taxable component.
  
• Family home: Often CGT free on sale within time limits.
  
• Investment property: Carries CGT if sold by the estate.
  
• Company shares and managed funds: Carry unrealised gains.
  
• Life insurance outside super: Usually tax free to beneficiaries.
  

Use these characteristics to balance fairness and tax. A testamentary trust adds flexibility if beneficiaries’ needs change.

6) Tax issues most people miss

This section is where good planning saves real money.

Superannuation death benefits tax

• Paid to a tax dependant such as a spouse or a child under 18: generally tax free.
  
• Paid to a non-dependant adult child: taxable component can be taxed. The rate depends on components and fund type.
  
• Paid to the estate: the estate pays tax according to who ultimately benefits and the character of the components.
  

A carefully drafted will and nomination can reduce or defer tax. Some families direct super to a spouse, then use their own will to provide for adult children with other assets.

Capital gains tax in the estate

• No CGT is triggered just because assets pass to the executor or a beneficiary.
  
• CGT applies when an asset is sold by the estate or later by the beneficiary.
  
• The main residence exemption can apply for a limited time after death. Time limits differ by circumstance.
  
• Cost base resets and record keeping matter. Keep purchase dates, costs, and improvements documented.
  

Life insurance and buy-sell arrangements

• In business succession, ownership of insurance policies affects tax on proceeds.
  
• The wrong ownership structure can turn tax-free insurance into taxable receipts. Coordinate with your accountant and solicitor.
  

International assets

• Foreign estates can involve forced heirship, probate in multiple jurisdictions, and tax on death in that country.
  
• Keep separate wills for separate jurisdictions only under specialist advice. Wills must be coordinated so one does not revoke the other.
  

7) Digital assets, passwords, and social media

Executors increasingly fight with two enemies: lack of access and two-factor authentication. Solve both.

• Use a reputable password manager with emergency access enabled
  
• Store recovery codes for email and cloud accounts
  
• Prepare a list of critical accounts: banking, investments, crypto, social, utilities, domain registrars
  
• Provide instructions for social media memorialisation or deletion
  
• For crypto, document wallet types, seed phrase storage, and step-by-step access instructions. Without them, value can disappear permanently.
  

8) What happens when someone dies: the timeline

Every family should know this sequence.

Immediately

• Notify doctor or hospital, then family
  
• Secure the home and valuables
  
• Find the will, EPA, and medical directives
  
• Contact the executor and solicitor
  
• Notify life insurers to start claim processes
  

Week 1 to 4

• Funeral arrangements and death certificates
  
• Executor meets solicitor to confirm probate steps
  
• Freeze and inventory assets
  
• Notify banks, super funds, and registries
  
• Lodge life insurance claims and request super death benefit claim packs
  

Month 2 to 6

• Apply for probate or letters of administration if required
  
• Collect assets and pay debts
  
• Liquidate assets if needed for distributions
  
• Consider interim distributions to support dependants
  
• Maintain records for CGT and estate tax outcomes
  

Month 6 to 12

• Finalise distributions
  
• Set up testamentary trusts if included in the will
  
• Transfer titles and shareholdings
  
• File estate tax returns if needed
  
• Close the estate
  

Timelines vary by state, asset mix, and complexity. Insurance and super can often be paid faster, which is why your nomination and policy setup matter.

9) Common mistakes and how to avoid them

• No binding super nomination
  Fix it. Super often contains more value than the estate. Without a valid nomination, the trustee has discretion and the payment may be slower or tax inefficient.

• Out-of-date guardians and executors
  People move, age, and change. Refresh appointments with every life event.

• Trust deed control not updated
  The appointor clause can hand control to the wrong person. Review and update.

• Blended family not addressed
  Vague wishes create conflict. Use testamentary trusts and clear provisions.

• No liquidity
  All assets and no cash forces fire sales. Insurance fills the gap.

• DIY will kits for complex estates
  Cheap today, expensive later. If you have trusts, companies, business interests, or a blended family, use a specialist solicitor.

• Digital lockout
  No password plan means months of delay. Use a password manager with emergency access.

10) 30 day quick start and 90 day full build

30 day quick start

• Choose executor, guardians, attorney, and enduring guardian
  
• Book a meeting with a solicitor who focuses on estate planning
  
• Compile your asset and liability register
  
• Check your super nominations and life insurance ownership
  
• Decide your document storage plan and who is told
  

90 day full build

• Execute updated wills with testamentary trust provisions if needed
  
• Sign EPAs and medical directives for each adult
  
• Update family trust appointor clauses and corporate roles
  
• Finalise binding non-lapsing super nominations
  
• Right-size life and TPD cover for liquidity
  
• Document interfamily loans
  
• Set up a password manager and emergency access
  
• Provide your executor with a one page access map
  

Set a recurring annual review in your calendar. Add a review on life events: marriage, separation, new child, property purchase, business sale, inheritance, moving interstate or overseas.

11) FAQs

Do I really need a will if everything is jointly owned?
Yes. Joint assets may pass to the survivor, but super, life insurance, personal possessions, business interests, and individual bank or investment accounts still need direction. A will also covers guardianship guidance and testamentary trusts for children.

Does my will control my super?
Not by default. Super sits in a separate trust. It follows a valid binding death benefit nomination or the trustee’s discretion. You can nominate your legal personal representative to pay super into your estate if that suits your plan.

What is the difference between EPA and enduring guardian?
EPA covers financial and legal decisions. Enduring guardian covers medical and lifestyle decisions. Each state uses slightly different terms and forms. You usually need both.

Why use a testamentary trust instead of leaving assets directly to children?
Control and tax. A testamentary trust can protect assets until children reach an age you choose and can provide tax flexibility for distributions while they study or earn lower incomes.

Can I leave different assets to different children to make it “fair”?
You can, but consider the tax profile of each asset. Equal dollar values before tax are not equal after tax. Structure matters more than labels.

Do I need a solicitor or can I write a will myself?
A DIY will can work for a simple estate. If you have a partner, children, property, business interests, trusts, or a blended family, use a specialist. The cost is small compared to the cost of disputes.

What happens if I die without a will?
State intestacy laws decide who gets what. It may not match your wishes and can delay administration. Guardianship and control of trusts may be messy.

Should I keep my will secret from family?
Tell your executor and attorney where to find documents. You do not need to share every detail, but secrecy often creates suspicion and confusion later.

How often should I review my plan?
Annually, plus any time you marry, separate, have a child, buy or sell property, start or sell a business, change super funds, or move interstate or overseas.

Can a former partner claim against my estate?
Possibly. Family provision claims depend on state law, relationship history, and financial dependence. Clear planning reduces risk but does not eliminate it.

What about crypto and other digital assets?
Document access. Without seed phrases and recovery steps, value can be lost permanently. Treat digital assets as seriously as bank accounts.

12) How Pivot Wealth helps

Estate planning is where law, tax, structures, and human dynamics meet. Our role is to coordinate the moving parts so you get a plan that works in the real world.

What we do

• Map your assets, structures, and family goals
  
• Recommend will structures with your solicitor, including testamentary trusts
  
• Align EPAs, enduring guardian documents, and medical directives
  
• Coordinate super nominations and insurance ownership
  
• Review trust deeds, appointor succession, and company control
  
• Model tax and liquidity so the plan is practical
  
• Create your one page access map and document index
• Set annual reviews and life event prompts

And if you want support, there are three ways we can help:

1. Personalised financial advice: If you want a customised plan to get more out of the money you have today AND the support to rapidly turn it into results, 1-1 advice might be for you. Book a call to learn how advice can help you here.
2. Smart Money Accelerator: Digital Financial Advice to help you replace your salary by investing. Free trial here.
3. Free money content: Money education on your platform of choice: Live events | Podcast on Apple | Spotify Socials: TikTok | Linkedin | Youtube | Facebook | Instagram

Your goal is freedom and options. The plan above gets you there without drama.

 

Disclaimer: General information for Australians. Not legal or tax advice. Always seek advice from a qualified solicitor and tax adviser for your situation.