Estate planning checklist Australia: what you need to know

Family of four smiling and hugging

Estate planning checklist Australia: what you need to know

Estate planning checklist Australia: what you need to know 

One day, we will all leave this wonderful world.

Luckily, on the bright side, there are plans we can put in place to ensure all of our wishes are fulfilled when that day does come.


The Standard Estate Planning Checklist for Australians

When you meet with your financial advisor, they will begin by hosting a discovery session.

Your financial advisor will work with you to discuss developing your estate plan using the estate planning checklist:


A will is a legally binding document that expresses how a person would like their property to be distributed after passing.

When you prepare your will, you will outline your wishes for when you pass, including:

  • How your assets will be distributed
  • Who will be legal guardians for your children (if they are under 18)
  • How your loved ones should carry out your funeral or burial

Without a will, your assets will be distributed according to your state’s laws.


A Binding Death Benefit or Non-lapsing Death Benefit allows you to nominate who should receive your death benefit when you pass.

Your death benefit includes the total super balance and any life insurance held in the fund. 

Without a Binding Death Benefit or Non-lapsing Death Benefit, your super fund will follow it’s own rules to distribute your benefit.

Your financial advisor will discuss this with you, in more depth, so that you’re confident your super fund will act as you please.



If you have life insurance outside of your super fund, you will need to nominate a beneficiary to receive your benefit when you pass away.

If you do not nominate a beneficiary and your benefit is more than $50,000, it will be paid to your estate. If your benefit is less than $50,000, it may be paid to a spouse or child.



When it comes to distributing your assets, your financial advisor will explain how you can do so in a way that attracts fewer tax implications for your recipients.

Your advisor will cover things like:

  • Deferring Capital Gains Tax (CGT) liability
  • Incorporating testamentary trusts into your will



The purpose of a Power of Attorney (PoA) is to make decisions on your behalf regarding things that relate to personal, lifestyle and financial decisions.

You may choose to appoint somebody you trust as your general Power of Attorney or enduring Power of Attorney.

Your financial advisor will work with you to provide recommendations on the best options for you and your needs.


Start Estate Planning Today

This is not an estate planning checklist for seniors. In fact, it’s recommended that people who are earning a steady income and are beginning to purchase assets, should consider estate planning. 

Make sure your legacy is able to benefit the people that matter most to you and begin your estate planning today.

Subscribe to our newsletter

Enter your details below to receive regular updates, industry news and announcements

  • This field is for validation purposes and should be left unchanged.