An estate planning checklist is the most important document most Australian families never write. According to Adviser Ratings, tax tops the wealth-transfer worry list for 57% of Australians. Yet what overwhelms families first is far simpler. They can’t find anything.
This is the most uncomfortable article we’ll write this year. However, it may also be the most useful. So consider one honest question. If you couldn’t manage your finances tomorrow, would your family know where to start? For most couples, the answer is “sort of”, and an estate planning checklist closes that gap.
We’re not talking about morbid planning. Instead, we’re talking about clarity under stress. When someone dies or loses capacity, the people left behind are grieving, exhausted and suddenly in charge. What’s more, they’re making decisions that are hard to undo.
You’ve already done the hard part. You built the super, paid down the home and raised the family. The last step is making sure none of it becomes a burden on the people you love. Fortunately, that step is far more achievable than it sounds.
A will tells your family what you want. A checklist tells them where to find it.
At a glance
The Seven-Part Family Transfer Checklist
What your family would need, in the order they’d need it.
Why an estate planning checklist matters more than the tax
Tax gets the headlines in wealth-transfer conversations. In Adviser Ratings’ 2025 landscape report, tax minimisation was the leading concern, at 57%. Preserving family wealth and deciding when to distribute it followed, at 49% each. These are valid worries, and good planning addresses them.
However, tax is rarely the first thing that goes wrong. Usually, the first problem is admin. A partner can’t access an account in the other person’s name. A statement from a forgotten super fund arrives six months later. Meanwhile, bills keep landing in an inbox nobody can open.
The policy backdrop keeps shifting, too. The 2026–27 Budget proposed a 30% minimum tax on discretionary trusts from 1 July 2028. After a public backlash, the Government said genuine testamentary trusts and deceased estates would be excluded. Draft legislation then went out for consultation, which closed on 18 September.
Proposed — not yet law
The minimum tax on discretionary trusts, including the testamentary trust exclusion, is still a proposal. Final rules may differ from the draft. Please don’t rewrite a will or restructure a trust based on a headline. Instead, review your arrangements once the legislation passes.
The lesson for families is reassuring. Rules will keep changing, which is why any plan needs a regular review. On the other hand, the foundations of a good estate planning checklist have barely changed in decades.
What families struggle with most
Consider a situation we see in different forms every year. The names and details here are changed. A couple in their early sixties were well organised by most standards. He looked after the investments, while she looked after everything else.
When he died suddenly, she knew there were shares “somewhere” and a term deposit “at one of the banks”. As a result, it took her eleven months and three institutions to find it all. Every call started with proving who she was.
Nothing in that story was a disaster. There was a valid will, the super had a nomination, and the money was all there. Yet the year after the funeral was far harder than it needed to be. Above all, it was preventable.
The three things families struggle with most
Admin confusion: nobody knows which institution holds what. Missing documents: the will is “somewhere” and the insurance policy is lost. No instructions: the family is left guessing what you’d want. Each one is preventable with one afternoon, one folder and a simple estate planning checklist.
Building your estate planning checklist, part by part
The seven parts below follow the order your family would actually need them. First, someone needs legal authority. Next, they need to know what exists. Finally, they need to know what you’d want. Work through one part at a time, and don’t aim for perfect on the first pass.
The legal core: where every estate planning checklist starts
Every estate planning checklist starts with the documents that give someone legal authority. A will covers what happens after death. However, an enduring power of attorney covers the years before, if you lose capacity. For many retirees, that second document matters just as much.
Also consider an enduring guardian or advance care directive. These cover health and lifestyle decisions, and the names differ by state. In NSW, for example, it’s called an appointment of enduring guardian. Most importantly, your family needs to know where the signed originals are kept.
Part 1 checklist
A will nobody can find is almost as unhelpful as no will at all.
The money map: every account and asset
Next, list every account and asset, even the small ones. That includes bank accounts, term deposits, shares, managed funds and property. Note whose name each is in, because ownership decides how it passes. For instance, jointly held assets usually pass straight to the survivor.
You don’t need balances, because they go stale quickly. Instead, record the institution, the account type and a contact. Keep purchase records too, since beneficiaries often inherit the original cost base for capital gains tax. Also flag any assets held overseas, which usually take longer to deal with.
Part 2 checklist
Super and insurance: the assets outside your will
Super is often the largest asset after the family home. Yet it usually sits outside your will. Instead, the fund trustee decides who receives it, unless a valid binding nomination is in place. The estate planning checklist version is simple: record every fund, the member number and the nomination type.
Who receives it also changes the tax. Payments to a spouse are generally tax-free. By contrast, financially independent adult children can pay up to 15% plus the Medicare levy on the taxable component. If you have an account-based pension, note whether it’s reversionary, because that can also affect your partner’s transfer balance cap.
Similarly, list every insurance policy, including cover held inside super. Families regularly miss claims on cover they never knew existed. That’s why knowing exactly what cover you hold belongs on this list.
Part 3 checklist
The debt list: bad, good and smart debt
Your family needs the full picture, including what you owe. At CFV, we group debt into three types. Bad debt covers credit cards, car loans, personal loans and buy now, pay later. Good debt is the home loan. Smart debt is borrowing to invest, such as an investment property loan.
Why does the distinction matter here? Because each type raises a different question when someone dies. Bad debt is generally repaid from the estate before anyone inherits. Good debt needs a plan so the survivor can stay in the home. Meanwhile, smart debt is tied to an asset the family may want to keep or sell.
Part 4 checklist
Digital life: the part most checklists forget
Today, bills, statements and share registries mostly live online. If nobody can open your email, your family may miss the letter that matters. Two-factor codes sent to a locked phone cause similar trouble. As a result, digital access now belongs on every estate planning checklist.
Never write passwords into your will, because many people may eventually read it. Instead, consider a password manager with an emergency access feature. Alternatively, keep a sealed, dated list with your solicitor. Either way, executors should still contact institutions directly rather than logging in as you.
Part 5 checklist
The people to call
In the worst week of their lives, families shouldn’t have to hunt for your team. So list every professional who already knows your affairs. That includes your solicitor, accountant, financial planner and insurance broker. In particular, include the executor and attorney you’ve appointed, with current numbers.
Also add the personal contacts. For example, the neighbour with the spare key, or the sibling who should hear the news first. These details feel small until someone needs them at 2am.
Part 6 checklist
The letter of wishes
Finally, write down what you’d actually want. A letter of wishes usually isn’t legally binding. Nevertheless, it’s often the page families treasure most. It can cover funeral preferences, pets and who should receive sentimental items.
It can also explain the thinking behind your will. In particular, explain anything that might surprise people, such as unequal gifts to children. Put simply, a few honest sentences now can prevent years of hurt later.
Part 7 checklist
Is your family prepared? The honest 60-second check
Here’s a quick self-assessment. Ask yourselves one question: if either of you couldn’t manage your finances tomorrow, is the family prepared? Then pick the answer that feels most honest.
Where to keep your estate planning checklist
An estate planning checklist only helps if someone can find it. So keep one physical folder and one secure digital copy. Then tell one trusted person where both live. Ideally, that’s your executor.
Next, set a review rhythm. A good habit is to review your estate planning checklist each June, alongside your end-of-financial-year planning. Also review it after any big change, such as a death, a divorce, a new grandchild or selling the home.
Your estate planning checklist at a glance
What an estate planning checklist can’t do on its own
An estate planning checklist shows your family where everything is. However, it can’t tell you whether the pieces work together. For example, does your super nomination match your will? Would your partner have enough income if one pension stopped? And is your insurance still right for this stage of life?
Those questions are where the real risk sits. Consequently, they’re also where a second set of eyes pays for itself. To go deeper, Victor covers estate planning, super drawdown and aged care in this Elevate Your Wealth episode. For the bigger picture, read our guide to building and passing on generational wealth.
Where to start your estate planning checklist this week
Don’t try to finish in one sitting. First, find your will and powers of attorney, and check they’re current. Next, list your super funds and confirm each nomination. Then sit down together and build the money map. Once that’s done, tell one person where the folder lives.
One more thing. If this article made you think of your parents, a sibling or a close friend, send it to them. Honestly, it may be the most useful thing you share this year. And if you’re still a few years from retirement, why trusted advice matters for pre-retirees is a good next read.
🎧 Prefer to listen? Catch this episode on the Two Incomes, One Plan podcast.
About the author
Victor Idoko
CFA · CFP® · M.Com (Finance) | Principal Financial Planner, CFV Advisory
Victor Idoko is the Principal Financial Planner at CFV Advisory, an Australian practice working with pre-retirees, professional couples and business owners. He is the author of 7 Basic Wealth Strategies and his latest book, 5X Your Wealth.
He also hosts the Elevate Your Wealth podcast, where he interviews specialists across tax, property, insurance and estate planning. You can find more of his work at cfvadvisory.com.au.
Don’t Wing It. Plan It.
Would your family know where to start?
A checklist shows your family where everything is. We help make sure it all works together: your will, super nominations, insurance and retirement income. That way, the plan holds up when it matters most.
This article contains general information only. It does not take into account your objectives, financial situation or needs, and it is not personal financial, tax or legal advice. Superannuation, taxation and estate rules change, and figures quoted are current at the date of publication. Proposed measures referred to are not law and may change. Client examples are illustrative, and names and details have been changed. You should consider whether the information is appropriate for you and seek advice from a licensed financial adviser, registered tax agent or solicitor before acting. Victor Idoko is a Principal Financial Planner at CFV Advisory (CFV Services Pty Ltd), an Authorised Representative of Spark Advisors Australia.