Explore our comprehensive Estate Planning Checklist Australia, a step-by-step tool for managing your assets & future healthcare decisions efficiently. Perfect for Aussies.
1
Discuss and decide on financial and healthcare decisions
2
Identify and list all assets and liabilities
3
Choose an executor for your estate
4
Discuss guardianship of minor children if applicable
5
Consult with an estate planning attorney
6
Create or update your Will
7
Approval: Will details
8
Consider setting up a Trust
9
Discuss and decide on beneficiaries of your estate
10
Establish healthcare directives and power of attorney
11
Record your digital legacy
12
Write a letter of intent
13
Keep secure, accessible records of all the above documents
14
Review and update your estate plans regularly
15
Inform your executor, trustee and loved ones of your estate plans
16
Set plan to reduce or eliminate estate taxes if applicable
17
Approval: Estate Plan
Discuss and decide on financial and healthcare decisions
In this task, you will discuss and make decisions regarding your financial and healthcare matters. This is a crucial step in the estate planning process as it ensures that your wishes are known and followed. Consider the impact these decisions will have on your loved ones and the overall estate plan. What financial decisions need to be made? What healthcare decisions need to be discussed? Are there any potential challenges or concerns that need to be addressed? Use the relevant form fields below to document your decisions and ensure they are accurately represented in your estate plan.
Identify and list all assets and liabilities
In this task, you will identify and list all of your assets and liabilities. This includes real estate, bank accounts, investments, debts, and any other items of value. It is important to have a comprehensive list of your assets and liabilities to ensure they are properly distributed according to your wishes. Use the relevant form fields below to document your assets and liabilities. Be as detailed as possible and consider including their estimated value.
Choose an executor for your estate
In this task, you will choose an executor for your estate. The executor is responsible for carrying out your wishes as outlined in your estate plan. Consider selecting someone you trust and who is capable of handling the responsibilities involved. Will they be able to manage any potential conflicts among beneficiaries? Will they have access to necessary financial and legal resources? Use the relevant form fields below to document your choice of executor.
Discuss guardianship of minor children if applicable
In this task, you will discuss the guardianship of your minor children (if applicable). It is important to designate a guardian who will care for your children in the event of your untimely death. Consider the values and qualities you would like the guardian to possess. Will they be able to provide a stable and loving home for your children? Use the relevant form fields below to document your discussions and decisions regarding guardianship.
Consult with an estate planning attorney
In this task, you will consult with an estate planning attorney. An attorney specializing in estate planning can provide valuable guidance and expertise to ensure that your estate plan is legally sound and reflects your wishes. During the consultation, discuss your goals, concerns, and any specific legal requirements or considerations. Ask questions to clarify any aspects of the process that are unclear. Use the relevant form fields below to document your consultation.
Create or update your Will
In this task, you will create or update your Will. A Will is a legal document that outlines how you want your assets to be distributed after your death. Consider how you want your property, belongings, and investments to be divided among your beneficiaries. Are there any specific bequests or conditions you want to include? Work closely with your attorney to ensure that your Will accurately reflects your wishes and meets all legal requirements. Use the relevant form fields below to document the details of your Will.
Approval: Will details
Will be submitted for approval:
Create or update your Will
Will be submitted
Consider setting up a Trust
In this task, you will consider setting up a Trust. A Trust is a legal entity that can hold and manage your assets on behalf of your beneficiaries. It can provide added protection, control, and flexibility in the distribution of your assets. Discuss with your attorney the advantages and disadvantages of setting up a Trust and whether it aligns with your estate planning goals. Use the relevant form fields below to document your discussions and decisions regarding the establishment of a Trust.
1
Asset protection
2
Probate avoidance
3
Privacy
4
Tax planning
5
Flexibility of distribution
1
Cost
2
Complexity
3
Loss of control
4
Irrevocability
5
Ongoing administration
Discuss and decide on beneficiaries of your estate
In this task, you will discuss and decide on the beneficiaries of your estate. Beneficiaries are the individuals or organizations that will receive your assets after your death. Consider the relationships you have with potential beneficiaries, their financial circumstances, and any specific bequests you want to make. Ensure that your decisions align with your overall estate planning goals and intentions. Use the relevant form fields below to document your discussions and decisions regarding beneficiaries.
Establish healthcare directives and power of attorney
In this task, you will establish healthcare directives and a power of attorney. Healthcare directives outline your wishes for medical treatment and end-of-life care in case you become unable to make decisions for yourself. A power of attorney grants someone the authority to make financial and legal decisions on your behalf. Discuss your preferences and values with your attorney to ensure that your healthcare directives and power of attorney accurately reflect your wishes. Use the relevant form fields below to document the details of your healthcare directives and power of attorney.
Record your digital legacy
In this task, you will record your digital legacy. Your digital legacy includes your online accounts, social media profiles, and other digital assets. Consider what you want to happen to your digital presence after your death. Do you want your accounts deleted or memorialized? Who should have access to your online content? Use the relevant form fields below to document your digital legacy and any specific instructions or wishes you have.
Write a letter of intent
In this task, you will write a letter of intent. A letter of intent is a non-binding document that provides guidance and instructions to your loved ones and executor. It can include details about your funeral arrangements, personal messages, and other important information. Consider what you want to communicate to your loved ones and what instructions or wishes you want to convey. Use the relevant form fields below to write your letter of intent.
Keep secure, accessible records of all the above documents
In this task, you will keep secure and accessible records of all the estate planning documents and information you have gathered. This includes your Will, healthcare directives, trust documents, list of assets and liabilities, and any other relevant records. Consider using a secure digital storage solution or a safe deposit box to protect these important documents. Ensure that your executor and loved ones know where these records are located and how to access them. Use the relevant form fields below to document the details of your record keeping system.
Review and update your estate plans regularly
In this task, you will review and update your estate plans regularly. Estate planning is an ongoing process, and it is important to periodically review and update your plans to reflect any changes in your life or circumstances. Review your estate plans at least annually and consider if any changes need to be made. Have there been any major life events or changes in your financial or family situation? Use the relevant form fields below to document the details of your review and any updates made to your estate plans.
Inform your executor, trustee and loved ones of your estate plans
In this task, you will inform your executor, trustee, and loved ones of your estate plans. It is important to communicate your wishes and intentions to those who will be involved in the administration of your estate. Share the relevant documents and provide clear instructions on what needs to be done. Consider having a conversation with your loved ones to ensure that they understand your wishes and can ask any questions they may have. Use the relevant form fields below to document the details of your communication.
Set plan to reduce or eliminate estate taxes if applicable
Reducing or eliminating estate taxes can help preserve more of your assets for your beneficiaries. Consult with an estate planning attorney or tax professional to explore strategies and options available to minimize estate taxes. Consider different methods like gifting, charitable giving, or establishing a trust. Have you considered a plan to reduce or eliminate estate taxes?
1
Yes
2
No
Approval: Estate Plan
Will be submitted for approval:
Discuss and decide on financial and healthcare decisions
Will be submitted
Identify and list all assets and liabilities
Will be submitted
Choose an executor for your estate
Will be submitted
Discuss guardianship of minor children if applicable
Will be submitted
Consult with an estate planning attorney
Will be submitted
Create or update your Will
Will be submitted
Consider setting up a Trust
Will be submitted
Discuss and decide on beneficiaries of your estate
Will be submitted
Establish healthcare directives and power of attorney
Will be submitted
Record your digital legacy
Will be submitted
Write a letter of intent
Will be submitted
Keep secure, accessible records of all the above documents
Will be submitted
Review and update your estate plans regularly
Will be submitted
Inform your executor, trustee and loved ones of your estate plans
Will be submitted
Set plan to reduce or eliminate estate taxes if applicable
