Why You Need an Estate Planning Checklist
Estate planning is not a single document — it is a system. Your Will, Power of Attorney, superannuation nominations, insurance policies, and digital accounts all need to work together. If one piece is missing or outdated, the entire plan can fail.
Most people create a Will and assume they are covered, not realising that their super balance (often their largest asset) is not governed by their Will at all. This checklist covers every document, every asset, and every decision you need to address — organised by life stage so you can focus on what matters most right now.
How to use this guide: Work through the checklist that matches your current life stage, then complete the Core Documents and Asset Inventory sections. Revisit it whenever a major life event occurs.
Estate Planning Checklist by Life Stage
Young Adults (18–30)
You might think estate planning is for older people. It is not. If you are over 18, you are old enough to need a plan — and old enough that the government will impose one on you if you do not create your own.
Sarah, 24, rents an apartment in Melbourne, has $38,000 in super, and shares a car loan with her partner. She assumes she owns nothing worth planning for. But without a Will, her super fund trustee decides who receives her death benefit — and without a Power of Attorney, nobody can manage her finances if she is in an accident.
Your checklist:
- ☐ Create a basic Will (even if your estate is small)
- ☐ Set up an Enduring Power of Attorney
- ☐ Complete an Advance Care Directive (medical wishes)
- ☐ Log into your super fund and check your death benefit nomination
- ☐ Make a list of your digital accounts (email, social media, banking apps)
- ☐ Store your passwords and PINs securely (ezyWill’s Digital Vault is built for this)
- ☐ Tell one trusted person where your documents are kept
Parents with Young Children (30–45)
This is the life stage where estate planning becomes urgent. If something happens to both parents, who raises your children? Without a Will that nominates guardians, the court decides — and the court does not know your family the way you do.
James and Priya, both 38, have two children aged 4 and 7. They have a mortgage, employer super, and term life insurance through their fund. They have talked about guardianship but never written anything down. If both were killed in a car accident today, a court would appoint a guardian — potentially someone James and Priya would never have chosen.
Your checklist:
- ☐ Create or update your Will with guardian nominations for all minor children
- ☐ Name a backup guardian in case your first choice cannot serve
- ☐ Set up Enduring Powers of Attorney (financial and medical) for both parents
- ☐ Review life insurance — does the payout cover the mortgage, school fees, and living costs for your children until age 18?
- ☐ Check super death benefit nominations for both parents (binding nominations are stronger than non-binding)
- ☐ Consider a testamentary trust for children’s inheritance (protects assets until they are mature enough to manage them)
- ☐ Create an Advance Care Directive for both parents
- ☐ Store critical documents in one secure location (ezyWill’s Digital Vault or a fireproof safe)
- ☐ Discuss your plan with your nominated executor and guardians — make sure they agree
For a detailed walkthrough, see our estate planning guide for families.
Mid-Career Professionals (45–60)
Your estate is likely more complex now: property, shares, possibly a business or an investment portfolio. Your children may be older, but your ageing parents may now need consideration in your plan.
David, 52, owns a home, an investment property, $420,000 in super across two funds, a small share portfolio, and is a 50% partner in a consulting business. His Will is 11 years old and still names his ex-wife as executor.
Your checklist:
- ☐ Review your Will — does it reflect your current relationships, assets, and wishes?
- ☐ Update executor and beneficiary nominations if your circumstances have changed
- ☐ Consolidate super into one fund (reduces admin, simplifies death benefit)
- ☐ Renew binding death benefit nominations (they lapse every 3 years in most funds)
- ☐ Review Powers of Attorney — are your appointed attorneys still appropriate?
- ☐ If you own a business, add succession provisions (buy-sell agreement, key person insurance)
- ☐ Review investment structures — are assets held in a trust, company, or personal name? Each has different estate implications
- ☐ Update your Advance Care Directive
- ☐ Ensure your digital asset list is current (online banking, brokerage accounts, crypto wallets)
- ☐ If you have moved states, check whether your Will is compliant with your new state’s legislation
Pre-Retirees (60–70)
You are approaching or entering retirement, and your focus shifts from building wealth to preserving and distributing it. Superannuation rules become especially important now, as your balance is likely at its peak.
Margaret, 64, has $680,000 in super, a paid-off home, and a pension income stream. Her three adult children live in different states. She wants to leave her estate equally but has not updated her Will since her husband died five years ago.
Your checklist:
- ☐ Update your Will to reflect your current wishes (beneficiaries, specific gifts, residual estate)
- ☐ Review super — consider a non-lapsing binding death benefit nomination if your fund offers it
- ☐ Check whether your super is in accumulation or pension phase (this affects tax treatment for beneficiaries)
- ☐ Ensure your Enduring Power of Attorney is up to date (this is critical as cognitive decline risk increases)
- ☐ Review and update your Advance Care Directive with specific wishes
- ☐ Consider whether you need a funeral plan (pre-paid or documented wishes)
- ☐ Declutter your asset base — close unused accounts, consolidate investments
- ☐ Ensure your executor knows where all documents, accounts, and policies are stored
- ☐ If you have grandchildren, consider whether to include them in your Will or set up an education trust
Retirees (70+)
The most common problem at this life stage is not the absence of a plan — it is a plan that is 15 years out of date.
George, 78, made his Will in 2009. It names his wife as sole beneficiary, but she passed away in 2021. Without an update, his estate will be distributed under intestacy rules — not according to his actual wishes.
Your checklist:
- ☐ Review your Will — is every named person still alive and still the right choice?
- ☐ Confirm your executor is willing and able to serve (consider their age and health too)
- ☐ Verify your Power of Attorney is activated or ready to activate if needed
- ☐ Ensure your Advance Care Directive reflects your current medical preferences
- ☐ Compile a “where to find everything” document for your executor (accounts, policies, property titles, digital logins)
- ☐ Review super and pension account nominations
- ☐ Consider whether to gift assets during your lifetime (tax and Centrelink implications apply)
- ☐ Discuss your wishes openly with your family to reduce disputes after death
- ☐ Store your original Will in a known, accessible location (not a locked safe nobody can open)
Core Estate Planning Documents Checklist
Regardless of your age or wealth, every Australian adult should have these documents in place:
Legal Documents
- ☐ Will — Specifies who inherits your assets, names your executor, and appoints guardians for minor children. Create yours in 15 minutes.
- ☐ Enduring Power of Attorney (Financial) — Appoints someone to manage your finances if you lose capacity. Learn more.
- ☐ Enduring Power of Attorney (Medical) / Guardianship — Appoints someone to make health and lifestyle decisions on your behalf. Form names vary by state.
- ☐ Advance Care Directive — Documents your specific medical treatment preferences (e.g., life support, palliative care, organ donation).
Financial Nominations
- ☐ Superannuation death benefit nomination — Directs your super balance to your chosen beneficiaries. Check whether your nomination is binding or non-binding, and whether it has lapsed. See our superannuation estate planning guide.
- ☐ Life insurance beneficiary review — Confirm who receives the payout. If your policy is held inside super, the nomination is governed by super law, not your Will.
- ☐ Joint account survivorship — Understand which accounts pass automatically to the surviving holder (and therefore fall outside your Will).
Appointments and Arrangements
- ☐ Executor — The person who carries out your Will. Choose someone you trust, and always name a backup.
- ☐ Guardian — If you have children under 18, nominate who will raise them if both parents die. See our comprehensive guardianship guide.
- ☐ Trusted deputies — People who can access your ezyWill Digital Vault in an emergency.
Asset Inventory Checklist
Your executor cannot distribute what they do not know about. Use this checklist to build a complete inventory of everything you own.
Property
- ☐ Principal place of residence (PPOR) — note whether owned solely, jointly, or as tenants in common
- ☐ Investment properties
- ☐ Rural or agricultural land
- ☐ Overseas property
Financial Assets
- ☐ Superannuation balances (list all funds, even old forgotten ones)
- ☐ Bank accounts (savings, offset, term deposits)
- ☐ Share portfolios (list brokerage platforms)
- ☐ Managed funds and ETFs
- ☐ Cryptocurrency wallets (note which exchanges and whether self-custodied)
- ☐ Bonds and fixed income investments
Insurance
- ☐ Life insurance (inside and outside super)
- ☐ Total and permanent disability (TPD) insurance
- ☐ Income protection insurance
Business Interests
- ☐ Company shares or directorships
- ☐ Partnership interests
- ☐ Trust interests (family trust, discretionary trust, unit trust)
- ☐ Business buy-sell agreements
Personal Items of Value
- ☐ Jewellery, watches, and heirlooms
- ☐ Art, antiques, and collectibles
- ☐ Vehicles (cars, boats, caravans)
Digital Assets
- ☐ Email accounts and social media profiles
- ☐ Cloud storage (Google Drive, iCloud, Dropbox)
- ☐ Domain names and websites
- ☐ Online subscriptions, memberships, and loyalty points
- ☐ Digital photos and videos stored online
Tip: Store your complete asset inventory in ezyWill’s Digital Vault. It is AES-256 encrypted and accessible only by you and your nominated deputies.
When to Review Your Estate Plan
A Will is not a set-and-forget document. Life changes, and your estate plan needs to change with it. Review your plan whenever any of the following occurs:
| Life Event | What to Check |
|---|---|
| Marriage | Will may be automatically revoked (in most states). Create a new Will immediately. |
| Divorce or separation | Remove ex-spouse as beneficiary and executor. Check super nominations. |
| Birth or adoption of a child | Add guardianship clause. Update beneficiaries. Review life insurance. |
| Death of a beneficiary or executor | Name replacements in your Will. |
| Major asset purchase (home, business) | Ensure new asset is covered by your Will or held in the correct structure. |
| Moving to a different state | Check your Will complies with the new state’s succession legislation. |
| Retirement | Review super, pension, and distribution strategy. |
| Diagnosis of serious illness | Confirm Power of Attorney and Advance Care Directive are current. |
| Change in financial circumstances | Update specific gifts and residual estate distribution. |
At minimum, review your estate plan once per year — even if nothing has changed. Set a calendar reminder for the same date each year.
Common Estate Planning Mistakes to Avoid
1. Assuming your super is covered by your Will. It is not. Superannuation is a separate asset governed by trust law. Without a valid death benefit nomination, the fund trustee decides who receives your balance — not your Will.
2. Not naming a backup executor. If your sole executor dies, becomes incapacitated, or refuses to act, the court must appoint an administrator. Always name a substitute.
3. Choosing the wrong executor. Your executor should be trustworthy, organised, and willing. Being named executor is a significant responsibility. Talk to your chosen person before putting them in your Will.
4. Forgetting to sign and witness your Will. A Will that is not properly signed and witnessed is invalid — no matter how detailed or well-intentioned. You need two independent adult witnesses who are not beneficiaries.
5. Using outdated documents. A Will from 2008 does not reflect your 2026 life. Outdated guardianship nominations, deceased beneficiaries, and pre-marriage Wills are among the most common problems estates face.
6. Not telling anyone where your documents are. A perfect Will is useless if nobody can find it. Tell your executor and one other trusted person where your original Will is stored.
7. Ignoring digital assets. If your executor does not know about your cryptocurrency wallet, email accounts, or online banking, those assets may be lost permanently.
How to Get Started
You do not need a solicitor to build a complete estate plan. With ezyWill, you can create your core documents online in under an hour:
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Create your Will — our guided questionnaire covers executors, beneficiaries, guardians, specific gifts, and residual estate. Tailored to your Australian state or territory. Start here.
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Set up your Power of Attorney — financial and medical POA documents that comply with your state’s requirements. Learn more.
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Store everything securely — use the Digital Vault to save your asset inventory, passwords, crypto keys, and personal instructions. AES-256 encrypted.
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Nominate trusted deputies — give family members or friends emergency access to your vault with built-in safety delays.
All of this costs $99 per year — less than a single hour of a solicitor’s time. And you can update everything, as many times as you need, at no extra cost.
Create your estate plan now — it takes about 15 minutes. You can also compare online Will providers to see how ezyWill stacks up.
Printable checklist: We are preparing a downloadable PDF version of this checklist for you to print and work through offline. Check back soon or subscribe to our newsletter to be notified when it is available.
Frequently Asked Questions
Do I need an estate plan if I do not own property?
Yes. Your estate includes superannuation, bank accounts, personal items, digital assets, and any debts. Even if you rent, your super balance alone may be worth hundreds of thousands of dollars. Without a plan, the government decides who receives it.
What is the most important estate planning document?
Your Will is the foundation of any estate plan. It determines who inherits your assets, who manages your estate, and who raises your children. However, a Will alone is not enough — you also need a Power of Attorney and a superannuation death benefit nomination to be fully covered.
How often should I review my estate plan?
At minimum, once per year. You should also review immediately after any major life event: marriage, divorce, birth of a child, death of a beneficiary, major asset purchase, or moving to a different state.
Does my superannuation form part of my estate?
Not automatically. Superannuation is held in trust by your fund and distributed according to your death benefit nomination — not your Will. If you have no binding nomination, the fund trustee decides. This is one of the most commonly overlooked aspects of estate planning.
What happens if I do not have a Power of Attorney?
If you lose the ability to make decisions (due to accident, illness, or cognitive decline) and have no Power of Attorney, your family must apply to a tribunal or court for a guardianship or administration order. This process is slow, stressful, and expensive.
Can I do my own estate planning without a lawyer?
Yes, for most Australians with straightforward estates. ezyWill provides legally structured templates for Wills and Powers of Attorney, tailored to your state. For complex situations — blended families, business succession, international assets — we recommend consulting a solicitor as well.
What is the difference between a binding and non-binding super nomination?
A binding nomination legally compels the fund trustee to pay your death benefit to your chosen beneficiaries. A non-binding nomination is only a suggestion the trustee considers. Binding nominations lapse every three years unless your fund offers a non-lapsing option.
How much does estate planning cost in Australia?
A solicitor typically charges $600–$1,500 for a Will alone, plus additional fees for Powers of Attorney. With ezyWill, you can create a complete estate plan — Will, POA, Digital Vault, and unlimited updates — for $99 per year.
This article is for general informational purposes only and does not constitute legal advice. Estate planning requirements differ between Australian states and territories. For advice on your specific circumstances, we recommend consulting a qualified solicitor. ezyWill provides legally structured document templates tailored to Australian state and territory requirements.
