Estate Planning Checklist

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Information about Estate Planning Checklist

Published on August 13, 2013

Author: oconnellsobm



When was the last time you revisited your estate plan? Access out review checklist here. Please note this has been adapted from the Institute of Chartered Accountants in Australia's Estate Planning Material

Estate Planning – Questions to Consider Below is an extract from the Institute of Chartered Accountants in Australia’s estate planning checklist. Please consider and answer the following questions by “ticking” the relevant boxes: Yes No 1. Are your nominated Executors still able and willing to act as your Executors? Is a change necessary? ☐ ☐ 2. Do you want to alter the beneficiaries or their entitlements in your Will? ☐ ☐ 3. Has a proposed Will beneficiary died? ☐ ☐ 4. Has a proposed Will beneficiary ceased to be a resident of Australia? (Gifts of certain assets [i.e. Australian shares in Public Companies] trigger adverse Capital Gains Tax results if left to a non6resident beneficiary.) ☐ ☐ 5. Has a proposed Will beneficiary suffered a significant alteration to their situation or developed a special need which warrants a reconsideration of the provisions you made for them. (Wills can be subject to successful Court challenge if you do not make proper provision for persons who may be reliant upon you for financial support.) ☐ ☐ 6. Have there been significant changes to your assets or liabilities? (A change in the type and/or value of assets held by you may lead to unintended consequences – particularly it could create inequalities among your beneficiaries and trigger adverse estate taxation issues.) ☐ ☐ 7. Have you disposed of an asset that you have specifically gifted to a beneficiary under your Will? (A specific gift of a nominated asset in your Will fails if you have disposed of that asset during your lifetime.) ☐ ☐ 8. If applicable do you want to change any guardians of your infant children? ☐ ☐ 9. Have you had, or had more, children or grandchildren (including adopted or fostered)? ☐ ☐ 10. Have you made significant gifts or made significant loans to proposed beneficiaries which you want to be deducted from their future inheritance or adjusted in some other way? (Loans to proposed beneficiaries should be properly documented.) ☐ ☐ 11. Have you changed your marital or relationship status (de facto, married, separated or divorced? Marriage revokes a Will and a divorce nullifies a gift to the spouse but separation does not.) ☐ ☐ 12. Have you taken out, or transferred the ownership of, any life insurance policies? ☐ ☐ This downloadable tool/calculator/information does not give business, accounting, taxation, investment or financial planning advice. It is intended to provide information in a summary form and is general in nature. The contents do not constitute business, accounting, taxation, investment or financial planning advice and should not be relied upon as such. Formal business, accounting, taxation, investment or financial planning advice should be sought in particular matters. O'Connells OBM Pty Ltd accepts no liability in respect of this information and any person acting solely on the information contained within does so entirely at their own risk.

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