Have you ever wondered what documents an accountant will direct you to include in your estate planning pack? This extensive checklist gives you an insight into what we, as estate planning advisors, will typically organise when examining the estate plan for a successful business family.
✅ Core Estate Planning Documents
| Document | Description | Retention Period |
| Will (Final signed copy) | Determines distribution of personally held estate assets | Keep indefinitely |
| Enduring Power of Attorney | Authorises financial/legal decisions while incapacitated | While valid |
| Advance Health Directive | Outlines medical treatment preferences | While valid |
| Statement of Wishes | Supplement to Will; informal guidance for executors | Update with every life event |
| Digital Asset Instructions | Access to email, cloud, crypto wallets, passwords | Update annually or upon change |
📋 Master Administration Pack
| Document | Description | Retention Period |
| Family Group Structure Diagram | Map of trusts, companies, SMSFs, individuals | Update at least annually |
| Master Asset Register | Inventory of all personal, business, and digital assets | Update at least annually |
| Executor Toolkit | Summary of documents, passwords, and contacts | Ongoing |
| List of Advisors | Contact details for lawyers, tax agents, investment brokers, and insurers | Ongoing |
🏠 Real Property (Domestic & Foreign)
| Document | Description | Retention Period |
| Title Deeds | Legal proof of ownership | Indefinitely |
| Purchase Contracts & Settlement Statements | Acquisition details and cost base | Until 5 years after CGT event |
| Mortgage Agreements | Loans and encumbrances | While loan is active |
| Property Insurance, Rates, Strata Notices | Maintenance and holding costs | 5 years |
| Renovation Invoices | Increases asset cost base for CGT | 5 years after asset disposal |
🔐 Cryptocurrency & Digital Assets
| Document | Description | Retention Period |
| Wallet Identifiers, Seed Phrases | Access credentials to assets | Update on asset change |
| Exchange Statements | Trade and income history | 5 years |
| CGT Reports | Required for tax calculation | 5 years after disposal |
🧾 SMSF Documents
| Document | Description | Retention Period |
| Trust Deed & Amendments | Establishes and governs the SMSF | Indefinitely |
| Trustee Declarations & Consents | Confirms trustee obligations (S104A SIS Act) | Indefinitely |
| Minutes of Trustee Meetings | Records of compliance and investment decisions | 10 years |
| Investment Strategy | Must address risk, liquidity, and diversification | Review annually, retain 10 years |
| Binding Death Benefit Nominations (BDBN) | Governs death benefit payments | Check every 3 years or if non-lapsing |
| Pension Commencement Documents | Supports exempt current pension income (ECPI) | Indefinitely |
| Annual Financial Statements | SIS Act compliance | 10 years |
| Annual Audit Reports | Required by law | 10 years |
| SMSF Tax Returns | Annual return to ATO | 5 years from lodgement |
| Actuarial Certificates | Required if both accumulation and pension interests exist | 10 years |
| Contribution Notices | Tracks concessional and non-concessional limits | 5 years |
| Title/Wallet Records for SMSF assets | Evidence of legal ownership (e.g. property, crypto) | Indefinitely |
| Tax Opinions, ATO Rulings | Documentation of SMSF compliance positions | Indefinitely |
🏢 Private Companies
| Document | Purpose | Retention Period |
| Company Constitution | Governs rights and obligations of directors and shareholders | Indefinitely |
| Shareholders’ Agreement | Outlines succession terms, share valuation, drag/tag rights, buy/sell terms | Indefinitely |
| Share Certificates | Evidence of issued shares and legal ownership | Indefinitely |
| Register of Members | Legal record of shareholders (s169 Corporations Act 2001) | While company exists |
| ASIC Company Extracts | Verifies officeholders, registered agent, and company history | Update annually |
| Form 484 and Form 201 filings | Changes to directorship, shareholdings, registered office | 7 years |
| Loan Agreements (Division 7A compliant) | To prevent deemed dividends under ITAA 1936 | Minimum 7 years after repayment |
| Director Loan Balances & Repayment Schedules | Critical for estate administration and Division 7A timing | 7 years |
| Board Minutes and Resolutions | For dividend declarations, share issues, director appointments | 7 years |
| Dividend Statements | Verifies income source and franking credits | 5 years |
| Buy/Sell Agreements | Governs the forced or voluntary transfer of shares on death/incapacity | While agreement is active |
| Company Financial Statements | Demonstrates asset value for probate or buy-out | Minimum 5 years |
| Company Income Tax Returns | For ATO compliance and verifying CGT events | 5 years from date of lodgment |
| Life Insurance Held by Company | Often part of buy/sell funding arrangements | While in force + 5 years post-claim |
📂 Private Trusts
| Document | Purpose | Retention Period |
| Original Trust Deed | Foundation legal document establishing the trust | Indefinitely |
| All Deeds of Variation | Alters trust powers, appointors, vesting dates, income clauses, etc. | Indefinitely |
| Appointor/Principal Deeds | Identifies who controls the trust (critical in succession planning) | Indefinitely |
| Trustee Resolutions (Distribution/Investment) | Allocates income and capital; needed for trust streaming & audit | 5 years |
| Memorandum of Wishes | Provides guidance to trustee on beneficiary intent (non-binding) | Review every 3–5 years |
| Financial Statements | Supports asset valuation and income distribution history | Minimum 5 years |
| Trust Income Tax Returns | Verifies distributions, UPEs, and trust income history | 5 years from lodgement |
| Register of Beneficiaries | Documents default, general, and potential beneficiaries | Update with each resolution |
| Loan Agreements to/from Trust | Includes Division 7A loan treatment if from company | 7 years |
| Unpaid Present Entitlement (UPE) Records | Especially important if held on sub-trust or quarantined | 7 years or until paid |
| Sub-Trust Declarations (if used) | Required under ATO PCG 2010/4 and Division 7A risk management | While in force + 7 years |
| Family Trust Election (FTE) & Interposed Entity Elections (IEE) | Limits trust loss recoupment & streaming capacity | 7 years |
| CGT Event Records (e.g. asset sales) | Basis for CGT calculation at estate level | 5 years after disposal |
| Foreign Trust Registrations (if applicable) | FATCA/CRS compliance and foreign beneficiary disclosures | Varies by jurisdiction |
❤️ Charitable Structures (PAF/ PuAF/Foundation)
| Document | Description | Retention Period |
| PAF / PuAF Trust Deed | Legal structure of the philanthropic vehicle | Indefinitely |
| DGR Endorsement Letters | ATO endorsement for deductible gift recipient status | Indefinitely |
| Donor Intent Letters | Expressed wishes of the donor or founder | While relevant |
| Board Meeting Minutes | Resolutions, grant approvals, investment decisions | 10 years |
| Director Contact Details | For succession, correspondence, and regulatory filings | Update annually |
| Financial Reports (Annual) | Operating results and financial health | 7 years |
| Investment Strategy | How donations are invested to fund ongoing grants | Review annually, retain 10 years |
| Audit Documentation | Independent review of accounts and governance | 7 years |
Gathering your evidence and historical documents across your advisors and history, so your executor can follow and understand your family’s investments and affairs is critical to estate planning.
At Westcourt, we specialise in guiding business families through complex estate and succession planning. If you’d like a tailored estate document pack or a structure map that makes sense to your future executors, contact us today.
Because your family deserves a plan as well-considered as the business you’ve built.
