Estate Planning Checklist

Make a will

Your will is the foundation of your estate plan, outlining how your property and assets will be distributed. It allows you to designate:

  • An executor to manage your estate

  • Beneficiaries to inherit your assets

  • Guardians for minor children or dependents

Create Your Free Will

Establish a Living Trust

(optional but recommended)

A living trust is a legal document that lets you transfer your assets, like your home and bank accounts, into a trust while maintaining control over them. After you pass away, these assets go directly to your beneficiaries.

Benefits of a living trust include:

  • Avoiding Probate- Your loved ones can skip the probate process, saving them time and money.

  • Management if Incapacitated-  It provides guidance for managing your assets if you can't.

  • Privacy- Trusts are not public records.

A living trust is particularly helpful for those with complex family situations or multiple properties.

Create Powers of Attorney

A power of attorney (POA) is a legal document that authorizes someone, your "agent," to manage your affairs under specific circumstances, such as when you're traveling or if you become incapacitated.

There are three main types of POA:

  • General Power of Attorney- Grants your agent authority over banking, bill payments, property management, and other legal matters.

  • Medical Power of Attorney- Allows your agent to make health care decisions if you cannot communicate your wishes.

  • Durable Power of Attorney- Remains effective even if you lose the ability to make decisions.

Each type serves a specific purpose, and you can have multiple POAs with the same or different agents.

Prepare an Advance Health Care Directive

To make things easier for your executor and family members, it’s a good idea to gather and store important documents in one safe location. These documents may include:

  • Birth and marriage certificates

  • Property deeds and mortgage documents

  • Insurance policies

  • Bank and investment account statements

  • Military service records (if applicable)

Gather and Organize Key Documents

Make sure your beneficiary designations are current on all financial accounts:

  • Life insurance

  • Retirement accounts (401(k), IRA, pensions)

  • Bank accounts or brokerage accounts with payable-on-death options

These designations can override your will, so it’s important to check them regularly and keep them up to date

Review and Update Your Beneficiaries

Create a clear picture of your financial situation:

Tangible assets: Real estate, cars, boats, motorcycles, personal belongings, collectibles

Intangible assets: Checking and savings accounts, CDs, stocks and bonds, retirement accounts, life insurance policies, health savings accounts (HSAs), business ownership

Debts: Mortgages, credit cards, loans, and other liabilities

Having a detailed list will help your executor settle your estate more efficiently.

Inventory your Assets and Debts

Your estate plan should include clear instructions for your final arrangements that reflect your personal values and preferences. Specify whether you want to be buried or cremated, and include any music, readings, or religious elements you desire. Additionally, consider prepaying or prearranging your funeral or memorial services, as this can help lessen the burden on your family after you’re gone

Plan Your Funeral or Memorial Service

After completing your estate planning documents, store the originals in a home safe or safe-deposit box and inform your executor and trusted family members of their location.

You can also use digital storage for added security, ensuring your executor and family have the necessary login credentials.

Store all Documents Safely and Securely

Create a clear picture of your financial situation:

Tangible assets: Real estate, cars, boats, motorcycles, personal belongings, collectibles

Intangible assets: Checking and savings accounts, CDs, stocks and bonds, retirement accounts, life insurance policies, health savings accounts (HSAs), business ownership

Debts: Mortgages, credit cards, loans, and other liabilities

Having a detailed list will help your executor settle your estate more efficiently.

Discuss Your Plan With Your Family

An advance health care directive, also called a living will, is a document that states your health care wishes for emergencies or end-of-life situations. It appoints a “health care proxy” to make medical decisions on your behalf, according to your instructions.

This document can include your choices about resuscitation, defibrillators, feeding tubes, and life support. It helps your family understand your wishes if you cannot communicate.