Estate Planning Checklist
✅ Estate Planning Checklist
Use this step-by-step checklist to ensure your estate plan is complete, up-to-date, and tailored to your needs.
1. Take Inventory of Your Assets
Make a list of everything you own and owe:
✅ Bank accounts (checking, savings, CDs)
✅ Real estate/property
✅ Retirement accounts (401(k), IRA, pensions)
✅ Life insurance policies
✅ Investment accounts (stocks, bonds, mutual funds)
✅ Vehicles, boats, RVs
✅ Business interests
✅ Digital assets (e.g., cryptocurrency, domain names, online accounts)
✅ Personal belongings (jewelry, art, collectibles)
✅ Debts and liabilities
2. Define Your Goals
Decide how you want your assets and responsibilities handled:
✅ Who will inherit your assets?
✅ Who will care for your children or dependents?
✅ Who will make decisions if you're incapacitated?
✅ Do you want to avoid probate or minimize estate taxes?
✅ Do you have charitable giving goals?
3. Prepare Key Legal Documents
These are the foundation of any estate plan:
✅ Last Will and Testament – Names your beneficiaries, executor, and guardians for minor children.
✅ Revocable Living Trust (if applicable) – Helps avoid probate and manage assets during incapacity.
✅ Financial Power of Attorney – Authorizes someone to handle financial matters if you're unable.
✅ Healthcare Power of Attorney – Appoints someone to make medical decisions on your behalf.
✅ Living Will / Advance Healthcare Directive – Outlines your medical treatment preferences.
✅ HIPAA Authorization – Allows designated people to access your medical records.
4. Update Beneficiary Designations
These override your will, so ensure they reflect your wishes:
✅ Life insurance policies
✅ Retirement accounts (IRA, 401(k), etc.)
✅ Payable-on-death (POD) or transfer-on-death (TOD) accounts
5. Consider Creating a Trust
A trust may be beneficial for:
✅ Avoiding probate
✅ Protecting assets from creditors or lawsuits
✅ Managing assets for minors or dependents
✅ Reducing estate taxes
✅ Planning for incapacity
6. Plan for Minor Children
If you have children under 18:
✅ Appoint a legal guardian
✅ Set up a trust to manage their inheritance
✅ Choose a trustee to handle their finances
7. Organize and Store Your Documents
Keep all your estate planning documents in a secure but accessible location:
✅ Provide copies to your executor, attorney, or trusted individuals
✅ Store digital copies in a secure, backed-up location
✅ Maintain a master list of accounts, logins, and passwords
8. Review and Update Regularly
Update your plan after major life changes:
✅ Marriage or divorce
✅ Birth or adoption of a child
✅ Death of a beneficiary or executor
✅ Major financial changes
✅ Changes in state or federal law
9. Communicate Your Plan
✅ Inform your executor, trustee, and healthcare proxy of their roles
✅ Share the location of documents and contact information for your attorney or advisor
✅ Consider writing a letter of intent to explain personal wishes
10. Consult with Professionals
Estate planning can be complex—get help when needed:
✅ Estate planning attorney
✅ Financial advisor
✅ Tax professional
🗂️ Bonus: Keep This Info Together
Create a folder (physical or digital) that includes:
Your estate planning documents
Contact info for your attorney and advisors
Copies of insurance policies and deeds
List of assets and accounts
Passwords or access instructions for digital assets
Tip: Revisit your estate plan every 2–3 years, or after major life events. To update or make changes to your estate plan Call NWLRC now
This is general information and is not legal advice.