Essential Estate Planning Checklist

1. Create or Update a Will

• Names your executor and beneficiaries
  
  
• Distributes property not passed by title or beneficiary designation
  
  
• Appoints guardians for minor children (if applicable)

2. Set Up Financial and Medical Powers of Attorney

• Durable Power of Attorney: Authorizes someone to manage your financial affairs if you're incapacitated
  
  
• Medical Power of Attorney / Health Care Proxy: Designates someone to make medical decisions on your behalf

3. Create an Advance Directive (Living Will)

• States your wishes for life-sustaining treatment Includes preferences for resuscitation, feeding tubes, mechanical ventilation, etc.

4. Review and Update Beneficiary Designations

• For IRAs, 401(k)s, life insurance, bank accounts, annuities, etc. These override your will, so accuracy is critical Add contingent beneficiaries where possible

5. Consider a Revocable Living Trust (optional but beneficial)

• Helps avoid probate Allows for privacy and quicker distribution of assets Useful if you own property in multiple states or have a complex estate

6. Inventory Your Assets and Debts

• Include real estate, bank/brokerage accounts, retirement accounts, insurance, collectibles,
  
  
• Track liabilities (mortgage, loans, credit cards)

Keep it updated and accessible to your executor

7. Plan for Digital Assets

Make a list of email, social media, and online accounts

• Store login info securely (e.g., password manager or legacy contact features) Include access instructions in your estate plan
  
  
• Confirm if life insurance is adequate for your family's needs or estate liquidity Assess whether policies are still necessary

8. Review Insurance Coverage

• Confirm if life insurance is adequate for your family’s needs or estate liquidity
  
  
• Assess whether policies are still necessary

9. Organize and Store Key Documents Securely

Will, trust, POAs, insurance, deeds, account info

Keep originals in a fireproof safe or with your attorney Let key people know where they're located

Talk to your executor, trustees, and POA agents Share your wishes with your spouse, children, or other key individuals Reduces confusion and family conflict later

11. Consider Charitable Giving (if part of your wishes)

Name charities in your will or trust Use donor-advised funds, QCDs, or charitable trusts for larger gifts

12. Review and Update Every 3-5 Years or After Life Changes

Revisit after marriage, divorce, birth, death, inheritance, or major asset changes Keeps your plan aligned with your current wishes