Estate Planning Checklist

The following checklist summarizes several actions and tools you may find helpful in planning your estate.

1. Make or update your Will.

A will allows you to determine what will happen to your money and possessions and who will become the guardian of your children when you die. If you die without a will, the state will make those important decisions for you.

Last Will and Testament

Distribute your property, name guardians, and appoint an executor.

Start your Will

As part of creating your will, you may also need to:

Calculate your net worth, including life insurance proceeds.  List all of your financial assets.  Make sure you include your account numbers as well as pertinent information about your investments, bank accounts, and insurance policies.

2. Make a Living Will and Health Care Power of Attorney.

A living will enables you to determine your medical destiny in the event that you are so ill that you cannot voice your wishes yourself.

Living Will

Let others know your health care decisions.

Start your Living Will

Durable Power of Attorney

Appoint someone to communicate your decisions if you can't.

Start your Health Care Power of Attorney

3. Buy or update your life insurance.

Life insurance provides your loved ones with an immediate source of cash that is exempt from federal and state income tax (although it is typically subject to estate taxes).  It is important to review your beneficiary designations and coverage amounts every two or three years to ensure that your policies accurately reflect your needs and wishes.

4. Consider buying health/medical insurance.

There are 3 major types of coverage that help protect and stretch your assets:

  • Long-Term Care: enables you to cover the cost of long-term health care in your home or at a long-term care facility
  • Major Medical: protects you against the ever-rising cost of medical care in the event of a major medical expense (e.g. surgery)
  • Disability: helps protect your income if you can no longer work

5. Establish a trust.

A trust is a legal document that describes when and how specified property should be distributed. Trusts can help you avoid probate, reduce estate tax liability, and protect the property in your estate.

6. Create a letter of instruction.

With this document, you can effectively articulate your funeral wishes, where your important documents can be found, and the names and phone numbers of people to contact in the event of your death. This letter should be used to provide instructions for actions that may need to be carried out before your will is read, especially in the event that probate is necessary. Components you may want to incorporate in this letter include (but are not limited to):

  • List your personal data
    This might include your Social Security number, driver’s license number, VA claim number, date of birth, and the names and phone numbers of immediate family members.

  • List the location of valuable documents
    Your list might include deeds, car titles, military records, birth and marriage certificates, divorce decrees, tax records and other estate planning documents.

  • Make arrangements for access to your safe-deposit box
    In many states, safe-deposit boxes are closed upon death and are not opened until probate.  Make sure that copies of your will and other important documents are available outside your safe-deposit box.

  • Provide a family member or a close friend with the location of confidential or valuable items you have in safekeeping
    Also tell that person the location of spare keys and security codes.

  • List loan payments
    This should include credit cards, mortgages, consumer loans, automobile loans and other personal loans.

  • Funeral preplanning
    Determine how your remains will be disposed of after your death. You may also include this information in your will.

  • Provide the name of your veterinarian and care instructions for pets.

Funeral Planning Checklist

Add additional funeral and/or memorial information that wasn't stated in your Will.

Add Details

Pet Guardian Trust

Appoint someone to care for your pets.

Start your Pet Guardian Trust

My Digital Assets

Use these customizable printable worksheets to help document account related information.

Add Details

Download Estate Planning Checklist (MS Word .doc)