Estate Planning Checklist
A solid estate plan is a finite project. Work through this checklist, and you've done in a weekend what most people put off for a decade.
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Table of Contents
1. Core Documents
- Last Will and Testament
- Revocable living trust (if probate avoidance matters in your state)
- Durable financial power of attorney
- Healthcare power of attorney
- Living will / advance directive
- HIPAA authorization
- Nomination of guardian (for minor children)
2. Beneficiary Designations
These override your will. Update them after every life event (marriage, divorce, birth, death):
- 401(k), IRA, Roth IRA, 403(b)
- Life insurance policies
- Annuities
- Payable-on-death (POD) and transfer-on-death (TOD) accounts
- HSA and 529 plans
Always list a primary and at least one contingent beneficiary.
3. Asset Inventory
Keep a single document — paper or encrypted — with:
- Bank and investment accounts (name, institution, account number, approximate balance)
- Real estate (addresses, deed locations, mortgage balances)
- Vehicles, boats, valuables
- Life insurance policies
- Retirement accounts
- Business interests and partnerships
- Digital assets: password manager master info, crypto keys, cloud storage
- Debts and obligations
4. Titling Review
Assets pass by titling before they pass by will. Review every account and property for:
- Joint tenancy with right of survivorship (JTWROS)
- Tenancy in common
- Tenancy by the entirety (married couples, some states)
- Transfer on death registration
- Trust ownership (most common asset-protection move)
5. The Annual Review
Pick a date — tax season is a natural trigger — and run through:
- Did anything major happen (birth, death, move, marriage, divorce, business change)?
- Are beneficiary designations still correct?
- Are executors and agents still alive, willing, and nearby?
- Have federal/state estate tax rules changed?
- Do I need new documents for a new state?
- Is my asset inventory current?
6. Frequently Asked Questions
How much does an estate plan cost?+
A DIY plan with reliable templates runs $100–$300 for all basic documents. Attorney-drafted plans run $1,500–$5,000 depending on complexity and whether trusts are included.
Do I need a trust?+
Not necessarily. Trusts mainly avoid probate, which matters more in some states (CA, FL) than others. If your estate is under the probate threshold and you have simple beneficiaries, a will is often enough.
How often should I update my estate plan?+
Every 3–5 years minimum, or immediately after any major life event.
Should I involve my family?+
Tell your named executor where the documents are and the broad strokes. Deep conversations are optional — but they prevent fights.
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