An Estate Planning Checklist

January 20, 2023
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Create a will if you do not yet have one. A valid will may save your heirs from some expensive
headaches linked to probate and ambiguity. A solid will drafted with the guidance of an estate planning
attorney will likely cost you a bit more than a “will-in-a-box,” but may prove worth the expense.

Complement your will with related documents. Depending on your estate planning needs, this could
include a trust (or multiple trusts), durable financial and medical powers of attorney, a living will, and
other items.

Review your beneficiary designations. Who are the beneficiaries of your retirement plans and/or
insurance policies? If you aren’t sure, it is probably a good idea to go back and check the
documentation to verify (or change) who you have designated as beneficiary.

Create asset and debt lists. You should provide your heirs with an asset and debt “map” they can
follow, so that they will be aware of the little details of your wealth.

Think about consolidating your “stray” retirement and/or bank accounts. This could make one of
your lists a little shorter. Consolidation means fewer account statements, less paperwork for your
heirs, and fewer administrative fees to bear.

Let your heirs know about the causes and charities that mean the most to you. Write down the
associations you belong to and the organizations you support.

Select a reliable executor. That person should have copies of your will, power of attorney documents,
health care proxy or living will, and any trusts you create. In fact, any of your loved ones referenced in
these documents should also receive copies of them.

Talk to the professionals. Do-it-yourself estate planning is not recommended, especially if your estate
is complex enough to trigger financial, legal, and/or emotional issues among your heirs upon your passing.