Estate Planning Checklist

One of the major problems that face families is the ability to find assets and your estate documents. A simple organizer allows you to quickly access critical information and reduces the stress of locating documents during an emergency situation.

Will your heirs be able to locate your critical documents?

Your heirs may need access to the specific documents you have created to manage your estate.¹ Consider getting better organized by utilizing our free Personal Document Locator, a handy tool to assist your family in locating your most important financial documents. A simple free document may be downloaded from my website. This form is not intended to replace any legal documents.

Putting together an estate plan can feel overwhelming, but it's an integral part of seeing your final wishes through. Take time to sort through each of these items with your attorney and financial advisor to help keep your estate and your loved ones well-organized and prepared.

Do you have a will?

A will is the starting point of your estate plan. It enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children.

Do you have healthcare documents in place?

Healthcare documents spell out your wishes for health care if you become unable to make medical decisions for yourself. They also authorize a person to make decisions on your behalf if that should prove necessary. These documents may include:

A living will provides your life-sustaining and end-of-life medical care instructions and related healthcare preferences in case a time comes when you cannot state your wishes for yourself.
A power of attorney for healthcare grants your healthcare representative authority to speak on your behalf if you cannot make your own healthcare decisions. This is guided by your living will. When It Applies: Your healthcare advance directive only comes into play when you are alive, but unable to direct your own medical care. It terminates at your death.
Trusted Contact Person(s) provides an extra line of defense for your investment accounts. If the custodian feels you are being financially exploited, they then have a back-up person they can talk to about some of their concerns. When It Applies: While the primary aim is to prevent financial elder abuse, there are at least two other scenarios when a trusted contact can be useful: The 1st is if you are unavailable, and the custodian believes your account may have been compromised. The 2nd instance is if you are cognitively impaired and clarification is necessary. It does not replace the power of attorney for investments.

Do you have financial documents in place?

Certain financial documents can outline your financial wishes. If you become unable to make decisions for yourself because of (a) capacity issues, (b) availability or (c) just for convenience, these financial documents can be structured to empower a person to make decisions on your behalf. These documents may include joint ownership, durable power of attorney (DPOA), and living trusts. When It Applies: A DPOA applies while you are alive, but unavailable to act for yourself and terminates on death. You can structure it in various ways:

Begin immediately or upon a triggering event (such as a debilitating accident or illness)
Remain in force during a finite time period or be ongoing
Apply to all your financial matters, or only to specific transactions

Have you filed beneficiary forms?

In some cases, naming a beneficiary for bank accounts and retirement plans (IRAs, 401k) makes these accounts “payable on death” to your beneficiaries and bypasses your will and probate. In other cases, you will need to fill out a “Payable on Death” form before receiving the assets.

Have you created a letter of instruction?

A letter of instruction is a non-legal document that outlines your wishes.² A strong, well-written letter may save your heirs time, effort, and expense as they administer your estate. It acts as a message from the deceased and can include an array of information from providing funeral planning and pet care to outlining last wishes. It clarifies your wishes on who to give personal effects and permission to discard or where to allocate funds, to detailing information and sending personal messages.

Do you still need or have the right amount and type of life insurance?

When was the last time you assessed your life insurance coverage? Have you compared the life insurance benefit with your financial obligations? Keep in mind that several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder may also pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

Have you taken steps to manage your federal estate tax?

If you and your spouse have more than $27.98 million in assets (for 2025), you may want to consider taking steps to manage federal estate taxes, which will be due at the second spouse’s death.

Have you taken steps to protect your business?

Do you have a succession plan? If you own a business with others, you may also want to takes steps to ensure your business objectives are met. There are a number of tools to help you accomplish the goals you've identified. They may include buy/sell agreements, gifting shares, establishing a variety of trusts, or even creating an employee stock ownership plan if your desire is that employees have an ownership stake in the future.

Note: Power of attorney laws can vary from state to state. An estate strategy that includes trusts may involve a complex web of tax rules and regulations. Consider working with a knowledgeable estate management professional before implementing such strategies.

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