Although most Americans understand the importance of estate planning, less than a third have actually created a will — and even fewer have a full estate plan.
Even if you know what estate planning is, you may not know where to begin. Our estate planning checklist can help you secure your family’s future with a comprehensive step-by-step guide.
Here’s how estate planning works and how it can help you care for your family even after you’re gone.
Download a printable PDF estate planning checklist
Estate planning is a crucial process for all individuals, regardless of income or profession.
Although commonly confused with a will, an estate plan is actually much more complex. A will is part of your estate plan and only becomes effective after your death. It typically:
An estate plan contains several legal documents that together outline the future management and distribution of your assets. It typically:
With proper estate planning, you can ensure your wishes are carried out if you become critically ill or pass away, regardless of any family disputes or disagreements. It can also help your loved ones avoid probate while minimizing estate taxes, thus lightening their burden during an already difficult time.
Our online estate planning checklist can help you create a comprehensive estate plan for your family. This is a detailed look at each step to help you create your own plan moving forward.
One of the most challenging tasks of estate planning is compiling a comprehensive list of all your assets. To help, these are types of property commonly included in estate planning. Consider taking photos of each item for easier identification in the future.
Be sure to specify any co-owners and their ownership shares. It is also important to note account numbers, storage areas and holding information for any property or debt.
Today, much of our footprint exists digitally or online. Be sure to consider the following as part of your estate plan.
It is also important to prepare your financial assets. Double-check your beneficiary designations for these accounts, as they will override your will.
List all your financial accounts, including statements and policy information for the following:
You will also need to choose an executor, who will manage your estate. Choose someone whose judgment you trust to ensure your wishes are carried out after your death.
Additionally, consider designating a successor executor in case your first choice is unable to fulfill their duties for any reason.
Your will is arguably the most essential part of your estate plan. It outlines your instructions for your property, itemizing the distribution of each asset to its corresponding heir.
It should identify the three main designations for your will:
You should also consider your final arrangements. For example, do you want to be buried, and if so, where? Other considerations may include specific requests for music, readings or religious ceremonies.
You may also consider prepaid or preplanned arrangements so your family does not have to cover the cost of your funeral or memorial.
A living trust is another tool you can use to prepare and organize your assets. It is a legal document that allows you to make specific designations for your assets after your death so your beneficiaries can bypass the time and expense of probate.
You retain full control of your assets while you are alive, and you can use them as you see fit. However, upon your death, this property will pass directly to your designated beneficiaries. This type of arrangement is especially convenient for those with large families or who have widespread assets that require careful division.
Your living will, also known as an advance healthcare directive, provides special instructions should you require end-of-life care. It can include instructions for treatment and medication, as well as support services such as breathing assistance, feeding tubes and palliative care. It also covers your wishes for resuscitation, defibrillators and life support.
You may appoint a healthcare proxy who will make decisions for you in the event that you are unable to make them yourself.
The next step on your will and estate planning checklist is to legitimize your documents.
While there are many online estate planning programs to help you manage your estate planning documents checklist, it is best to consult an experienced attorney who can advise you on the best course of action, given your personal situation.
Regardless of whether you work with a professional or go it alone, be sure to check the laws for your state. Most states require that estate planning documents, such as your will and healthcare directive, be signed in the presence of witnesses to be legally recognized. An attorney can help outline the specifics of your state’s laws.
After your documents have been officially signed, be sure to make copies and give a set to your executor.
Store your copies in a safe location, such as a safe deposit box, personal safe or a digital storage program. Consider storing other important documents, such as your birth certificates, insurance policies, marriage certificates, property deeds and financial records. This will ensure your executor can easily access them after your passing.
Several types of taxes may apply, depending on factors such as the size of your estate and the state in which you reside. These may include state taxes, inheritance taxes and gift taxes.
For example, estate and gift taxes may be due when you transfer property to your beneficiaries. Some exceptions may apply, which is why it is critical to consult a tax attorney who can advise on the best structure for your estate given your tax obligations.
There are several estate planning documents that may apply to your own estate.
A will and last testament. This determines how your assets will be distributed and who will be the executor responsible for distributing them.
A list of your physical assets. Be sure to itemize all of your assets, including property, accounts and debts, as well as any titles and deeds.
Financial details. Gather statements for your financial accounts, as well as any additional details your beneficiaries may need for future access.
Inventory of your debts and open credit accounts. Before your assets can be distributed, your executor must first settle any outstanding debts. Be sure to include documents and statements related to any outstanding debts or lines of credit you may have
Your life insurance policy. Your life insurance policy can provide for your beneficiaries after you are gone, so it is vital that you store it in a place that is easily accessible to your executor.
Advanced healthcare directive. Create a healthcare directive that provides medical instructions in case you are unable to make them yourself. Commonly included is a Health Insurance Portability and Accountability Act (HIPAA) authorization, which allows you to give certain parties access to your medical information.
Social media. Most social media platforms allow you to designate a person who can access your information after you die. Create a list of all your social media accounts, along with their log-in and password information, so they can be easily accessed.
Many different estate planning professionals can help you prepare your estate.
Dying without a will, or “dying intestate,” can greatly complicate a difficult time for your loved ones, who are already facing grief and confusion. It can be far more expensive and time-intensive for your loved ones, who may find their relationships negatively impacted by prolonged court battles. At the end of it all, your assets may end up going to someone other than the person you had intended.
Although it may be time-consuming, it is far better to legally document your wishes in advance so there is no question about how your assets should be handled.
After your estate plan has been completed, do not put it away and forget about it. It is essential to update your estate plan as your life evolves to reflect changes such as marriage, divorce, birth of children or grandchildren, retirement and the loss of loved ones. These are all major life changes that can easily impact the assets you own, the beneficiaries you appoint and even the executor you choose.
Additionally, periodically consult your estate planning attorney or tax professional to ensure you remain in compliance with any changes to federal or state laws that can impact your financial estate planning as it currently stands.
Proper estate planning not only provides you with peace of mind, but it can also save your loved ones a significant amount of time and stress during what is undoubtedly a difficult time.
To get started, contact a financial advisor who can assess your current estate and advise on the best way to prepare your estate for your loved ones in the future.
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