Why You Need an Estate Planning Checklist
Estate planning can feel overwhelming. That is exactly why a comprehensive estate planning checklist matters. Whether you are starting from scratch or reviewing an existing plan, this checklist will walk you through every critical category so nothing falls through the cracks.
Personal Information to Gather
- Full legal names, dates of birth, and Social Security numbers for you and your spouse
- Marriage certificates, divorce decrees, or prenuptial agreements
- Birth certificates for all children and dependents
- Citizenship and residency documentation
- Contact information for family members and advisors
- Location of your safe deposit box or secure storage
Financial Assets to Document
- Bank accounts with account numbers and institutions
- Investment and brokerage accounts
- Retirement accounts (401(k), IRA, Roth IRA, pension)
- Real estate properties with deeds, titles, and mortgage information
- Business ownership interests and operating agreements
- Vehicles, boats, and other titled personal property
- Valuable personal property including jewelry, art, collectibles
- Outstanding debts, loans, and liabilities
Insurance Policies to Review
- Life insurance policies with policy numbers and death benefit amounts
- Long-term care insurance
- Disability insurance
- Homeowners, renters, and umbrella liability policies
- Health insurance and Medicare/Medicaid details
- Annuity contracts
Essential Legal Documents
Last Will and Testament
- Draft or update your will to reflect current wishes
- Name a guardian for minor children
- Specify asset distribution
- Confirm proper signing and witnessing per your state's requirements
Revocable Living Trust
- Establish a trust to avoid probate and maintain privacy
- Fund the trust by retitling assets
- Define distribution terms and conditions
Financial Power of Attorney
- Designate someone to manage finances if you become incapacitated
- Specify the scope of authority
Advance Healthcare Directive and Living Will
- Document your wishes regarding life-sustaining treatment
- Designate a healthcare proxy
- Provide copies to your physician and designated agents
- Consider a HIPAA authorization
Beneficiary Designations
- Review designations on all retirement accounts, life insurance, and annuities
- Confirm alignment with your overall estate plan
- Name contingent beneficiaries
Digital Assets and Online Accounts
- Inventory of email, social media, and cloud storage accounts
- Online banking, investment, and cryptocurrency accounts
- Subscriptions, domain names, and revenue-generating properties
- Loyalty programs and reward points
- Passwords stored in a reputable password manager
Key People to Designate
Executor or Personal Representative
Choose someone organized, responsible, and comfortable with financial matters. Always name an alternate.
Trustee
A family member, trusted friend, or professional trustee. For complex estates, a professional trustee provides continuity and expertise.
Guardian for Minor Children
Name a guardian and alternate. Consider values, parenting style, location, and financial stability.
Healthcare Proxy
Choose someone who understands your values and can advocate firmly on your behalf.
Your Regular Review Schedule
- Annually: Review beneficiary designations, account titling, and insurance coverage
- Every 3 to 5 years: Full review of all legal documents with your attorney
- After major life events: Marriage, divorce, birth, death, asset changes, state moves, tax law changes
- At retirement: Reassess distribution strategies and long-term care planning
Putting Your Checklist Into Action
If you are unsure where to begin, the team at Archangel Trust can help. From establishing and administering trusts to coordinating with your attorneys and financial advisors, Archangel Trust provides the professional oversight that gives families confidence. Reach out today to start a conversation.