Estate Planning Checklist — Everything You Need to Get Your Affairs in Order

12 min read

How to Use This Checklist

Estate planning is not a single event — it is a series of decisions made across different life stages. This checklist is organized into three phases: Basic Foundation (documents every adult needs), Intermediate (protection as your family and assets grow), and Advanced (for complex estates and specific goals).

Work through the phases in order. The most important thing is to complete Phase 1 — many people have nothing at all, and even a basic set of documents provides enormous protection.

After a major life event — marriage, divorce, the birth of a child, the death of a beneficiary, a significant change in assets — revisit the entire checklist.

Phase 1: Basic Foundation

These are the documents and actions that every adult should have in place, regardless of age or wealth. If you have children, minor or adult, the urgency is even higher.

Last Will and Testament

Why it matters: A will directs who receives your assets when you die, names the person responsible for carrying out those wishes (your executor), and — critically for parents — names a guardian for your minor children. Without a will, your state’s intestacy laws decide all of this, and the results may not match your intentions.¹

Roughly 55% of Americans have no estate plan at all,² and surveys consistently show the most common reason is simply not getting around to it.³ The absence of a will does not spare your family from legal process — it just removes your voice from it.

• Will is drafted and legally executed (signed, witnessed, and notarized if required by your state)
• Executor is named, with an alternate
• Guardian is named for any minor children, with an alternate
• Your will is stored somewhere accessible and your executor knows where it is

Durable Financial Power of Attorney

Why it matters: If you become incapacitated — through accident, illness, or cognitive decline — someone needs legal authority to pay your bills, manage your bank accounts, file your taxes, and handle other financial and legal matters. Without a durable financial POA, your family must go to court to be appointed your conservator, which is slow and expensive.⁴

Most states permit a “durable” power of attorney that remains effective once signed until you die or revoke the document.⁵ Without one, a court must appoint a conservator or guardian to manage your financial affairs — a process that varies in cost and timeline by state but always adds burden at a difficult time.⁴

• Durable financial POA is drafted and executed
• Your agent (the person you are authorizing) has been chosen thoughtfully and has agreed to serve
• An alternate agent is named
• Agent has a copy and knows their responsibilities

Healthcare Proxy or Medical Power of Attorney

Why it matters: Without a healthcare proxy, no one — not your spouse, not your adult children — has automatic legal authority to make medical decisions for you if you are incapacitated.⁶ Every adult over 18 needs this document.

• Healthcare proxy or medical POA is drafted and executed
• Your healthcare agent knows they have been named and understands your values and wishes
• An alternate agent is named
• A copy is on file with your primary care physician
• You have had a conversation with your agent about your care preferences

Living Will (Advance Directive)

Why it matters: A living will documents your specific wishes about life-sustaining treatment if you are in a terminal condition or persistent vegetative state.⁷ It reduces the burden on your healthcare agent and removes ambiguity during one of the most emotionally difficult periods for your family.

• Living will is drafted and executed
• Document addresses: CPR preferences, mechanical ventilation, artificial nutrition and hydration, comfort care only vs. aggressive treatment
• Copies are distributed to your healthcare agent and primary care physician

Beneficiary Designations

Why it matters: Beneficiary designations on retirement accounts, life insurance policies, and bank accounts override your will.⁸ They are the single fastest and cheapest action you can take to ensure assets reach the right people — often within days of your death and without any court involvement.

The IRS confirms that retirement account beneficiary designations are governed by plan rules and must be updated separately from any will or trust.⁸ One of the most common estate planning failures is a beneficiary designation left in the name of an ex-spouse or a deceased person — because no one ever updated it after a major life change.⁹

• All retirement accounts (401(k), IRA, Roth IRA) have a current, named primary beneficiary
• All retirement accounts have a named contingent beneficiary
• All life insurance policies have a current, named primary and contingent beneficiary
• Bank accounts have payable-on-death (POD) designations, or you have verified they are not needed
• Brokerage and investment accounts have transfer-on-death (TOD) designations where applicable
• Beneficiary designations have been reviewed since your last major life event (marriage, divorce, death of a beneficiary, birth of a child)

Phase 2: Intermediate Planning

Once Phase 1 is complete, these items address your growing family and asset complexity. Many people in their 30s and 40s with families and real estate should complete most of Phase 2.

Revocable Living Trust (If Appropriate)

Why it matters: A revocable living trust avoids probate, maintains privacy, allows faster distribution of assets, and is essential if you own real estate in more than one state. It also allows you to set terms for how assets are managed for minor children or beneficiaries who need protection.

• Assessed whether a trust is right for your situation (consider: do you own out-of-state real estate? Do you want privacy? Is your estate complex enough to benefit?)
• Trust is drafted, executed, and funded (assets are titled in the name of the trust)
• Pour-over will is in place to catch any assets not transferred to the trust
• Successor trustee has been named and understands their role

Guardian Designation for Minor Children

Why it matters: The most important thing a parent can do in a will is name a guardian for their minor children. Without this, a judge decides who raises your children — and it may not be who you would have chosen.¹

• Guardian is named in your will
• You have spoken with the guardian and confirmed they are willing to serve
• Alternate guardian is named in case your first choice cannot serve
• You have considered whether the same person should manage your children’s finances (guardian) and hold their inherited assets (trustee) — these roles can be separated

Life Insurance Review

Why it matters: Life insurance replaces your income for your dependents, pays off debts (including your mortgage), funds your children’s education, and provides liquidity to your estate. It is most critical when you have dependents who rely on your income.

A record-high 102 million American adults — 42% — say they need life insurance or need more than they currently have.¹⁰ Nearly half of U.S. consumers say they would face financial hardship within six months if the primary wage earner were to pass away unexpectedly.¹⁰

• Existing life insurance coverage has been reviewed in the past two years
• Coverage is adequate relative to your current income, debts, and the financial needs of your dependents
• Beneficiary designations on all policies are current
• You have considered whether term or permanent insurance is appropriate for your goals
• Business owners: key person insurance and buy-sell agreement funding have been considered

Asset Titling Review

Why it matters: How your assets are titled determines how they transfer at death. Assets titled in your name alone go through probate. Assets titled in your trust’s name, jointly with right of survivorship, or with a TOD/POD designation bypass probate. Mismatched titling is one of the most common estate planning mistakes.

• Real estate deed has been reviewed — is it titled in your trust, jointly with survivorship rights, or in your name alone?
• Bank accounts are titled correctly relative to your plan
• Investment accounts are titled correctly
• Vehicle titles have been reviewed where relevant
• No assets are titled in a way that contradicts your overall plan

Digital Assets Planning

Why it matters: Your digital assets — email accounts, social media, financial accounts, cryptocurrency, and online businesses — cannot be accessed by your family without credentials and explicit legal authority. Without a plan, these assets may be lost entirely.

• A digital asset inventory exists (accounts, usernames, and instructions — stored securely, not in your will)
• Your will or trust includes language authorizing your executor or trustee to access digital assets
• A trusted person knows how to locate your digital asset inventory
• Cryptocurrency holdings have a documented access plan (seed phrases, hardware wallet location)

Phase 3: Advanced Planning

Phase 3 applies to people with larger estates, business ownership, specific charitable goals, or multigenerational planning intentions. These strategies require professional guidance from an estate planning attorney and often a CPA or financial advisor.

Estate Tax Planning

Why it matters: The federal estate tax applies to estates above a certain exemption threshold (which changes with legislation). Some states have their own estate tax with lower exemptions. Proper planning can reduce or eliminate estate taxes through gifting, trusts, and other strategies.

For 2025, the federal estate tax exemption is $13,990,000 per person.¹¹ The vast majority of estates do not owe federal estate tax — but state-level estate taxes can apply at much lower thresholds, so verify your state’s rules separately.

• Your estate has been sized relative to the current federal estate tax exemption and your state’s exemption
• Annual gift exclusion is being used if appropriate ($18,000 per recipient in 2024)
• Irrevocable trusts (such as an Irrevocable Life Insurance Trust, or ILIT) have been considered if your estate may be taxable
• Spousal planning has been reviewed — portability election is understood and addressed in your documents
• You have a relationship with an estate planning attorney who stays current on tax law changes

Business Succession Planning

Why it matters: Without a succession plan, the death or incapacity of a business owner can destroy a business that took decades to build. Succession planning determines who takes over, how they are funded, and how the transition is managed.

• Buy-sell agreement is in place with any co-owners, funded with life insurance
• A successor has been identified and the business knows who takes over if something happens to you
• Your will or trust addresses what happens to your business interest
• Business valuation has been done recently enough to inform insurance coverage and estate planning
• Key employee retention and the business’s ability to function without you have been addressed

Charitable Giving Planning

Why it matters: Charitable giving through your estate plan can reduce estate and income taxes while supporting causes you care about. Tools like charitable remainder trusts and donor-advised funds can provide income during your lifetime and a legacy gift at death.

• Charitable bequests in your will or trust reflect your current intentions
• A donor-advised fund has been considered if you make significant charitable gifts
• Charitable remainder trust or charitable lead trust has been evaluated if you have appreciated assets and charitable goals
• Qualified charitable distributions from your IRA have been considered if you are over 70½

Multigenerational and Special Needs Planning

Why it matters: If you have a beneficiary with a disability or special needs, an outright inheritance can disqualify them from government benefits. A special needs trust preserves their eligibility while still allowing you to provide for them. Multigenerational trusts allow assets to benefit your children and grandchildren over time.

• If any beneficiary receives government disability benefits, a special needs trust has been established or evaluated
• If you want to extend your estate’s benefit beyond your immediate heirs, a dynasty or multigenerational trust has been considered
• Generation-skipping transfer tax planning has been reviewed if applicable

Keeping Your Estate Plan Current

An estate plan is not a one-and-done document. Review it:

• After every major life event: marriage, divorce, death of a beneficiary or agent, birth or adoption of a child
• Every three to five years even without a major life event
• After a significant change in assets or financial situation
• After moving to a new state
• After major changes in federal or state estate tax law

The most common estate planning failure is not the absence of documents — it is documents that were created decades ago and never updated to reflect a changed life.

Start with Phase 1. Everything else builds on that foundation.

References

1. Intestate Succession: How an Estate Is Settled If There’s No Will - Nolo, accessed June 2026, https://www.nolo.com/legal-encyclopedia/how-estate-settled-if-theres-32442.html
2. 2025 Wills and Estate Planning Study - Caring.com, accessed June 2026, https://www.caring.com/resources/wills-survey
3. Trust & Will’s 2025 Estate Planning Report: Demographic Breakdown - Trust & Will, accessed June 2026, https://trustandwill.com/learn/2025-report-estate-planning-demographic-breakdown
4. Conservatorships and Adult Guardianships - Nolo, accessed June 2026, https://www.nolo.com/legal-encyclopedia/conservatorships-adult-guardianships-30063.html
5. Power of Attorney - American Bar Association, accessed June 2026, https://www.americanbar.org/groups/real_property_trust_estate/resources/estate-planning/power-of-attorney/
6. Advance Care Planning: Advance Directives for Health Care - National Institute on Aging (NIH), accessed June 2026, https://www.nia.nih.gov/health/advance-care-planning/advance-care-planning-advance-directives-health-care
7. Preparing a Living Will - National Institute on Aging (NIH), accessed June 2026, https://www.nia.nih.gov/health/advance-care-planning/preparing-living-will
8. Retirement Topics — Beneficiary - Internal Revenue Service, accessed June 2026, https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary
9. Current Challenges and Best Practices Concerning Beneficiary Designations in Retirement and Life Insurance Plans - U.S. Department of Labor, accessed June 2026, https://www.dol.gov/sites/dolgov/files/ebsa/pdf_files/2012-current-challenges-and-best-practices-concerning-beneficiary-designations-in-retirement-and-life-insurance-plans.pdf
10. U.S. Life Insurance Need Gap Grows in 2024 - LIMRA, accessed June 2026, https://www.limra.com/en/newsroom/news-releases/2024/u.s.-life-insurance-need-gap-grows-in-2024/
11. Frequently Asked Questions on Estate Taxes - Internal Revenue Service, accessed June 2026, https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-estate-taxes
12. Getting Your Affairs in Order Checklist - National Institute on Aging (NIH), accessed June 2026, https://www.nia.nih.gov/health/advance-care-planning/getting-your-affairs-order-checklist-documents-prepare-future
13. What Does an Executor of a Will Do? - Nolo, accessed June 2026, https://www.nolo.com/legal-encyclopedia/what-does-executor-do-30236.html

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