One of the most important acts you can pursue to make sure your family is taken care of after your passing is having an estate plan.
But there are many moving parts in a plan, and you'll want to pay attention to all of them so you don't miss anything important that could get in the way of a smooth transition from you to your loved ones. With that in mind, we created this estate planning checklist to help ensure you have all your ducks in a row.
Do you have a will?
A will enables you to specify who you want to inherit your property and other assets. It also allows you to name a guardian for your minor children.
Do you have health care documents in place?
Health care documents spell out your wishes if you become unable to make medical decisions for yourself. They also authorize a person to make decisions on your behalf if that proves necessary.
These documents may include a living will, a power of attorney agreement and a durable power of attorney agreement for health care.
Do you have financial documents in place?
Certain financial documents can outline your financial wishes. If you become unable to make decisions for yourself, these documents can empower a person to act on your behalf.
They may include joint ownership, durable power of attorney and living trusts.
Have you filed beneficiary forms?
In some cases, naming a beneficiary for bank accounts and retirement plans makes these accounts "payable on death" to your beneficiaries. In other cases, you need to fill out a Payable on Death form.
Do you 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 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 pay surrender charges and face income tax implications. You should consider whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy depend 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 $30 million in assets (for 2026), 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 consider a buyout agreement.
Have you created a letter of instruction?
A letter of instruction is a non-legal document that outlines your wishes. A well-written letter may save your heirs time, effort and expense as they administer your estate.
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. These documents may include:
- Your will.
- Trust documents.
- Life insurance policies.
- Deeds to any real estate and certificates for stocks, bonds and annuities.
- Information on your financial accounts and safe deposit boxes.
- Information on your retirement plans.
- Information on any debts you have, such as credit cards, mortgages and loans.
Note: Power of attorney laws 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.