Estate Planning Checklist: Everything You Need
Key takeaways
- A complete basic estate plan is usually four documents: a will, a durable financial power of attorney, a healthcare power of attorney, and a living will.
- Add a revocable living trust if you own real estate, have a larger estate, or want to avoid probate.
- Your beneficiary designations on retirement and insurance accounts pass outside your will, so keep them current.
- Estate planning is not one-and-done. Review everything every few years and after major life events.
Estate planning sounds overwhelming, but it comes down to a manageable set of documents and decisions. This checklist walks you through everything you need: the core legal documents, the information to gather before you start, the people you will need to appoint, and how to keep the plan current. Work through it top to bottom and you will have a complete, organized plan.
If you do nothing else, get the four core documents in place. Everything beyond that, a living trust, advanced tax planning, special needs provisions, builds on that foundation. Use the checkboxes below to track your progress.
The Core Documents Checklist
These are the documents that make up a complete estate plan. The first four are essential for nearly every adult; the rest depend on your situation.
Essential for everyone
- Last will and testament: directs who inherits your property and names a guardian for minor children. See how to write a will.
- Durable financial power of attorney: lets someone manage your finances if you become incapacitated.
- Healthcare power of attorney: names someone to make medical decisions for you.
- Living will (advance directive): states your wishes for medical and end-of-life care. See living will vs last will.
Add if they apply to you
- Revocable living trust: avoids probate for assets titled in it. See how to set up a living trust.
- Pour-over will: the companion will used alongside a living trust.
- Beneficiary designation updates: for retirement accounts and life insurance. See beneficiary designations.
- Letter of instruction: an informal note with passwords, accounts, and wishes (not legally binding).
- Special needs trust: if a beneficiary relies on government benefits.
Information and Assets to Gather
Before drafting anything, pull this information together. Having it in front of you makes the whole process faster and keeps you from leaving assets out.
- Real estate and mortgages
- Bank and credit union accounts
- Investment and brokerage accounts
- Retirement accounts (401(k), IRA)
- Life insurance policies
- Business interests
- Vehicles and valuables
- Digital assets and online accounts
- Outstanding debts and liabilities
- Current beneficiary designations
- Legal names of beneficiaries
- Contact info for key people
Note which assets already have named beneficiaries or joint owners. Those pass outside your will automatically, so you do not want your will and your beneficiary forms giving conflicting instructions.
People to Choose
An estate plan is only as good as the people you appoint to carry it out. Decide on each of these roles, talk to the people first, and name at least one backup for each.
| Role | What they do |
|---|---|
| Executor | Carries out your will and settles your estate through probate |
| Successor trustee | Manages and distributes your living trust if you die or become incapacitated |
| Guardian | Raises your minor children if both parents die |
| Financial agent (POA) | Manages your finances if you cannot |
| Healthcare agent | Makes medical decisions for you if you cannot |
Will or Living Trust?
One of the bigger decisions in your plan is whether a will alone is enough or whether you should add a living trust. In short: a will is simpler and cheaper but goes through probate, while a living trust costs more upfront but avoids probate and adds incapacity protection. Most people with real estate or larger estates benefit from a trust; younger people with simple finances often start with just a will.
For a full breakdown of the trade-offs, see our guide on a will versus a living trust, and if avoiding probate is your priority, how to avoid probate.
Special Situations
Some circumstances call for extra planning beyond the core documents. If you have minor children, naming a guardian in your will is non-negotiable. Blended families often need a trust to balance providing for a spouse with protecting children from a prior relationship. Business owners should add a succession plan. A beneficiary with special needs usually needs a special needs trust so an inheritance does not disrupt government benefits. And if you own property in more than one state, a living trust avoids multiple probate proceedings.
When to Review Your Plan
An estate plan is a living thing. Set a reminder to review it every three to five years, and revisit it sooner after any major life event: marriage or divorce, the birth or adoption of a child, a death in the family, a significant change in your assets, starting or selling a business, or a move to a new state. Each of these can change who you want to inherit, who should serve in key roles, or which documents you need.
The fastest review you can do today: pull up the beneficiary designations on every retirement account and life insurance policy and confirm they still name the right people. These override your will, and outdated forms are one of the most common estate planning failures.
Frequently Asked Questions
What documents do I need for estate planning?
Most people need a last will, a durable financial power of attorney, a healthcare power of attorney, and a living will (advance directive). Those with larger estates or real estate often add a revocable living trust. Beneficiary designations on retirement and insurance accounts round out the plan.
Where do I start with estate planning?
Start by taking inventory of what you own and who you want to inherit it, then create a basic will. From there, add powers of attorney and a healthcare directive, and consider a living trust if you own real estate or have a larger estate.
Do I need an attorney for estate planning?
Not always. Straightforward estates can use reputable online services for a will, powers of attorney, and a healthcare directive. An attorney is worth the cost for blended families, business owners, larger estates, or a beneficiary with special needs.
How often should I review my estate plan?
Review your estate plan every three to five years and after any major life event, such as marriage, divorce, a birth, a death, a large change in assets, or a move to a new state.
What information should I gather before estate planning?
Gather a list of your assets and debts, account and policy details, beneficiary information, and the full legal names of the people you want to inherit or serve as executor, trustee, guardian, or agent under a power of attorney.
What is the difference between a will and a living trust in a plan?
A will directs who inherits your property and names a guardian for minor children but must go through probate. A living trust holds assets and passes them to beneficiaries without probate. Many plans use both, with a pour-over will backing up the trust.