Estate Planning Checklist
Published: April 24th, 2025
Reading Time: 7 Min
Written by: Keith Corbett, CFP®
Estate planning often sounds like a single task.
In real life, it is usually a set of connected decisions that need to work together.
Estate planning often sounds like a single task. In real life, it is usually a set of connected decisions that need to work together.
A will matters. Trusts may matter. Beneficiary designations matter. So do powers of attorney, healthcare documents, account titles, and the people who may need to carry out your wishes later. The challenge is rarely knowing that estate planning matters. The challenge is making sure the moving parts are aligned.
This checklist is designed to help you organize the conversation before details get lost in legal language or family assumptions.
Who this page is for
This page is for legacy planners and families who want to review the financial side of estate planning with more structure.
It may be especially helpful for households with multiple accounts, charitable goals, blended families, business interests, or a desire to coordinate more clearly with an attorney and CPA.
Estate planning checklist
1. List every major account and asset
- Create a clear inventory of brokerage accounts, retirement accounts, real estate, business interests, insurance policies, bank accounts, and other significant assets.
- Include account ownership, approximate value, and where key documents are held.
2. Review beneficiary designations separately from the will
- Retirement accounts, insurance contracts, and certain transfer-on-death arrangements may pass by beneficiary designation rather than through the will.
- That is why beneficiary review deserves its own line item.
3. Confirm your will is current
- Review whether the will still reflects your wishes, family structure, guardianship decisions, and executor choice.
- Life changes such as marriage, divorce, births, deaths, and relocations can all justify an update.
4. Review whether trusts are part of the plan
- Not every household needs a trust, but many households benefit from reviewing whether one fits their goals.
- This may matter more when privacy, control, creditor protection, blended families, special needs, or staged inheritance plans are in view.
5. Update powers of attorney and healthcare directives
- Financial powers of attorney and healthcare documents can be just as important as transfer documents.
- These forms help establish who can act if you are unable to do so yourself.
6. Check how assets are titled
- Ownership structure can affect what happens at death and how easily assets transfer.
- Review whether accounts and property are titled consistently with your legal documents and broader intentions.
7. Clarify who is responsible for what
- Identify the executor, trustee, healthcare agents, and any other decision-makers in the plan.
- Make sure the people named understand the role and are willing to serve.
8. Coordinate with your attorney, CPA, and advisor
- Estate planning often breaks down when each professional sees only part of the picture.
- Ask whether your documents, tax assumptions, charitable goals, and beneficiary designations are aligned across the team.
9. Document family or legacy intentions that go beyond asset transfer
- Some wishes are financial. Others are practical or values-based.
- If you want heirs to understand the purpose behind the plan, note where those conversations or instructions live.
10. Revisit the plan after major life events
- An estate plan is not a one-time file. It should be reviewed after deaths, marriages, divorces, inheritances, major liquidity events, business changes, relocations, or meaningful tax-law shifts.
Common mistakes to avoid
- Assuming the will controls every asset
- Failing to update beneficiaries after major life changes
- Leaving documents unsigned, outdated, or hard to find
- Choosing decision-makers without confirming they can serve
- Allowing tax, legal, and financial planning to happen in separate silos
When a financial advisor may help
Estate planning can feel document-heavy because it is. The deeper goal is clarity. A good plan can make life easier for the people you care about and reduce the chance that your intentions get lost in confusion.
A fiduciary financial advisor may help you organize the account, beneficiary, and coordination side of estate planning, especially when your household has more complexity than a simple will can solve on its own.
FAQ
What is included in an estate planning checklist?
A strong checklist often includes wills, trusts where relevant, beneficiary designations, powers of attorney, healthcare directives, account ownership, and coordination across professionals.
Do I need an estate plan if I already have a will?
Usually yes. A will is important, but it may not address beneficiary designations, titled assets, powers of attorney, or the broader coordination your household needs.
How often should I review estate planning documents?
Many households review after major life changes and periodically even when nothing dramatic has happened.
Should a financial advisor be involved in estate planning?
A financial advisor may help coordinate account structure, beneficiaries, tax-sensitive assets, and communication with your attorney and CPA.
