Estate planning is not a single event. It is a process with distinct phases, each building on the one before it. This checklist is organized as a progression, from gathering information through signing documents, funding the plan, and maintaining it over time.
Work through each phase with your financial advisor. Not every item will apply to your situation. Items marked with an asterisk (*) are recommended for every estate plan regardless of size or complexity.
Gather and Organize
Before any documents are drafted, take inventory of what you have, who depends on you, and who you want involved.
Asset Inventory
List all real estate
Address, ownership type, estimated value, and mortgage balance
List all financial accounts
Checking, savings, brokerage, CDs, institution, balance, and current titling
List all retirement accounts
IRAs, 401(k), 403(b), pension, institution, balance, and current beneficiary
List all life insurance policies
Carrier, policy type, death benefit, and current beneficiary
List all annuity contracts
Carrier, type, value, and current beneficiary
List any business interests
Entity name, type, ownership percentage, and estimated value
List titled personal property
Vehicles, boats, aircraft, with current titling
List valuable personal property
Jewelry, art, collections, with estimated value
List digital assets
Cryptocurrency, online businesses, domain names, digital media
List all debts
Mortgage, auto loans, student loans, credit cards, other obligations
Key Contacts
Financial advisor
Name, firm, phone, email
Attorney
Name, firm, phone, email (or note if you need one)
CPA / tax advisor
Name, firm, phone, email
Insurance agent
Name, company, phone, email
Make Key Decisions
These are the choices that shape your plan. Discuss each one with your advisor before any documents are drafted.
Plan Structure
Will vs. trust decision *
Do you need a revocable living trust, or is a will sufficient? Your advisor can walk you through the factors: real estate ownership, probate avoidance, privacy, incapacity planning, and minor children.
Distribution plan *
Who receives what, and how? Outright distributions, distributions in trust (staggered by age or milestone), equal shares vs. need-based.
Select Key People
Executor / Personal Representative *
The person responsible for managing your estate through probate (if a will is used). Choose someone organized, trustworthy, and willing to serve. Name a backup.
Trustee / Successor Trustee *
The person responsible for managing and distributing trust assets. If you create a trust, you will typically serve as your own trustee during your lifetime. Name a successor.
Financial Power of Attorney Agent *
The person who manages your finances if you become incapacitated. This is not the same as the executor or trustee. Name a backup.
Healthcare Power of Attorney Agent *
The person who makes medical decisions if you cannot. Name a backup.
Guardian for Minor Children *
If you have children under 18, name the person who will raise them. Name an alternate. Discuss this with the person before naming them.
HIPAA Authorized Individuals *
The people authorized to access your medical records. This is separate from the healthcare agent.
Special Considerations
Special needs beneficiary
If any beneficiary has a disability or receives government benefits, a special needs trust may be necessary to preserve eligibility.
Blended family provisions
If you have children from a prior relationship and a current spouse, the plan may need to balance competing interests.
Business succession
If you own a business, how should ownership transfer at death or incapacity? Review the operating agreement, buy-sell provisions, and key-person insurance.
Charitable giving
If philanthropy is important, discuss charitable remainder trusts, donor-advised funds, or direct bequests with your advisor.
Pet care provisions
If you have pets, name a caretaker and consider setting aside funds for their care.
Draft Documents
With decisions made, the documents can be prepared. Your advisor coordinates the process; the platform or attorney prepares the documents.
Core Documents
Last Will and Testament *
Directs distribution of assets not held in a trust, names guardians for minor children, and names the executor. Required even if you have a trust (as a pour-over will).
Revocable Living Trust
Holds assets during your lifetime and distributes them after death or during incapacity, avoiding probate. Not required for everyone.
Durable Financial Power of Attorney *
Authorizes your agent to manage finances on your behalf if you become incapacitated. "Durable" means it remains effective during incapacity.
Healthcare Power of Attorney *
Authorizes your agent to make medical decisions on your behalf. May be called a healthcare proxy or medical power of attorney depending on your state.
Advance Directive / Living Will *
Documents your wishes regarding life-sustaining treatment, resuscitation, and end-of-life care.
HIPAA Authorization *
Authorizes named individuals to access your medical records. Without this, privacy laws may prevent your family from obtaining medical information.
Additional Documents
Personal property memorandum
A list of specific personal items and who should receive them. Some states allow this to be updated separately without amending the will.
Letter of instruction
A non-binding document with personal wishes: funeral arrangements, location of important documents, messages to family, account access information.
General assignment of property
Transfers untitled personal property into the trust. Signed at the same time as the trust document.
Every estate plan should include
A Will (or Trust with pour-over Will), a Financial Power of Attorney, a Healthcare Power of Attorney, an Advance Directive, and a HIPAA Authorization. These five documents address the two most critical questions: what happens to your assets, and who makes decisions when you cannot.
Execute and Implement
This is where most estate plans stall. Signing the documents is only the beginning. The plan does not work until it is funded and the right people know their roles.
Sign the Documents
Sign all documents according to state requirements *
Wills typically require two witnesses and a notary. Powers of attorney and healthcare directives have their own requirements. Your advisor or attorney will provide state-specific instructions.
Sign all documents at the same time if possible *
A single signing session ensures consistency and avoids delays.
Fund the Trust
Transfer real estate by deed
A new deed must be recorded with the county for each property, naming the trustee as the new owner.
Retitle bank accounts
Contact each bank to change account titling to the trust. Bring a Certificate of Trust.
Retitle brokerage and investment accounts
Contact each institution with the Certificate of Trust to change account titling.
Retitle vehicles
Not always recommended. Some states have simplified transfer procedures at death that make trust titling unnecessary for vehicles.
Transfer business interests
Assign LLC membership interests, partnership interests, or corporate shares to the trust. Review the operating agreement for transfer restrictions.
Execute a general assignment of property
Transfers untitled personal property into the trust.
Update Beneficiary Designations
Review and update retirement account beneficiaries *
IRAs, 401(k), 403(b), pension plans. These pass by designation, not by will or trust.
Review and update life insurance beneficiaries *
Verify primary and contingent beneficiaries on every policy.
Review and update annuity beneficiaries
Annuity contracts pass by beneficiary designation.
Review POD/TOD designations
Payable-on-death and transfer-on-death designations on bank and brokerage accounts override wills and trusts.
Review HSA beneficiary
Health Savings Accounts pass by beneficiary designation.
Why this phase matters most
An unfunded trust is a useless document. A will with outdated beneficiary designations can send assets to the wrong person. This phase, not the document drafting, is where estate plans succeed or fail. Your advisor can coordinate the entire implementation process.
Secure and Communicate
A plan no one can find is a plan that does not exist. Store documents properly and make sure the right people know their roles.
Store Documents
Store originals in a fireproof safe or attorney's office *
Create a document index *
A one-page list of every document, where the original is stored, and who has copies.
Distribute copies to executor, trustee, and agents *
They need to be able to act quickly. They cannot do that if they have to find the documents first.
Store digital copies in a secure location
A digital safe, encrypted cloud storage, or your advisor's secure platform.
Share healthcare documents with your physicians
Provide copies of your Healthcare POA, Advance Directive, and HIPAA Authorization to your primary care physician.
Notify Key People
Tell your executor/trustee that they have been named *
Explain the role, where to find the documents, and who to contact when the time comes.
Tell your POA agents that they have been named *
Both financial and healthcare agents should know they have been designated and understand the scope of their authority.
Tell your guardian (if applicable) *
The person named as guardian for your minor children should know, agree, and understand your wishes.
Register your POA with financial institutions
Some institutions require the Power of Attorney to be filed in advance.
Maintain Over Time
An estate plan is a living document. Review it regularly and update it when life changes.
Annual Review (with your advisor)
Review beneficiary designations on all accounts *
Verify trust funding, are new accounts titled in the trust? *
Check for life events that require updates *
Marriage, divorce, birth, death, move to a new state, major financial change, business sale.
Confirm named agents are still willing and able to serve *
Review insurance coverage adequacy
Review digital asset inventory
Check for tax law changes that affect the plan
Complete Review (every 3 years)
Full review of all documents with your advisor and attorney
Evaluate whether plan structure still fits your circumstances
Update documents as needed
Amendments, restated trusts, new wills.
This checklist is provided for informational and organizational purposes only. It does not constitute legal, tax, or financial advice. Estate planning involves state-specific laws and individual circumstances that require professional guidance. Consult with your financial advisor, attorney, and tax advisor before making decisions about your estate plan.
Ready to start gathering? The Asset Inventory Worksheet provides a structured form for documenting every asset, debt, and account. For clients with a revocable trust, the Trust Funding Guide walks through the transfer process step by step. For why that transfer step fails so often, read the journal essay Why most revocable trusts are never funded.