Estate planning is critical not only to provide for your loved ones after your death, but also to protect yourself and them while you are alive. If you are suddenly incapacitated, who will take care of your financial, medical, and legal decisions? But how can you put together a comprehensive estate plan? Where do you start? Follow this helpful estate planning checklist to see what to update and what to put on your “to-do” list:

Estate Planning Checklist

Do you have a Health Care Power of Attorney? 

A health care power of attorney is a document that gives your representative or your “agent” the power to speak with your medical team and to make decisions about your care. Make sure your agent understands medical information and your wishes.

YES -> Is this the person you still want to make your medical care decisions? If not, make a new healthcare power of attorney and revoke the old one. You may have to contact your medical institutions to notify them of the change. 

NO -> Make a healthcare power of attorney and name your spouse or a trusted family member or friend. Let them know they are your agent and give them a copy of the document. Discuss how you want to be treated and what lifesaving and life-prolonging measures to take.

Do you have an Advance Medical Directive or Living Will? 

If you had an end-stage or terminal illness, what measures would you want taken to prolong your death? A living will outlines your wishes for your medical team to follow. Figure out what you want and put it in writing. Make these decisions for yourself. Don’t burden your loved ones with wondering what you would want.

YES -> Is this the person you still want to make your end-of-life decisions? If not, make a new living will and revoke the old one. Contact your medical institutions to notify them of the change. 

NO -> Make a living will and name your spouse or a trusted family member or friend. Let them know they are your agent and give them a copy of the document. Discuss how you want to be treated and what lifesaving and life-prolonging measures to take.

Do you have an updated list of bank accounts, investment and retirement accounts, pension plans and other assets? 

YES -> Update your list with current information. Make sure someone knows what assets or benefits you have and how to access them. 

NO -> Make a list! Include contact information on those accounts. Detail the assets and benefits you have and how to access them for your care.

PRO TIP: Check that all your bank accounts, investment accounts, IRAs, and life insurance policies have the correct beneficiary names. These instructions operate outside of your will. For example, if you have a sibling listed on your life insurance policy but later get married, you will now want your spouse to inherit. Change the beneficiary information to your spouse. Otherwise, your sibling will get the proceeds, even if your will leaves all your assets to your spouse. Therefore, confirm your beneficiaries are correct to avoid mistakes.

Do you have a Financial Power of Attorney? 

A durable or financial power of attorney handles your finances, pays your bills, and acts on your behalf if you are incapacitated. Make sure your power of attorney understands their responsibilities. Name an agent who is trustworthy and honest.

YES -> Is this the person you still want to make your financial decisions? If not, make a new durable power of attorney and revoke the old one. You may have to contact your financial institution to notify them of the change. 

NO -> Make a durable power of attorney and name your spouse or a trusted family member or friend. Let them know they are your agent and provide them with your list of assets and benefits. Give them a copy of the document.

Do you have a plan for your business concern or investment property?

Avoid the chaos of leaving your business without someone competent to run it. Let your loved ones know about how you want investment properties managed.

YES -> Review and update your plans.

NO -> Make a succession plan of who will continue the business and how you want those investments handled. Detail your instructions of how the business or investments should be managed or sold. 

Do you have a will and/or trust?

A last will and testament is a document that names guardians for your minor children and distributes your assets to your beneficiaries. Your assets are held up in probate court if you die “intestate” (without a will). Additionally, a court has to figure out who will get custody of your children. Don’t leave these critical decisions to chance. Make these choices based on what is best for your children. The court does not understand your family dynamics or how you want your estate distributed. Additionally, If you have a pet, plan for their custody and care through a will or a trust.

While trusts are often thought of as extremely complicated, they are an important tool for estate planning. Learn about the 9 benefits of a trust. In addition to taking assets out of probate, trusts can be set up to protect loved ones long after you are gone.

YES -> Is your will and/or trust updated and in accordance with your wishes? Do you still want the same executors, trustees, and beneficiaries? If not, you need to make amendments to your will and/or trust.

NO -> Make a will to dispose of your assets according to your wishes. Look into the benefits of creating a trust for asset protection.

Are there specific items such as jewelry, a car, or art that you want to be given to a specific person?

YES -> Is this written down, signed, and dated? Where is the document?

NO -> Make a will and list specific items with the beneficiary name. For example, to my niece, Karen, my Christmas Spode china set.

PRO TIP: Your niece Karen doesn’t want your china set.

Do you have a safe or safety deposit box?

YES -> If you have a safety deposit box, with what bank? Who has the authority to access it? Where can a key be located? If you have a safe, where is it located? Who has the combination, code, or key? What does it contain?

NO -> Do you have other places you keep valuables? How can it be accessed if you die? Write down specifics so your loved ones can locate them.

Do you have life insurance?

Assess how much you need to protect your family if you die prematurely. Look into term life insurance as these policies are less expensive. Life insurance needs change with your beneficiaries’ needs. Therefore, you may not need as much life insurance once your children reach adulthood.

YES -> If so, who are the insurance companies, where are the policies, who are the beneficiaries, and what are the benefit amounts? Make a list for your loved ones.

NO -> Determine if life insurance something you may want to consider for your situation. Especially if you have dependents who need financial help after you die. 

PRO TIP: Let your beneficiaries know about your life insurance policies. Even if they know you died, insurance companies are not obligated to contact beneficiaries of your life insurance policy.

Do you have any wishes regarding funeral arrangements? Burial? Cremation? Organ donation?

YES -> If so, do you have these arrangements written down? Does someone have a copy to follow them?

NO -> If you are an organ donor, give your loved ones the details. Write down any specific instructions you want after your death. Include wishes for burial or cremation and funeral arrangements. For example, if you served in the military, do you want military honors? Instead of flowers, do you want donations made to your favorite charity?

Now what?

Now that you have gone through this estate planning checklist, talk with an estate planning attorney to evaluate your situation. While every family is different, attorneys craft a specific plan to benefit your family and their specific needs. Ask questions and raise concerns. Make sure you are comfortable and understand how these documents help you.

Finally, put all important financial, medical, and legal information into a Family Information Binder. Use this in case of emergency. Your family will have your information if there is a sudden hospitalization or evacuation. Create your binder or get My Family Binder forms to fill out.

Review your estate plan every few years or if you have a significant life event such as a death in the family or divorce. Make sure that the people you name as beneficiaries, trustees, and agents are still who you want. If you have aging parents, you will want them to go through their estate planning checklist.

Don’t give up! Reviewing an estate planning checklist takes time. Know that each step you take gets you closer to protecting your family when you are not around.

Catherine Hodder, Esq. is author of Estate Planning for the Sandwich Generation: How to Help Your Parents and Protect Your Kids.