The Ultimate Estate Planning Checklist (What to Include, Why It Matters, and How to Keep It Updated)

A complete estate plan does more than pass assets—it protects your family, clarifies decision-making, and keeps life running smoothly if something unexpected happens. Use this checklist from The Eastman Law Firm, P.C. to build (or audit) a practical, up-to-date plan.

Core Documents (Start Here)

• Last Will & Testament

  • Names a personal representative (executor)

  • Distributes assets not titled to a trust

  • Appoints guardians for minor children

  • Includes personal property memorandum (who gets heirlooms)

• Revocable Living Trust (if recommended for your situation)

  • Holds major assets during life; avoids probate for trust assets

  • Names successor trustee(s) for incapacity and after death

  • Includes clear distribution terms and any staggered ages for beneficiaries

  • Pour-over will in place (to “catch” anything not titled to the trust)

• Financial Power of Attorney (FPOA)

  • Durable (effective during incapacity)

  • Grants authority for banking, taxes, real estate, business, and digital accounts

  • Names a primary agent and at least one backup

  • Specifies whether “springing” or immediate authority

• Advance Directive for Health Care

  • Names a health-care agent (plus backups)

  • States treatment preferences (life support, pain management, organ donation)

  • Includes HIPAA authorization so your agent can talk to doctors

Beneficiary Designations (Coordinate With Your Documents)

• Retirement Accounts (401(k), IRA, 403(b)) — primary and contingent beneficiaries

• Life Insurance — beneficiaries align with your will/trust plan

• Payable-on-Death (POD) / Transfer-on-Death (TOD) Accounts — used intentionally, not accidentally

• Annuities, HSAs, 529s — reviewed for tax and control implications

Pro tip: Conflicts between beneficiary forms and your will/trust are a top cause of surprises. Update forms to match your plan.

Titling & Ownership (Reduce Friction)

• Home and Real Estate — titled in the trust (if using one) or with TOD deed where appropriate

• Bank/Brokerage Accounts — titled to the trust or coordinated with POD/TOD

• Business Interests — assignment to trust (if applicable) and documents updated to reflect succession terms

• Vehicles & Other Titled Property — consistent with your overall plan

For Parents & Caregivers

• Guardian Nominations — primary and backup, with alternates

• Short-Term Guardianship/Authorization — so kids aren’t in limbo if you’re temporarily unavailable

• Instructions for Care — education, health, and values letter (non-binding but helpful)

• Trust Provisions for Minors — staggered distributions, trustee guidance, and special-needs planning if relevant

For Business Owners (Continuity & Value Protection)

• Operating/Shareholder Agreement — updated management and transfer provisions

• Buy–Sell Agreement — clear triggers (death, disability), valuation method, and funding

• Key Person/Owner Insurance — amounts aligned to buy–sell and cash needs

• Authority During Incapacity — FPOA or successor trustee can access banking, payroll, contracts

• “Where Things Are” Playbook — passwords, vendor lists, receivables, key contacts

Digital Assets & Online Life

• Password Manager — with emergency access set up

• Digital Asset Instructions — email, cloud drives, social media, domain names, cryptocurrency wallets

• Memorialization/Deletion Preferences — for major platforms

Taxes & Charitable Giving

• Tax Review — coordinate with your CPA on estate, income, and capital-gains considerations

• Charitable Bequests or Donor-Advised Fund — spelled out in will/trust and beneficiary forms

• Gifting Strategy — lifetime gifts and documentation (if part of your plan)

Fiduciaries (Choose the Right People)

• Personal Representative (Executor) — detail-oriented and available

• Trustee(s) — financially responsible; consider corporate co-trustee for complexity

• Agents — for financial and health-care decisions

• Guardians — aligned with your parenting philosophy

• Successors — at least one backup for each role

Pro tip: Discuss the role before naming someone. Provide plain-English “job descriptions” so they know what to expect.

Information Package (Make It Easy to Use)

• One-Page “Estate Snapshot” — contacts for attorney, CPA, advisor; policy and account list; where originals are stored

• Letter to Loved Ones — practical guidance and personal messages

• Asset & Debt Inventory — updated at least annually

• Document Storage — originals in a safe place; digital copies organized and shared with fiduciaries

Maintenance Schedule (Because Life Changes)

• Annual Quick Check — marriages/divorces, births, deaths, new accounts, home purchases, business changes

• Major Life Events Review — update after any big change

• 5-Year Comprehensive Review — refresh documents, titling, and beneficiary designations

Common Pitfalls to Avoid

• Only having a will(no incapacity planning)

• Out-of-date beneficiaries(old employer plans are frequent offenders)

• Unfunded trust(assets never retitled, so probate isn’t avoided)

• No backups for fiduciary roles

• Mismatched documents(will/trust say one thing, forms say another)

Ready to Build or Refresh Your Plan?

A good plan is clear, coordinated, and easy for the right people to use. If you’d like a personalized review—or a start-to-finish build—the team at The Eastman Law Firm, P.C. can guide you, align your documents and beneficiary designations, and help you keep everything current.

 

This checklist is for general educational purposes and isn’t legal or tax advice. Your situation may call for different structures or provisions.