5 Point Estate Planning Checklist

1. Create an Estate Plan

• Draft a Will to outline how your assets should be distributed and appoint an executor to manage your estate.

• Consider a Living Trust to avoid probate and ensure smoother asset distribution if you become incapacitated.

• Designate Beneficiaries for key assets like bank accounts, retirement funds, and insurance policies.

  
  

2. Review Finances

• List Assets and Liabilities to understand your financial situation, including property, savings, debts, and investments.

• Review Insurance Coverage (life, health, disability) to ensure adequate protection and update as necessary.

• Update Beneficiary Designations on financial accounts, retirement plans, and insurance to reflect your current wishes.

  
  

3. Create Insurance Documents

• Review Life Insurance to ensure you have enough coverage to support your loved ones after your death.

• Consider Disability Insurance to replace income if you are unable to work due to illness or injury.

• Keep Policies Organized and share the details with your executor or a trusted family member for easy access.

  
  

4. Communicate with Family

• Discuss Your Plan openly with family members to ensure they understand your wishes, including guardianship for children or medical preferences.

• Clarify Roles for executors, trustees, and powers of attorney, so everyone knows their responsibilities.

• Share Document Locations so your loved ones know where to find your estate plan and insurance policies when needed.

  
  

5. Regularly Review and Update

• Review Your Estate Plan Annually and after significant life changes (e.g., marriage, divorce, birth of children, or financial changes).

• Adjust Beneficiaries and update executors, trustees, or insurance coverage to ensure your plan remains current and effective.