The Essential Estate Planning Checklist

Estate planning is not just for the ultra-wealthy. Anyone with assets, dependents, or specific wishes about how their affairs should be handled needs a plan. Without one, state law — not your intentions — will determine what happens to your estate.

A will is the foundation of any estate plan. It specifies how your assets should be distributed, names an executor to carry out your wishes, and — critically — designates a guardian for minor children. Without a will, these decisions fall to a probate court.

Trusts offer additional control and can help your estate avoid probate, which is a public, time-consuming, and potentially costly legal process. A revocable living trust allows you to maintain control of your assets during your lifetime while ensuring a smooth, private transfer at death.

Beneficiary designations on retirement accounts, life insurance policies, and annuities override your will entirely. These designations must be reviewed regularly — especially after major life events like marriage, divorce, or the birth of a child — to ensure they reflect your current wishes.

A durable power of attorney authorizes someone you trust to manage your financial affairs if you become incapacitated. A healthcare proxy (or healthcare power of attorney) designates someone to make medical decisions on your behalf. An advance directive (living will) documents your wishes regarding end-of-life care.

Estate planning is not a one-time event. Tax laws change, family circumstances evolve, and asset values shift. A comprehensive review every three to five years — or after any major life change — ensures your plan remains aligned with your goals and current law.