Estate planning isn’t just for the wealthy. It’s for anyone who cares about protecting what they’ve worked for and making life easier for their loved ones.
If you don’t have a plan, the government will make one for you, and it likely won’t reflect your wishes. That’s why having a simple, solid estate plan in place is one of the most responsible and loving things you can do.
Whether you’re just getting started or updating an old plan, this checklist will walk you through the essentials. No jargon or confusion.
1. Create a Will
Your will is the most basic estate planning tool. It tells everyone exactly what should happen to your assets and belongings when you’re gone… and who should take care of any minor children.
Without a will, your estate may go through lengthy, expensive legal processes, and your assets may not end up where you want them to.
Action: List out your assets, choose a trustworthy executor, and clearly state your wishes in a legal will.
2. Name Legal Guardians for Your Children
If you have children under 18, you must name someone to take care of them in case you’re no longer around.
Without this, the courts decide who gets custody. Choosing now ensures your kids are raised by someone you trust… not by chance.
Action: Include guardianship instructions in your will and talk with the person you choose to ensure they’re willing and prepared.
3. Assign a Power of Attorney (POA)
What if you’re alive but unable to make decisions, due to illness, accident, or mental decline?
A power of attorney gives someone you trust the legal right to manage your finances and property if you’re incapacitated.
Action: Choose someone responsible, financially literate, and loyal. Make it official with a signed, notarized POA document.
4. Set Up a Healthcare Proxy (or Medical Power of Attorney)
This is someone who can make medical decisions on your behalf if you can’t speak for yourself.
They’ll work with doctors to carry out your healthcare wishes, including decisions about life support, surgery, or medication.
Action: Complete a healthcare proxy form and share it with your doctors and loved ones.
5. Create a Living Will (Advance Directive)
This document outlines what kind of medical treatment you want (or don’t want) in case of serious illness or injury.
It removes guesswork and emotional strain for your family during difficult moments.
Action: Clearly state your wishes regarding life-sustaining treatments and keep the document accessible.
6. Review Your Beneficiaries
Your will doesn’t control everything. Certain accounts, like:
- Life insurance
- Retirement accounts
- Payable-on-death (POD) bank accounts
…are passed based on the beneficiaries you list on the accounts, not what your will says.
Action: Check your account beneficiaries today and update them if needed. Make sure they align with your overall plan.
7. Consider a Trust (If Needed)
A trust allows you to control how and when your assets are distributed. It can:
- Bypass probate
- Provide for underage or special needs beneficiaries
- Offer more privacy and control
You may not need one if your situation is simple, but if you have a complex estate or specific wishes, it’s worth considering.
Action: Talk to a qualified estate attorney about whether a trust makes sense for you.
8. Make a List of Assets and Important Documents
Many people pass away with no organized records, leaving loved ones to dig through drawers for documents and account information.
Create a list of:
- Bank and investment accounts
- Property deeds and vehicle titles
- Insurance policies
- Login info and passwords (use a secure method)
- Important contacts (lawyer, financial advisor, etc.)
Action: Store this list securely and let a trusted person know where to find it.
9. Review and Update Your Plan Regularly
Estate planning isn’t a one-time event. Review your plan:
- After major life changes (marriage, divorce, new child, new assets)
- Every 2–3 years, even if nothing has changed
An outdated plan can create just as much confusion as no plan at all.
Final Thoughts
Estate planning is about protecting your loved ones, honoring your wishes, and preserving your legacy.
You don’t have to do it all at once. Start with your will and build from there.