A Complete Printable Estate Planning Checklist: From Required Documents to Important Considerations

Creating a comprehensive estate plan can feel overwhelming, but having a clear roadmap can simplify the process and provide peace of mind for you and your loved ones. In this blog, we’ll walk you through everything you need to know with a complete printable estate planning checklist PDF. From gathering essential documents to considering critical factors like guardianship and healthcare directives, this guide will help ensure everything is noticed as you secure your legacy and plan for the future. Whether you’re just starting or updating an existing plan, this checklist is designed to make estate planning straightforward and stress-free.

What is Estate Planning? 5 Elements You Need to Know

Estate planning is the process of planning for your future, including making arrangements for how your possessions, estate, and wealth will be distributed if you’re incapacitated or upon your passing. An estate plan often includes establishing a will and trust and ensuring you’re prepared for the inevitable by answering various questions about how you’d like to protect your assets and loved ones once you’re gone. 

To help you thoroughly understand what’s involved in estate planning, here are 5 common elements you’ll need to know about when planning ahead: 

1. Wills

A will is a legally binding document that specifies how your possessions and wealth will be distributed after your passing. Wills also outline how minor children will be cared for after your death. When creating a will, you must name an executor or someone responsible for carrying out your wishes appropriately. A will is one part of an estate plan that includes trusts, healthcare decisions, and powers of attorney, depending on your circumstances. 

Unlike a regular will, a living will outlines your wishes regarding health care planning, such as whether you’d like life-extending treatment, what procedures you want, and various other end-of-life circumstances. 

2. Trusts

A trust is another legal document for estate planning that allows another person (the trustee) to hold money, physical assets, or other valuable possessions for you (the grantor). Trusts allow beneficiaries (those who are inheriting something) to use the assets or wealth placed in a trust at some point in the future. Trusts are particularly beneficial for those who have minor children who aren’t quite ready to handle their inheritance. In these circumstances, the assets or wealth will stay in the trust until the beneficiaries are of a certain age. 

There are a few different types of trusts you need to be aware of during estate planning:

Living Trust vs. Testamentary Trust: A living trust holds assets and wealth before and after your passing. On the other hand, a testamentary trust is a form of a trust that a will creates, meaning it will only become effective after your death. A living trust can be put in place while the grantor is alive, while a testamentary trust only becomes active upon death. 

Irrevocable Trust vs. Revocable Trust: A revocable trust allows you to control your assets during your lifetime, making changes or amendments as needed. Once established, an irrevocable trust cannot be changed, revoked, or terminated. A revocable trust immediately becomes irrevocable after the grantor dies since no changes can be made to it. 

3. Power of Attorney

A power of attorney (POA) is the legal authority handed over to someone to make legal, financial, or medical decisions for you. Whomever you grant power of attorney is called your “agent,” and their role will only start when you cannot act on your own behalf. Failing to appoint a power of attorney has costly consequences. If you don’t have a power of attorney upon death or incapacitation, the court may appoint one for you. 

There are 3 general types of POAs to be aware of:

  1. Durable Power of Attorney: A durable power of attorney is a legal document for estate planning that gives someone the authority to handle your decisions if you cannot. This document is considered “durable” since the agent’s authority doesn’t change even if the grantor becomes ill or unable to think clearly. 
  2. Limited Power of Attorney: A limited power of attorney is a document that grants the agent authority to make decisions for a particular purpose or circumstance or for a short amount of time. For example, if you are out of time for an extended period, you may appoint a limited power of attorney while you’re away.
  3. Financial Power of Attorney: A financial power of attorney allows the agent to manage your financial affairs. This can be immediately effective or start during a certain event, such as if you fall ill or pass away suddenly. 

4. Healthcare Decisions

Planning ahead for crucial healthcare decisions is essential for a comprehensive estate plan. As mentioned previously, a living will states your wishes regarding healthcare planning. This can include how your long-term care plays out, whether you’re okay with certain surgeries, and other end-of-life health decisions. 

Considering these health decisions when appointing your durable power of attorney is vital since they’ll be in charge of this area once you are incapacitated. Here’s a list of common end-of-life decisions your durable power of attorney could be responsible for:

  • Tube feeding
  • Surgery
  • Organ or tissue donation
  • Antibiotics
  • When you go to a nursing home and which one you’ll live in
  • Cardiopulmonary resuscitation
  • Whether you want a “do not resuscitate” or “do not intubate” order

5. Tax Planning Documents

Taxes are an essential part of estate planning that can’t be forgotten. Here are a few types of taxes you should consider when organizing for your future: 

  1. Estate Tax: An estate tax applies to properties valued more than a certain amount at the time of your passing. As of 2024, if an estate is valued above 13.61 million, the estate has to pay a tax to the federal government.
  2. Inheritance Tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania are the only states that impose inheritance taxes. The heir or beneficiary pays these taxes directly from the estate and owes them to the state government. 
  3. Gift Taxes: In some circumstances, the person passing may have chosen to make gifts during their lifetime, which reduces the value of their estate upon their death. Gifting can take many forms, including selling something for less than its value, transferring money without expecting to receive the total value in return, and more. Meeting with a tax professional to discuss gift taxes and how they’ll affect you can be helpful.

Estate Planning Checklist: 

Estate planning is complex and lengthy, but it will save you time, money, and long-term energy. While every person is unique, with differing needs and preferences, having a list of estate planning essentials to check off can be helpful. Whether you decide to hire a professional or DIY estate plan, here’s a checklist to get you started:

Take an inventory of your assets and liabilities

Start by writing down everything you own that is valuable to you. While this can be intimidating, keeping a consistently updated list of assets is worth the time and effort to ensure everything necessary is remembered. Include both tangible and intangible assets in your inventory list. 

Tangible assets could be:

  • Furniture
  • Jewelry
  • Property
  • Vehicles
  • Artwork
  • Land
  • Machinery and equipment

Intangible assets could be: 

  • Life insurance plans
  • Retirement accounts, such as 401(k)s or IRAs
  • Bank accounts
  • Intellectual property (patents, trademarks, copyrights)
  • Financial elements, such as bonds or annuities

List liabilities, including mortgages, lines of credit, and other forms of debt on your inventory. Debts are required to be paid, even after your passing, and will come out of your estate. 

Think about your long-term vision and legacy

A necessary element of an estate planning checklist is taking time to sit down and think about your vision and the legacy you want to leave behind. You’ll need to consider things like the following:

  • How your healthcare needs will be met
  • How you’d like to pass on your wealth and assets to future generations
  • If you’d like to give to charities
  • How your children will be cared for in your absence

It’s also crucial to have answers to more challenging questions, including:

  • What decisions would I like to be made if I’m debilitated?
  • Who will be granted my finances and possessions upon death?
  • Who will make decisions for me if I’m incapacitated?

Create a list of contacts

Creating a list of family and friends ensures you properly account for and protect everyone who matters most to you. Whether you’re considering who should be called in the occurrence of your death or who you’d like to receive a portion of your estate, it’s necessary to create a list of those you care about to ensure they’re included in your estate planning process. 

Appoint key roles

One of the more challenging parts of an estate planning checklist is appointing someone to make monumental decisions for you if you cannot. Establishing things like wills, trusts, and powers of attorney makes things dramatically easier for your loved ones during tough times. Decide which estate planning elements you’d like to include and who you’d like to be appointed, such as a trustee, guardian for your children, agents, and more. 

After you’ve settled on who you want to include in your estate plan, talk to them and ensure they’re willing and able to leave a proper legacy behind that aligns with your wishes. Consider naming secondary agents if the first choices are unavailable when the documents take effect. 

Designate beneficiaries

Now comes the time to decide who will inherit a piece of your estate, whether that’s an amount of money or control of a business. Name your beneficiaries on your bank accounts, retirement accounts, and life insurance policies, making sure their names on these accounts match to avoid confusion. You can also choose backup beneficiaries if someone is unavailable or dies before your estate is distributed. 

Draft, establish, and store documents

We recommend hiring an estate planning attorney during this part of the checklist to ensure accuracy and legality. Drafting wills, establishing trusts, and gathering other documents for your future can quickly become overwhelming if done alone. However, expert estate planning attorneys know the ins and outs of local laws and how to protect your assets and loved ones, ensuring a smooth process for your future. Work with a law firm, such as Kelly Cardon Law, specializing in estate planning services to ensure you leave the proper legacy behind. 

Once you’ve established and gathered the necessary documents for estate planning, store them in a secure location, such as a virtual or fireproof safe, or with your trusted lawyer. 

Update your plan every 3–5 years

Review your estate plan consistently, updating it after significant life events such as marriage, divorce, births or adoptions, deaths, and more. If your financial situation has changed, including purchasing a large asset or paying off debts, update your estate plan to match these circumstances. 

Get Started Now: Download our printable estate planning checklist PDF and get a head start on planning for your future!

Work With Kelly Cardon Law to Start Estate Planning Today

Do you feel overwhelmed after reviewing this estate planning checklist and don’t know where to start? Kelly Cardon Law’s attorneys are here to make planning ahead an easy and seamless process for you. Our Utah-based estate planning attorneys in Weber County, Summit County, and Davis County have decades of experience drafting wills, establishing trusts, and helping our clients prepare for the inevitable. Don’t wait to protect what matters most to you. Contact our team to ensure your wishes are followed during your life and after death.

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