The Estate Planning Checklist for Beginners
By Sandra Johnson · 4 min read
Estate planning can feel overwhelming when you don’t know where to start. So here’s a simple checklist. You don’t have to do everything at once. Even checking off one or two items is a great start. And if you need help with any of these, Sandra is just a phone call away.
Create a will
This is the foundation. Your will says who gets what, who manages your estate, and, most importantly, who raises your children if you can't.
Name a guardian for your children
If you have kids under 18, this is non-negotiable. Without a guardian designation, a judge makes this decision for you.
Set up a durable power of attorney
This names someone to manage your finances if you're ever incapacitated. Without one, your family may need to go to court to get authority, a process that can take months.
Create a healthcare power of attorney
Names someone to make medical decisions for you if you can't communicate. Different from a living will, this is about who, not what.
Write an advance healthcare directive (living will)
Documents your medical wishes, like whether you want life-sustaining treatment. This takes the burden off your family during the most difficult moments.
Review your beneficiary designations
Check the beneficiaries on your life insurance, 401(k), IRA, and bank accounts. These override your will, so make sure they're up to date.
Get adequate life insurance
If anyone depends on your income, you need life insurance. A general guideline is 10-15 times your annual salary, but Sandra can help you determine the right amount.
Consider whether you need a trust
If you own a home, want to avoid probate, or need control over when your children receive assets, a revocable living trust is worth exploring.
Create a digital asset inventory
List your online accounts, including email, social media, banking, subscriptions, and cryptocurrency, along with login credentials. Store this securely and tell your executor where to find it.
Organize your important documents
Keep your will, trust, insurance policies, account statements, and contact information for your attorney and financial advisor in one accessible location. Tell your family where it is.
Talk to your family
Have a conversation with your spouse, your chosen guardian, and your adult children about your wishes. It doesn't have to be a formal meeting. Just make sure the important people know the important things.
Schedule a plan review every 3-5 years
Life changes. Your plan should change with it. Set a reminder to review your estate plan after major life events or at least every few years.
You don’t have to do this alone
This checklist is a great starting point, but every family is different. Sandra can help you figure out which items are most urgent for your situation, connect you with trusted attorneys, and walk you through the process step by step. Your first call is always free.
Ready to check some boxes?
Schedule a free call with Sandra and start crossing items off your estate planning checklist. It’s easier than you think.
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