Estate Planning Checklist: Essential Documents and Steps to Protect Your Family
Why You Need an Estate Planning Checklist
A complete estate plan involves more than just a will. Use this estate planning checklist to make sure you’ve covered the key documents and decisions that protect your family, your assets, and your wishes.
1. Do You Have a Will?
A will lets you specify who should inherit your property and other assets. It also allows you to name a guardian for your minor children—one of the most important estate planning documents for parents.
2. Do You Have Healthcare Documents in Place?
Healthcare documents spell out your wishes for medical care if you become unable to make decisions for yourself. They also authorize someone to make those decisions on your behalf when necessary.
Common healthcare documents include:
- A living will
- A power of attorney agreement
- A durable power of attorney agreement for healthcare
3. Do You Have Financial Documents in Place?
Financial documents outline your wishes for managing your finances and can empower someone to act on your behalf if you become unable to make decisions yourself.
Common financial documents include:
- Joint ownership arrangements
- Durable power of attorney
- Living trusts
Note: Power of attorney laws vary from state to state, so it’s worth confirming your documents meet your state’s requirements.
4. Have You Filed Beneficiary Forms?
In some cases, naming a beneficiary for bank accounts and retirement plans makes those accounts “payable on death” to your beneficiaries automatically. In other cases, you’ll need to complete a “Payable on Death” form directly with the financial institution.
5. Do You Have the Right Amount and Type of Life Insurance?
When was the last time you reviewed your life insurance coverage? Compare your current life insurance benefit against your financial obligations to see if it still fits your needs.
Keep in mind:
- Several factors affect the cost and availability of life insurance, including age, health, and the type and amount of coverage purchased.
- Life insurance policies carry expenses, including mortality and other charges.
- Surrendering a policy prematurely may result in surrender charges and income tax implications.
- It’s worth confirming you’re insurable before implementing any strategy involving life insurance.
- Any guarantees associated with a policy depend on the ability of the issuing insurance company to continue making claim payments.
6. Have You Taken Steps to Manage Your Federal Estate Tax?
As of 2026, the federal estate and gift tax exemption is $15 million per individual, or $30 million for a married couple. If your combined assets exceed this threshold, it may be worth exploring strategies to help manage federal estate taxes, which become due at the death of the second spouse.
7. Have You Taken Steps to Protect Your Business?
If you own a business, consider:
- Do you have a succession plan in place?
- If you co-own the business, have you established a buyout agreement with your business partners?
8. Have You Created a Letter of Instruction?
A letter of instruction is a non-legal document that outlines your wishes for your estate. A clear, well-written letter can save your heirs significant time, effort, and expense as they administer your estate.
9. Will Your Heirs Be Able to Locate Your Critical Documents?
Your heirs will need access to the specific documents you’ve created to manage your estate. Make sure the following are organized and easy to find:
- Your will
- Trust documents
- Life insurance policies
- Deeds to real estate, and certificates for stocks, bonds, and annuities
- Information on your financial accounts and safe deposit boxes
- Information on your retirement plans
- Information on any debts, including credit cards, mortgages, and loans
Building Your Estate Planning Checklist With a Professional
An estate plan that includes trusts can involve a complex web of tax rules and regulations. Before implementing these strategies, consider working with a knowledgeable estate management professional.
For families in Fort Myers, FL and throughout Southwest Florida, a fee-only fiduciary financial planner can help you work through each item on this estate planning checklist and coordinate your documents with your broader financial plan.
Frequently Asked Questions
What documents should be included in an estate planning checklist?
A complete estate planning documents checklist typically includes a will, healthcare documents (such as a living will and healthcare power of attorney), financial documents (such as durable power of attorney and living trusts), beneficiary designation forms, life insurance policy information, and a letter of instruction.
What is the difference between a will and a living trust?
A will specifies who inherits your assets and can name a guardian for minor children, but it generally goes through probate. A living trust can help manage and distribute assets, and depending on how it’s structured, may allow certain assets to pass to heirs without going through probate. Both may play a role in a complete estate plan.
What is the current federal estate tax exemption?
As of 2026, the federal estate and gift tax exemption is $15 million per individual, or $30 million for a married couple. Estates below this threshold generally aren’t subject to federal estate tax.
Why do I need a letter of instruction if I already have a will?
A letter of instruction is a non-legal document that provides additional guidance beyond what a will typically covers—such as the location of important documents, account information, and personal wishes. It can help your heirs administer your estate more efficiently.
How often should I review my estate planning checklist?
It’s a good idea to review your estate plan whenever you experience a major life event—such as marriage, divorce, the birth of a child, a significant change in assets, or a move to a new state—since documents like powers of attorney can vary by state law.
Disclosures:
- Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.
- Federal estate and gift tax exemption figures reflect 2026 amounts under the One Big Beautiful Bill Act (OBBBA).
Note: Power of attorney laws can vary from state to state. An estate strategy that includes trusts may involve a complex web of tax rules and regulations. Consider working with a knowledgeable estate management professional before implementing such strategies.
