Starting the year with a clear estate planning checklist can help ensure your wishes are documented and your loved ones are protected. Whether you already have a plan or are starting fresh, this checklist provides a practical framework.
Step 1: Review Your Existing Documents. If you already have an estate plan, confirm whether you have:
- A will or trust
- Durable power of attorney
- Advance healthcare directive
- Guardianship nominations for minors, if applicable
If any are missing or outdated, it’s time to update them.
Step 2: Review Beneficiaries. Check all retirement accounts, life insurance policies, and payable-on-death accounts, as well as your trust to verify that your beneficiaries are current.
Step 3: Confirm Asset Ownership. Ensure real estate and major accounts are titled correctly, especially if you have a trust. If you are unsure how to check for accuracy, reach out to an expert for help.
Step 4: Review Fiduciaries. Confirm your trustee, executor, and agents are still appropriate and willing to serve. Some considerations for updating your fiduciaries are: age of the fiduciary, location of the fiduciary, changes in their life circumstances.
Step 5: Consider Life Changes. Life changes, such as marriage, divorce, children, or financial changes all require plan updates. If you have experienced a life change, it is very important to update your estate plan to ensure that it addresses those changes and any other changes that may be applicable.
Step 6: Plan for Incapacity. Ensure someone you trust can manage finances and healthcare decisions, if needed. Often times one fiduciary can fill both roles but not always. Discussing your options with an experienced attorney allows you to identify fiduciaries for these roles.
Step 7: Address Digital Assets. Have you thought of what happens to your social media accounts, online digital accounts? They need special handling and require your to create specific instructions for online accounts and digital property.
Completing this checklist early in the year helps prevent rushed decisions later. Download our personalized estate planning checklist or schedule a review with our California estate planning attorney by calling 877-405-6446 or completing our confidential contact form today.
