Estate Planning Checklist

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KST Law - Estate Planning Check List

Estate Planning Checklist

Things You Should Do NOW To Protect Yourself And Your Family

Protect Your Assets

  • Add beneficiaries to your 401(k), IRA, and all other qualified accounts and life insurance policies.
  • Add a POD to your bank account.
  • Add a TOD to all vehicle title.
  • Consider a trust or TODD for your primary residence.
  • Consider a “cabin trust” or LLC formation for family/vacation property
  • If you buy/sell/inherit money or property, call your lawyer!

Protect Your Money

  • Keep a current list of accounts, debts, and other obligations; keep one year of statements.
  • Live beneath your means and resist the urge to go into debt.
  • Keep tabs on your credit rating
  • File and pay taxes each and every year; keep seven years of tax returns
  • Give to charity
  • If you have a windfall – keep quiet and call your lawyer!

Help Your Family

  • Keep a paper file of all of your vital documents, financial accounts, and insurance policies. TELL SOMEONE WHERE IT IS!
  • Update your emergency contacts and make a list of important contacts.
  • Designate a pet custodian.
  • Become an organ or body donor
  • Clean out your house regularly.
  • Have honest and important conversations with your loved ones.

Plan Ahead

  • Pre-plan (and pre-pay) funeral expenses; have your final arrangements/wishes written out
  • Make a list of three personal representatives
  • Establish a digital legacy plan
  • Make a plan for child custodians
  • Write your will, power of attorney, and health care directives.
  • Update your estate plan every 3-5 years. Call your lawyer!