31.4 min read|Categories: Checklists|Tags: Checklist, Estate Organization, Estate Preparation|

By following the checklist below, small business owners can proactively address estate planning considerations to protect their business interests and ensure a smooth transition of ownership and management in the future.

1. Establish a Central Location or Digital Platform to Store Important Documents and Information

Ensure your information is organized and regularly updated. The importance of leaving behind an organized estate cannot be overstated. A meticulously structured system for tracking and collecting critical information is the cornerstone of a well-prepared estate.
Utilize a two-notebook system. For example, our Estate Preparation Package includes:
- A notebook dedicated to safeguarding sensitive personal and financial information, ensuring your critical data is meticulously documented and securely stored in your home.
- A notebook for your medical information, directives, and end-of-life wishes, offering clarity and guidance during pivotal moments.

2. Ensure that Several Trustworthy Individuals are Aware of Your Efforts

Inform multiple trustworthy people about your estate plan’s existence. Designate specific individuals who will be informed about your estate plan, including your will, powers of attorney, and healthcare directives.
Clarify roles and responsibilities. Clearly document and communicate the roles of key personnel, including the executor, powers of attorney, and healthcare proxy.
Provide access to crucial documents. Share the location of important documents with those who will need to access them.

3. Consider Your Efforts From An Outsider’s Perspective

Assess your estate plan from an outsider’s perspective. What appears organized and clear to you might be confusing to others. Evaluating your estate plan from the viewpoint of a loved one who may handle your affairs can enhance clarity, completeness, and ease of execution for those responsible.

4. Learn About Last Will and Testaments and Trusts

Familiarize yourself with these concepts. Wills and trusts outline the distribution of your assets after your passing and are foundational elements of your estate plan. Understanding the basics of these legal tools can help you make informed decisions, minimize tax obligations, and ensure your loved ones receive the desired support.
Do your research. For more information, visit Buried in Work’s Introduction to Wills and Trusts Guide. Additionally, Buried in Work has provided state-specific information about wills and trusts.

5. Understand that Comprehensive Estate Planning Requires More Than A Will or Trust

Think holistically. An extensive estate plan encompasses more than just a will or trust. By documenting your financial matters, healthcare directives, and funeral preferences, you can secure the intended distribution of your assets and offer your loved ones clarity during difficult moments.
Remember who will benefit. Administering an estate typically demands over 500 hours of work. Setting up a comprehensive plan today will support your loved ones both in the present and when you are no longer available to assist them.

6. Familiarize Yourself With How Taxes Play a Part in the Estate Planning and Transition Process

Understand estate tax. Learn about estate taxes, including the federal estate tax and any applicable state estate taxes and how they may impact your estate.
Explore gift tax rules. Understand gift tax rules and exemptions to grasp how transferring assets during your lifetime can impact your overall estate planning strategy.
Consider generation-skipping transfer tax. Understand the generation-skipping transfer tax (GSTT) and its implications for transferring assets to beneficiaries who are more than one generation younger than you.
Assess income tax implications for transfers. Evaluate the potential income tax ramifications of transferring assets, such as retirement accounts or appreciated investments, to beneficiaries or trusts.
Review basis step-up. Understand the concept of basis step-up for inherited assets and how it can affect capital gains taxes for beneficiaries upon the sale of inherited property.
Do your research. Visit Buried in Work’s Introduction to Estate Taxes Guide.

7. Familiarize Yourself With What Happens Before and After Someone Dies

Familiarize yourself with pre- and post-death procedures, legal obligations, and potential obstacles. It is crucial that you comprehend procedural steps, legal obligations, and potential hurdles in estate planning and post-mortem administration.
Do your research. Visit Buried in Work’s What to Do Before Someone Dies checklist and our What to Do After Someone Dies checklist.

8. Personal Information

Do not make assumptions about what others know about you!
Provide a high-level overview. This should include your full legal name, aliases, previous names (e.g. maiden name), social security number, contact information, and birthplace and date.
List emergency contacts. This should include their names, contact information, and relationship to you.

9. Citizenship, Passports, and Identification

Collecting information about citizenship, passports, and identification can help ensure the seamless transfer of assets and adherence to legal requirements across borders and jurisdictions.
Collect information about your citizenship(s). If you are not a US citizen, document your status (e.g. permanent resident, conditional resident) and your alien registration number.
Collect information about your passport(s). This should include the nation(s) issuing the passport, the place and date of issue, the expiration date, and each passport number.
Collect information about all state-issued identification such as your driver’s license. This should include the state issuing the identification, dates of issue and expiration, and identification number.
Ensure you record the location of all documents. You may also wish to include originals or copies of your birth certificate, state ID, social security card, and, if applicable, green card and other immigration documents.

10. Family Genealogy

Gathering information about your parents, grandparents, and siblings helps ensure a comprehensive understanding and fair distribution of assets, liabilities, and potential family obligations.
Collect information about your parents and grandparents. This should include their legal name, the date and location of their birth, and the date and location of their death (if applicable).
Collect information about your siblings. This should include their full name, birthday and date of death (if applicable), and current address. Additionally, include the names of their spouse and children, specifying if they are beneficiaries in your will or trust.
Record your family’s history. This should encompass research into your family history, results from genetic and ancestry testing services, and any documented or oral family narratives.

11. Marriage and Civil Partnerships

Gathering information about marriages and civil partnerships aids in accurately determining spousal rights and potential tax implications, ensuring the smooth transfer of assets in alignment with legal and familial considerations.
Collect information on all current and previous marriages and state-recognized relationships. This should include the names of your partners, any children from these relationships, the dates and locations of ceremonies, and, if applicable, the dates of and reasons for any terminations (e.g. death, divorce).
Ensure you record the location of all documents. You may also wish to include originals or copies of your marriage certificates, divorce/separation agreements, death certificates, pre- and postnuptial agreements, child custody orders, and child custody agreements, as appropriate.

12. Career & Education

Recording your career and educational background facilitates access to employer-provided life insurance, aids loved ones in informing your supervisor of your passing, and guarantees beneficiaries receive entitled equity and life insurance benefits.
Collect information about your current employment. This should include the name of your employer, your job title, key responsibilities, your start date, and your supervisor’s contact information.
Collect information about benefits and options. This should include any retirement benefits, life insurance, and any equity or options awards granted to you.
Ensure you record the location of all documents. You may also wish to include originals or copies of your CV/resume, along with documents detailing life insurance, retirement accounts, and equity and option awards.

13. Primary Residence History

Gathering information about your primary residence history ensures compliance with local regulations, confirms property ownership and residency rights, and clarifies potential capital gains tax implications.
Collect information about your current primary residence. This includes the address and whether you own or lease your residence. If you lease the residence, provide your landlord’s contact information. Additionally, consider providing a recent residence history if you have relocated frequently.

14. Military Service

Recording your military service history is crucial for accessing a range of veterans’ benefits, including funeral benefits, pension plans, education benefits, and healthcare services.
Collect information about your military service. This entails specifying the branch(es) of service, your rank and service number, dates of service, stationed locations, combat experience, discharge status, eligibility for military funeral benefits, and disability status.
If desired, you may also provide details on your military occupational specialty, deployment history, awards and decorations, military schools attended, and any special assignments or unique missions. Share only information you are comfortable disclosing and permitted to share.
Ensure you record the location of all documents. You may also wish to include an original or a copy of your DD Form 214 which is issued by the United States Department of Defense and provides a comprehensive summary of a veteran’s military service. You can request your DD Form 214 here.

15. Clubs & Organizations

Collecting information about your participation in clubs and organizations helps others understand your involvement in your community and your social connections.
Collect information about your involvement in clubs and organizations. This encompasses general information about each club, your involvement, a point of contact, and whether the organization has specific funerary traditions or customs you wish to include in your end-of-life plans.
Decide whether any of these organizations will be named as beneficiaries in your will.

16. Children

Collecting information about children is crucial to designate guardianship, establish inheritance arrangements, and ensure the welfare and financial security of dependents.
Collect general details about your children. This should include their full name, gender, social security number, contact information, date and place of birth, names of biological parents, adoption status, and any other pertinent details. We advise completing this for all biological, adopted, and stepchildren.
Specify if they are beneficiaries of your will or trust.
Specify who will assume guardianship in the event of your incapacitation. This includes the name and contact details of the chosen guardians, along with information on any attorneys involved in preparing the guardianship designation. Ensure that the intended guardian is aware of and comfortable with assuming this responsibility.
Collect information about their medical history and health care. This should include details about their health insurance, including group number, policy number, and provider, as well as contact information for their primary physician and any specialists. Additionally, include their medical history, immunization records, allergies, surgical history, and current medications.
Collect information about their education. This includes information about their current school or daycare, as well as any preferences you may have for their future education.
Ensure you record the location of all documents. You may also wish to include originals or copies of their birth certificate, green card and other immigration documents, social security cards, passports, child custody agreements and court orders, and adoption paperwork, if relevant.

17. Grandchildren

Recording your grandchildren’s information is vital to identify potential beneficiaries and ensure accurate distribution of assets. It can help establish trusts, educational funds, or other provisions to support your grandchildren’s financial well-being.
Collect details about your grandchildren. This should include their full name, contact information, and date and place of birth. We advise completing this for all biological, adopted, and step-grandchildren.
Specify if they are beneficiaries of your will or trust.

18. Non-Child Dependents

Gathering information about non-child dependents is essential to provide for their financial needs, establish caretaker arrangements if necessary, and ensure their continued well-being and support following the individual’s passing.
Collect all relevant details. This includes their full name, gender, social security number, contact information, date and location of their birth, the names of their biological parents, their relationship to you, and any additional information that could be important. We also recommend documenting any special needs.
Specify who will assume guardianship in the event of your incapacitation. This includes the name and contact information of these guardians and any attorneys who helped with the preparation of the guardianship designation. Be sure that the intended guardian is aware of and comfortable with this responsibility.
Specify if they are beneficiaries of your will or trust.

19. Pet Care

Documenting your pets’ information helps in appointing caregivers, allocating funds for veterinary care, and making provisions for your pets’ future, ensuring they receive the attention and support they deserve.
Collect information about your pet. This should include their name, age, type of animal, location, breed, the date and method of adoption, and the organization or individual who oversaw the adoption.
Compile their medical records. This should include the contact information for all vets, their medical history, immunizations, allergies, surgical history, and medications.
Detail information about their preferences and behaviors. This should include favorite toys, best friends, and general demeanor. You should also detail information about their daily care and routine, including their feeding schedule, and exercise needs.
Provide information about any pet insurance. This should include details regarding any pet insurance, such as the insurer’s name and the group and policy numbers.
Specify your after-life instructions for the pet. This should include who will adopt the pet in the event of your death, whether the pet has been designated as a beneficiary in your will or trust, any financial arrangements made for the pet, and details regarding end-of-life care and burial arrangements.
Ensure you record the location of all documents. You may also wish to include originals or copies of adoption paperwork, breed paperwork, and end-of-life provisions.

20. Password Manager and Two-Factor Authentication

Password managers and Two-Factor Authenticators (2FA) can help you protect your digital identity and safeguard your assets. Additionally, a password manager can help your loved ones access and manage your online accounts after your passing.
Buried in Work’s preferred password manager is 1Password. New customers can sign up for a fourteen-day free trial using the link above.
Collect information about your password manager. This should include the name of the company, your username, your password, any back-up email accounts, and any back-up security codes provided by the password manager.
Collect information about your Two-Factor Authenticator. This should include the name of the authenticator and the method of authentication (e.g. SMS, email), back-up codes, security keys or devices, and clear instructions.

21. Email Accounts

Documenting the details of your online accounts, including email, can ensure their correct management, closure, or transfer after your passing.
Collect information about your email accounts. This should include every email and its associated password (if not saved in your password manager), security questions and answers, backup email addresses, 2FA requirements, and the purpose of each address (e.g., social, miscellaneous).

22. Online Accounts

Collecting information about your online accounts will help enable efficient management, secure access, and proper distribution or closure of digital assets. It also prevents others from using credit card and other financial information stored on your online accounts.
Provide a comprehensive list of your online accounts. This should include usernames and passwords (if not stored in a password manager), along with specific instructions for each account after your passing (e.g., memorialization, deletion, transfer to another person).
Remember that you have likely created online accounts with dozens of websites. This can include cloud storage, entertainment and gaming, financial services, health and wellness, media and streaming, social media, travel and hospitality, and utility companies.

23. Computer, Phones, & Devices

Your phones, computers, and devices contain a significant amount of your personal data, and safeguarding them will help protect your privacy.
Collect information about all of your devices. For your mobile phone, this should include the account owner, the login instructions for your online account, and the phone’s passcode. For computers, tablets, and other devices, this should include your login instructions and the devices’ locations.

24. Residences and other Real Property

- Your home is one of the most important assets you own. Recording information about your home and other properties is crucial for a smooth transition of household management, ensuring continuity of services.
- Collect information about your properties. This should include their addresses, ownership details, mortgage details, the location of the titles, and the purpose of each property (e.g. primary residence, investment, vacation home).
- Provide access instructions. This should include the location of all keys and access and alarm codes.
- Provide instructions about the care and maintenance of each property. This should include the name and contact information for all service providers, such as cleaning services, electricians, exterminators, and plumbers.

25. Ensure you have included all properties in your wills or trusts.

Ensure you record the location of all documents. You may also wish to include originals or copies of mortgage paperwork, titles and registration documents, homeowners’ association agreements, and repairs and maintenance information.

26. Bank Accounts

Recording information about your bank accounts helps clarify your financial picture and ensures that your designated beneficiaries have access to their assets after your passing.
Collect information about each bank account. This should include the financial institution, the type of account (checking, savings, etc.), the account and routing numbers, and account access information.
Ensure you have designated beneficiaries for your bank accounts. This includes confirming that you have completed all necessary steps with the bank to grant secondary access.
Ensure you record the location of all documents. You may also wish to include originals or copies of beneficiary designations and the first page of the account statement to verify account and routing numbers.

27. Investment, Retirement Accounts & Benefits

Your loved ones and beneficiaries are often entitled to your retirement and investment accounts after your passing.
Collect information about each bank account. This should include the financial institution, the type of account (IRA, etc.), the account number, and account access information.
Ensure you have designated beneficiaries for your bank accounts. This includes confirming that you have completed all necessary steps with the financial institution to grant secondary access.
Ensure you record the location of all documents. You may also wish to include originals or copies of beneficiary designations.

28. Recurring Bank Deposits

Including details about recurring bank deposits ensures accurate assessment of ongoing financial commitments.
Track your recurring bank deposits. This includes the source of the deposit, the amount and frequency of the deposit, and which bank account it is deposited into.

29. Debts & Loans Owed to You

Your estate can continue to collect debts and assets owed to you after your passing. Recording this information allows accurate assessment of your assets and will help ensure debt settlement.
Collect information about any debts or loans owed to you. This should include the debtor’s name and contact information, the nature of the debt (e.g. personal loan, child support), the amount owed, the repayment terms, and where the money is or should be deposited.
Designate specific beneficiaries for these debts and obligations.
Ensure you record the location of all documents. You may also wish to include originals or copies of loan agreements, promissory notes, or statements.

30. Vehicles

Documenting vehicle information aids in their proper transfer or sale and aids in their ongoing maintenance.
Collect information about any vehicles you own such as automobiles, motorcycles, planes, and boats. This should include a description of each vehicle, its make and model, the license plate or other identification numbers, the state of registration, the location of each vehicle, and the location of all keys.
Collect information about each vehicle’s history. This should include purchase history, loan or lien information, leasing terms, and repair history.
Record each vehicle’s insurance information. This should include the name of the insurer and the policy number.
Designate beneficiaries for each vehicle.
Ensure you record the location of all documents. You may also wish to include originals or copies of the title, repair paperwork, and purchase paperwork.

31. Firearms and Weapons

Recording information about your firearms, weapons, and lethal accessories can help with legal compliance, safe disposal, or responsible transfer to heirs, preventing potential legal issues and ensuring the secure handling of these items.
Collect information for each of your firearms, weapons, and possessions. This includes a description of each object, its make and model, the serial number, the registration number, the date of acquisition, its location and access instructions, and estimated value.
Designate beneficiaries for these objects. Ensure that you have reviewed and complied with all local, state, and federal laws regarding the ownership and transfer of firearms.
Ensure you record the location of all documents. You may also wish to include originals or copies of purchase receipts and authentication documents.

32. Storage & Safety Deposit Boxes

Recording this information can prevent the loss or oversight of valuable assets and assist your beneficiaries in locating and securing these items.
Collect information for each storage unit and safe deposit box. This includes the location of the unit, names of authorized accessors, payment history and terms, and an inventory of items.
Collect information about any hidden or difficult-to-find assets.
Ensure that payments will continue after your passing.
Ensure you record the location of all documents. You may also wish to include originals or copies of rental agreements and access instructions.

33. Income

Collecting information about your employment income helps assess ongoing financial contributions, provide for dependents, and determine potential survivor benefits.
Collect information about your income. This should include the source of the income, the amount, the frequency, and the deposit location.
Please remember that income can come from a variety of sources, including employment, rental, and investment.

34. Personal Debts & Loans

Collecting this information will help detail how these debts should be collected or handled after your passing, including any leniency or forgiveness.
Collect information about all debts that you owe. This should include the creditor’s name, the amount borrowed, the terms of the repayment, the amount outstanding, and whether the debt is collateralized.
Ensure you record the location of all documents. You may also wish to include originals or copies of agreements or a payment and settlement plan.

35. Expenses and Recurring Payments

Including information about regular expenses will clarify your ongoing financial obligations and ensure that sufficient funds are allocated for the maintenance of assets.
Collect information about your recurring expenses. This should include a description of the expense, its amount, frequency, payment source, and account access instructions if applicable.
Recurring expenses may include charitable giving, housing and utility expenses, online subscriptions, and tuition. It may be helpful to review your credit card and bank accounts to identify recurring payments.

36. Credit Cards

Recording information about your credit cards prevents unauthorized use, aids in the settlement of outstanding balances, and ensures your beneficiaries have access to rewards points.
Collect information for each credit card. This includes the name and number of the card, the account holders, outstanding balances, credit limits, and annual fees and renewal dates.
Designate beneficiaries for any reward points. Many credit cards come with reward points that can be transferred to a beneficiary. Ensure that these reward points have been accounted for in your end-of-life documents.

37. Business Profiles

Recording information about your business interests ensures the proper transition or disposal of these assets and reduces the possibility of legal complications.
Collect information for each business you own, either partially or fully. This should include basic business information such as its legal and DBA names, business type (LLC, etc.), ownership structure, and key contacts including business partners, shareholders, and attorneys.
Outline business operations. Provide an overview of the business’s operations, including its products or services, target market, competitive landscape, and strategic objectives.
Consider succession planning. Explore succession planning strategies for the business, such as identifying potential successors, creating buy-sell agreements, and establishing contingency plans for leadership transitions.
Ensure you record the location of all documents. You may also wish to include originals or copies of incorporation papers, succession documents, business licenses, partnership agreements, and operating agreements.

38. Non-Medical Insurance Profiles

Recording information about your non-medical insurance can help your designated representatives understand and use these policies to safeguard your assets and settle financial obligations.
Compile policy documents. Gather policy documents for non-medical insurance coverage, including homeowners insurance, renters insurance, auto insurance, life insurance, and disability insurance.
Record policy and coverage details. This should include policy numbers and group numbers. It should also include coverage limits, deductibles, premiums, and policy terms for each insurance policy.
Ensure you have designated beneficiaries. Identify designated beneficiaries for life insurance policies to ensure your intended recipients receive the proceeds according to your wishes.
Ensure you record the location of all documents. You may also wish to include originals or copies of your legal agreements, coverage paperwork, beneficiary designations, and receipts.

39. Tax Return Profiles

Your tax returns will help your designated representatives assess and fulfill any outstanding tax obligations and build a comprehensive financial history.
Compile the last three years of filings. Gather copies of the last three years of tax returns, including federal and state filings. Highlight any special circumstances or tax-related considerations for each tax year, such as deductions, credits, losses, or changes in tax laws.
Document preparation assistance. Note whether the tax filings were prepared independently or with the assistance of professionals, such as accountants or tax preparers. Provide the names and contact information for all professionals.
Include preparation method. Specify the method used to prepare tax filings, whether through tax preparation software, online platforms, professional services, or manual preparation. Provide all account access instructions.
Ensure you record the location of all documents. In addition to the tax returns, consider attaching relevant supporting documents, such as W-2 forms, 1099 statements, investment income records, and deductions, to provide a detailed overview of your financial activities.

40. Health and Medical History

Compiling your health history ensures that your family and executor have access to comprehensive medical information, which can be critical for making informed healthcare decisions and settling your affairs.
Collect information about your medical providers. This should include names and contact information for primary care physicians, specialists, dentists, therapists, and any other healthcare professionals you regularly visit.
Collect your medical records. This should include past diagnoses, treatments, surgeries, and hospitalizations. Additionally, be sure to record details of any chronic health conditions or ongoing medical concerns, including management strategies, medications, and specialist consultations.
Document relevant family medical history. Note any significant family medical history, such as hereditary conditions or diseases, to identify potential genetic risks and inform preventive healthcare measures.
List allergies and medications. Document allergies to medications, foods, or environmental triggers, as well as current medications and supplements to ensure safe and effective medical treatment.
Record immunizations and screenings. Track immunization records, screenings, and preventive healthcare measures, such as vaccinations, mammograms, colonoscopies, and annual check-ups, to prioritize preventive care and early detection.
Ensure you record the location of all documents. You may also wish to include originals or copies of immunization records and surgical notes.

41. Health and Medical Insurance

Collecting information about your life and health insurance ensures that your family and executor have access to your healthcare coverage details, pharmacy contacts, and life insurance paperwork when needed.
List insurance providers. Document contact information for insurance providers, including phone numbers, email addresses, and member IDs.
Record policy and coverage details. This should include policy numbers and group numbers. It should also include coverage limits, deductibles, premiums, and policy terms for each insurance policy.
Ensure you record the location of all documents. You may also wish to include policy documents for health and medical insurance coverage, including health insurance plans, dental insurance, vision insurance, and any supplemental insurance policies.

42. Religion and Spirituality

Documenting your religious or spiritual beliefs and practices can ensure your needs are honored during periods of incapacitation or after your passing.
Convey your religious beliefs. This could involve stating whether you identify as a religious individual, detailing your practices of faith or spirituality, specifying any significant texts or traditions, explaining how religion or spirituality influences your end-of-life care or post-mortem wishes, and outlining your beliefs regarding the afterlife. If relevant, provide details about the specific denomination, sect, or branch you adhere to.
Specify religious leaders or institutions for end-of-life or post-mortem care. This involves indicating the desired religious leader to conduct the ceremony and the preferred religious institution to host it.
Outline funeral preferences. Communicate your preferences for funeral or memorial services, including burial or cremation preferences, funeral home arrangements, and specific rituals or traditions to be observed.

43. Designate Financial and Medical Powers of Attorney

A power of attorney is a legal document that grants someone else the authority to act on your behalf in financial or health-related matters if you become incapacitated. Designating a power of attorney ensures that your affairs can be managed effectively if you’re unable to do so yourself.
Ensure that your proposed powers of attorney are comfortable with and aware of this responsibility.
Work with an attorney to designate financial and medical powers of attorney.
Recording your powers of attorney’s information. This entails providing their names and contact information, specifying the event that triggers their responsibility, and including the contact information of any attorneys who assisted you with this process.
Detail information about partial powers of attorney and revoked powers of attorney.
Ensure you record the location of all relevant documents. You may also wish to include originals or copies of any legal documents granting or revoking a power of attorney.

44. Create your End-of-Life Directives

An end-of-life directive is a crucial component of advance care planning and ensures that a person’s wishes are respected when it comes to end-of-life medical interventions.
Identify your end-of-life preferences. This could include whether you wish to receive life-sustaining treatments, whether you wish to invoke a Do Not Resuscitate Order, and if you wish to donate your organs.
Identify a healthcare proxy or agent. You should also ensure that the proxy is aware of and comfortable with this responsibility.
Consider working with a lawyer and medical provider to craft all appropriate documents.
Communicate your preferences to your loved ones and anyone else involved in your care. Make sure that your end-of-life wishes are not a surprise to your loved ones.
Ensure you record the location of all documents. You may also wish to include originals or copies of all current directives and obsolete directives.

45. Document your Wishes Regarding Organ, Tissue, or Body Donations

Deciding on organ, tissue, or body donation preferences ensures your wishes are honored, alleviates decision-making burdens for loved ones, and potentially saves lives through medical advancements. Additionally, documenting these wishes legally provides clarity and ensures they are respected during critical moments of healthcare decision-making.
Decide if you wish to donate your tissue, body, or organs. You may wish to speak to your family, medical providers, or religious/spiritual leader, but ultimately this is your decision.
Ensure you have completed all of the necessary preparations. This may include registering as an organ donor through your state’s donor registry, completing an advance directive or living will that includes your donation preferences, or specifying your wishes in a legal document. If you are considering donating your body, you will need to research and select a reputable organization to receive your donation.
Ensure you record the location of all documents. You may also wish to include originals or copies of your donor registration and confirmation forms, your advance directive, and contact information of the organization receiving your donation.

46. Establish your Will

Your will is a pivotal component of your estate planning documents, serving as a legally binding expression of your wishes regarding the distribution of your assets and the appointment of guardians for minor children, if applicable.
Consider working with an attorney who specializes in estate planning and transition. Crafting a will is a complicated process, and we recommend you work with an attorney who specializes in estate planning.
Designate an Executor. Ensure that the Executor is aware of and comfortable with this responsibility.
Detail information about your will. This includes the name and contact information of the attorney who helped you create it, where the will is located, and if the will replaces previous wills that have been revoked.
Communicate this information to your loved ones. You may wish to share some—but not all—information about the will with loved ones.
Ensure you record the location of all documents. You may also wish to include originals or copies of your current will and any revoked or obsolete wills.

47. Appoint Guardians

Identifying guardians for pets and children ensures their well-being and care in the event of your incapacity or death, providing peace of mind and preventing potential disputes over their custody.
Appoint guardians for dependents and caregivers for pets. Nominate guardians for any minor children or dependent adults, and designate caregivers for your pets, providing clear instructions for their care and considering the values, stability, and ability of these individuals to fulfill these responsibilities.
Ensure your proposed guardians are aware of and comfortable with this responsibility.
Ensure that these preferences are communicated clearly in your legal documents.
Review and update your estate plan regularly to reflect any changes in circumstances or preferences regarding guardianship.

48. Create a Trust

By establishing a trust, individuals can ensure their assets are distributed according to their wishes, provide for loved ones, and potentially minimize estate taxes.
Consider working with an attorney who specializes in estate planning and transition. Creating a trust is a complicated process, and we recommend you work with an attorney who specializes in estate planning. The attorney should help you:
- Determine the purpose and goals of establishing a trust, such as asset protection, estate planning, or providing for beneficiaries.
- Select the type of trust that best suits your needs, whether it’s a revocable living trust, irrevocable trust, or special needs trust.
- Identify the assets you wish to transfer into the trust.
- Appoint a trustee who will manage the trust assets and distribute them according to your instructions.
- Draft the trust document, ensuring it complies with state laws and addresses your specific requirements.
Detail information about your trust. This includes the name and contact information of the attorney who helped you create it.
Communicate this information to your loved ones. You may wish to share some—but not all—information about your trust with your loved ones.
Ensure you record the location of all documents.

49. Verify That Documents Meet Legal Requirements

Ensure legal compliance. Confirm that all legal documents, such as wills, trusts, powers of attorney, and advance directives, comply with relevant state and federal laws. We recommend you consult an attorney who specializes in estate planning and transition to ensure you are compliant.
Additionally, you should ensure that all signatures on legal documents are properly authenticated according to legal requirements, minimizing the risk of challenges or disputes in the future.

50. Create your Legacy Message

A legacy message provides an opportunity for you to convey personal messages, values, and wishes to your loved ones and future generations. Here, you can express your thoughts, share meaningful anecdotes, offer words of wisdom, and communicate your hopes and dreams for the future.
Ensure that any legacy messages you want to leave behind are stored alongside other important documents. For instance, consider keeping your legacy messaging instructions with paperwork related to your final resting place.

51. Provide Instructions for your Final Resting Place

Identify, document, and communicate your preferred post-mortem plans. You may hope for a burial, a cremation, donation to medical science, a natural funeral, or placement in a mausoleum.
If you wish to be buried, specify the material and style of the casket, the location of your final resting place, the type of tombstone or marker you will have, and your preferred funeral provider.
If you wish to be cremated, research and specify the type of cremation (traditional vs. direct), if and where you would like your ashes to be scattered, and the vessel for your cremated remains.
If you wish your body to be donated, specify which organization will assume responsibility for your body.
Identify, document, and communicate the type of service you wish to receive. This entails specifying passages or texts for reading, identifying individuals to deliver eulogies or serve as pallbearers, selecting music to be played, outlining desired religious or cultural traditions, and indicating charities for mourners to donate to.
Make arrangements in advance. For example, you may consider purchasing your casket or paying for the cremation service in advance. If you are donating your body to science, ensure that you have finalized arrangements with a reputable organization.

52. Identify Discretionary Spending

Review your spending habits to identify areas where you can cut back or adjust. This might involve reducing unnecessary expenses or reallocating funds towards savings and investments.

53. Prioritize Financial Responsibilities

Prioritize your financial responsibilities. Your estate executor or trustee will need to manage these obligations in your absence. Ensure that essential expenses, such as taxes, insurance premiums, and mortgage payments, are adequately addressed to avoid financial strain on your estate.

54. Allocate Funds for Estate Administration

Set aside funds in your budget to cover the costs associated with estate administration. These costs include legal fees, executor fees, and any other administrative expenses. This ensures that your chosen representative has the necessary resources to fulfill their duties effectively.

55. Plan for Distribution of Assets

Incorporate provisions within your budget to facilitate the distribution of assets according to your estate plan. This may involve setting aside funds for specific bequests, establishing trusts for minor beneficiaries, or allocating resources to cover estate taxes and probate expenses.

56. Communicate Your Intentions

Clearly communicate your financial intentions and budgetary decisions to your chosen executor, trustee, or beneficiaries. Provide them with access to relevant financial documents, account information, and instructions to facilitate the seamless administration of your estate upon your passing.

57. Seek Professional Guidance

If you’re unsure about creating or updating your budget, consider seeking advice from a financial planner or advisor. They can provide personalized recommendations and help you optimize your financial plan for estate planning purposes.

58. Establish a Routine to Review Your Estate Plan Annually

Establish a routine to review your estate plan annually. Set aside dedicated time intervals to review your estate plan. This scheduled approach helps prevent oversights and ensures your plans evolve alongside the inevitable changes in life.

Other Useful Checklists