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Estate Planning Checklist: 6 Essential Steps to Protect Your Family and Assets
Estate Planning Checklist: 6 Essential Steps to Protect Your Family and Assets
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Estate planning isn't just for the wealthy. Whether you're starting a family, building your career, or preparing for retirement, having a plan in place can help protect your loved ones and ensure your wishes are carried out.
Many Americans still do not have core estate planning documents in place, despite understanding their importance. Recent research continues to show that a majority of adults—especially younger adults—have not completed a will or broader estate plan.
Use this estate planning checklist to help safeguard your family and assets.
1. Create a Will
A last will and testament is one of the most important estate planning documents you can have. A will outlines how your assets should be distributed after your death and allows you to name guardians for minor children.
Without a valid will, state laws determine how your assets are distributed, which may not align with your wishes.
If your financial situation is more complex, consider speaking with an attorney about whether a trust should also be part of your estate plan.
2. Complete Essential Legal Documents
Estate planning involves more than just a will. Consider putting these documents in place:
- Durable Power of Attorney
- Medical Power of Attorney
- Healthcare Directive
- Living Will
It's important to understand the difference between a last will and testament and a living will.
A last will directs how your assets should be distributed after your death. A living will outlines your healthcare preferences if you become unable to communicate or make medical decisions for yourself.
Having these documents in place can help reduce stress and uncertainty for loved ones during difficult times.
Advisor Notes
Estate planning is one of the most important steps you can take to protect your family and preserve your legacy. By creating essential legal documents, reviewing beneficiary designations, organizing financial information, planning for digital assets, and regularly updating your plan, you'll help ensure your wishes are honored and your loved ones are prepared for the future.
3. Review and Update Beneficiary Designations
Many assets pass directly to beneficiaries and are not controlled by your will. Review beneficiary designations regularly on:
- Life insurance policies
- Retirement accounts, including 401(k)s and IRAs
- Annuities
- Transfer-on-death (TOD) accounts
- Payable-on-death (POD) bank accounts
Beneficiary designations generally take precedence over instructions in a will, making it critical to keep them updated after major life events such as marriage, divorce, birth of a child, or death of a beneficiary.
4. Organize Important Financial Information
Create and maintain a secure inventory of:
- Bank accounts
- Investments
- Insurance policies
- Property records
- Loans and debts
- Tax documents
- Contact information for key advisors
Keeping this information organized can make estate administration significantly easier for your executor and beneficiaries.
5. Include Your Digital Assets in Your Estate Plan
Today's estate plans should account for digital property and online accounts.
Consider documenting:
- Online banking accounts
- Investment platforms
- Cryptocurrency wallets
- Social media accounts
- Email accounts
- Cloud storage services
- Password manager access information
Maintain this information securely and ensure your executor knows how to access it if necessary. Proper digital asset planning can help prevent assets from becoming inaccessible and simplify estate administration.
6. Review Your Estate Plan Regularly
Estate planning is not a one-time event.
Review your documents whenever you experience a significant life change, including:
- Marriage or divorce
- Birth or adoption of a child
- Purchase of a home
- Retirement
- Significant growth in assets
- Death of a beneficiary, trustee, or executor
Even without major life changes, consider reviewing your estate plan every three to five years to ensure it still reflects your wishes and current circumstances. Many estate planning professionals recommend periodic updates as laws, financial situations, and family needs evolve.
Don't Forget About Potential Estate Taxes
While most families will not owe federal estate taxes, it is still important to understand how estate taxes may apply to your situation.
For 2026, the federal estate tax exclusion amount is $15 million per individual, though state estate and inheritance tax laws may differ.
Consult with a qualified financial professional, tax advisor, or estate planning attorney to better understand how current laws may affect your estate.
Our Estate Planning Checklist
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Create or update your will |
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Establish powers of attorney |
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Complete healthcare directives and living will documents |
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Review life insurance beneficiaries |
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Review retirement account beneficiaries (401(k), IRA, pension) |
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Review transfer-on-death (TOD) and payable-on-death (POD) accounts |
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Create a list of bank accounts and investment accounts |
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Document insurance policies |
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Inventory real estate and valuable personal property |
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Compile important tax and legal documents |
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Create a digital assets inventory: - Online banking accounts |
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Designate or review your executor |
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Discuss your wishes with family members |
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Store estate planning documents in a secure and accessible location |
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Schedule a review of your estate plan every 3–5 years or after major life events |
The advisors of SWBC Wealth Management can help you navigate key estate planning considerations, from beneficiary reviews to legacy planning strategies that help protect your family and assets.
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Kyle Hittle, Wealth Advisor
As Wealth Advisor, Kyle joined SWBC in 2020 after obtaining his master’s degree in Business Administration from the University of the Incarnate Word (UIW.) He brings valuable expertise to the financial industry with a strong background in institutional retirement planning and is committed to helping clients achieve their financial goals and secure their futures. Kyle combines personalized strategies with in-depth market knowledge to guide clients through every stage of their financial journey. Kyle enjoys giving back to the community and looks forward to participating in SWBC activities and community service projects. During his spare time, he enjoys spending time with family and friends. He holds FINRA Series 7, 63, 65, and 99 licenses. Check the background of this investment professional on FINRA's BrokerCheck.
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