Estate planning checklist

Get organised, document your goals, and put a successful plan into action.

You've worked hard to build all you have. Now ﬁnd out how to preserve it—with careful estate planning—for peace of mind and for your dependents. Your estate plan is an important part of your financial planning eﬀorts. It puts you in control as it spells out how you would like your assets to be distributed after your death and how your wishes for your family and charities are to be followed.

To help you get started with this process, we've created an estate planning checklist that can help you get organised, document your goals and objectives, and put a successful estate plan into action. Note: the specific documents needed vary by country, as does the legal framework; the checklist below is intended to be general guidance and you should consider taking professional legal or tax advice.

1. Getting organised

Gather your documents

Organise your bank and ﬁnancial account statements including any savings, brokerage, and retirement plan accounts, as well as beneﬁciary designations, property deeds, and insurance policies.
Also include any existing estate planning documents such as your will, trust, power of attorney, organ donation form, living will, and letter of intent (take professional advice if you need help to put the right documents in place).

Identify any assets and liabilities

Catalogue all your assets, their location, and their value.
List all your liabilities (including personal loans).
Record ownership/titling.
Review your beneﬁciary designations.
List and estimate the value of your important personal items such as jewellery, artwork, or other valuable objects.

Store your original documents in a safe place

Select a ﬁreproof and waterproof place—such as a bank safe deposit box for storage.
Let your family know where your documents are located and how to access them.

Tip

There's a lot to cover, so we've broken it down into 3 sections. Putting an estate plan in place can take several weeks or months, so don't feel like you have to do it all in one go.

2. Define your goals and objectives

Think about your vision. Who do you want to leave your assets to (now or at death), and for what purpose? Consider:

o How you want to pass on your wealth to future generations.
   o Paying for children's or grandchildren's educations.
   o Gifting to other family, friends and partners.
   o How your health care needs will be met.
   o Philanthropic or charitable giving options.

Define your legacy. Engage family and close friends to think about your legacy and what you want to leave for the people you want to. Consider:

     o Who should receive your assets and what should be done with them after your passing?
   o How much will be given to family vs. friends vs. charities?
o Do you have a "special cause" that you'd like to see outlive you?
   o Which philanthropic or charitable giving options do you want to support?

Choose key roles. Select the people who will help you put your plan into action:

   o Your personal representative/executor.
     o Trustee.
   o Guardian for your children.
   o Legal representative.

3. Put your plan into place

Create a key contact list. Who should be called in the event of your passing? Your family members, lawyer, or best friend? Keep your key contact list in an envelope or give it to a friend.
Draft, execute, and store documents. Organise properly updated documents (eg. lasting power of attorney) that can provide legal authority to others to help manage ﬁnancial assets and medical decisions on your behalf if you are mentally or physically unable to do so. You may wish to save a backup copy of key documents in an online virtual safe.
Implement your estate plan. Ensure assets and other documents are coordinated with your estate plan, which may require changing legal ownership of certain assets or adjusting beneﬁciary designations.
Create a digital asset list. Record usernames, account numbers, and passwords for all online accounts; keep them in an extremely secure place and updated regularly.
Update your plan every 3-5 years. Review your estate plan regularly and update it after major life events such as, marriage, divorce, births and adoptions, family deaths, or changes in your financial situation including purchases of large assets, major financial events, or when debts are paid off.

Get started today

It’s important to focus on key topics, including retirement and estate planning strategies, that can help you manage risks and protect your wealth for you and your loved ones. While the list above may seem long, take the first steps – you’ll be relieved that you did.

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