Building an estate plan can feel like a monumental task, but it's really just a series of smaller, manageable decisions. This starter pack breaks down the process into 15 concrete steps.
Phase 1: The Core Documents
These are the foundational legal documents that every adult should have in place.
Core Legal Documents
- ○Last Will and Testament
- ○Durable Financial Power of Attorney
- ○Advance Healthcare Directive (Living Will)
- ○Healthcare Power of Attorney (Healthcare Proxy)
- ○HIPAA Authorization Form
Phase 2: Beneficiaries and Assets
Legal documents are only half the battle. You also need to ensure your assets are properly aligned with your plan.
Asset Alignment
- ○Update beneficiaries on all retirement accounts (401k, IRA)
- ○Update beneficiaries on all life insurance policies
- ○Add Transfer on Death (TOD) or Payable on Death (POD) to bank accounts
- ○Create a master inventory of all assets and debts
- ○Create a digital asset inventory (passwords, crypto keys)
Phase 3: The Hard Decisions
These are the emotional choices that often cause people to procrastinate on their estate planning.
Critical Decisions
- ○Choose an Executor for your Will
- ○Nominate Guardians for minor children
- ○Choose a Financial Power of Attorney agent
- ○Choose a Healthcare Proxy agent
- ○Write a Letter of Instruction (funeral wishes, personal notes)