Estate Planning Checklist: Everything You Need
Estate planning is more than a will. A complete plan also covers who makes decisions if you are incapacitated, how assets pass outside your will, and who cares for your dependants. This checklist walks through the essential pieces so nothing falls through the cracks. This is general information, not legal advice — consult a lawyer in your jurisdiction.
What documents form the core of a plan?
The foundation is usually three documents: a will, a power of attorney for property (finances), and a power of attorney for personal or health care.
Together these cover both death (the will) and incapacity during life (the powers of attorney), which is the gap most people overlook.
What information should you gather?
Before you start, take stock of what you own and owe. List assets, debts, account locations, insurance policies, and digital accounts so your executor is not left guessing.
Decide on the key people: beneficiaries, an executor and alternate, guardians for minor children, and attorneys for your powers of attorney.
What should you review beyond the will?
Check the beneficiary designations on life insurance, registered accounts, and pensions — these pass outside your will and can override it if outdated.
Review how property is owned (joint vs. sole), since joint ownership with survivorship bypasses the will entirely.
How do you keep the plan current?
An estate plan is not a one-time task. Revisit it after marriage, divorce, a new child, a death, a move to another jurisdiction, or a major change in assets.
Store your documents safely and tell your executor and attorneys where to find them. A plan no one can locate cannot be carried out.
The complete checklist
Work through the items below. iFinallyWill can handle the will and powers of attorney for every province and all 50 states, with lifetime updates to keep them current.
- Make a valid will naming beneficiaries and an executor (plus an alternate)
- Nominate a guardian and alternate for any minor children
- Create a power of attorney for property (finances)
- Create a power of attorney for personal or health care
- Record an advance directive or living-will wishes if desired
- List all assets, debts, and account locations
- Review and update beneficiary designations on insurance and registered accounts
- Check how property is owned (joint vs. sole)
- Plan for digital assets, passwords, and online accounts
- Note any charitable gifts you want to include
- Store documents safely and tell your executor where they are
- Schedule a review after major life events
Frequently asked questions
- What is the difference between estate planning and a will?
- A will is one document within estate planning. A full plan also includes powers of attorney, beneficiary designations, and sometimes trusts, covering both incapacity and death.
- How often should I review my estate plan?
- At least every three to five years, and immediately after major life events such as marriage, divorce, a birth, a death, or moving to a new jurisdiction.
- Do I need a lawyer for the whole plan?
- Not necessarily. Straightforward wills and powers of attorney can be made online. Complex strategies like trusts and tax planning are best handled with a lawyer.
- What is often forgotten in estate planning?
- Common gaps include outdated beneficiary designations, no plan for digital assets, missing powers of attorney, and never updating documents after life changes.