Organizing your estate now dramatically reduces burden on your loved ones later.
Why Plan Ahead?
Without proper planning:
- Probate takes longer and costs more
- Family disputes are more likely
- Your wishes may not be honored
- Loved ones may miss important assets
Essential Documents
1. Last Will and Testament
Specifies:
- Who receives your assets
- Who becomes guardian of minor children
- Who serves as executor
Important: Without a will, state law decides everything.
2. Revocable Living Trust
Benefits:
- Avoids probate
- Maintains privacy
- Provides for incapacity
- Can reduce estate taxes
3. Power of Attorney (Financial)
Authorizes someone to handle finances if you're incapacitated.
4. Healthcare Power of Attorney
Names someone to make medical decisions if you can't.
5. Living Will / Advance Directive
States your wishes for end-of-life care.
6. HIPAA Authorization
Allows family to access medical information.
Financial Organization
Bank Accounts
- List all accounts with institution names and account numbers
- Consider POD (Payable on Death) designations
- Ensure someone knows where to find information
Investment Accounts
- Document brokerage accounts, 401(k)s, IRAs
- Review and update beneficiary designations
- Consider TOD (Transfer on Death) registration
Insurance Policies
- Life insurance
- Health insurance
- Long-term care insurance
- Property insurance
Document: Policy numbers, company names, agent contact info.
Debts
- List all debts: mortgage, auto loans, credit cards, personal loans
- Note which have life insurance attached
- Identify any debts that die with you vs. transfer
Property Documentation
Real Estate
- Deeds and titles
- Mortgage information
- Consider Transfer on Death deeds (available in many states)
Vehicles
- Titles
- Loan information
- Registration
Valuables
- Inventory valuable items
- Get appraisals for significant pieces
- Note any items with sentimental designations
Digital Assets
Online Accounts
- Email providers
- Social media
- Online banking
- Shopping accounts
Digital Legacy Contacts
- Set up legacy contacts on Apple, Google, Facebook
- Document how you want accounts handled
Passwords
- Use a password manager
- Document access for executor
- Consider digital vault services
Beneficiary Designations
These override your will, so keep them updated:
- 401(k) and IRA accounts
- Life insurance policies
- Bank accounts (POD)
- Brokerage accounts (TOD)
- Pension plans
Check annually and after major life events.
Important Contacts
Document these for your executor:
- Estate attorney
- Financial advisor
- Accountant/tax preparer
- Insurance agents
- Doctors
- Spiritual advisor
Location of Documents
Create a master document listing where to find:
- Original will
- Trust documents
- Deeds and titles
- Insurance policies
- Tax returns (keep 7 years)
- Bank and investment statements
- Password manager access
Conversations to Have
With Your Executor
Ensure they:
- Know they're named
- Understand their responsibilities
- Know where to find documents
- Have access to important contacts
With Family
Discuss:
- Healthcare wishes
- Funeral preferences
- Asset distribution logic
- Any special requests
Annual Review Checklist
Review your estate plan yearly:
- [ ] Beneficiary designations current?
- [ ] Will reflects current wishes?
- [ ] Power of attorney still appropriate?
- [ ] New assets added to trust?
- [ ] Contact list current?
- [ ] Digital access documented?
What Settled Offers
While Settled helps after a death, we built it from understanding what makes estate settlement difficult. Proper planning eliminates many of the 67 tasks families face.
Share this article with loved ones to encourage preparation. And if you're currently settling an estate, try Settled free for 30 days.