Estate Planning Checklist

Estate Planning Checklist: Your Step-by-Step Guide

Estate planning can feel overwhelming at first, but breaking it down into clear, organized steps can make the process much more manageable. Whether you’re just starting to think about a will or planning to update an existing trust, having a comprehensive estate planning checklist helps ensure no critical detail is overlooked. Below is a guide from Smith Cors Law, created to help Floridians—and anyone seeking clarity—tackle the estate planning process with confidence.

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1 Gather Personal & Financial Information

1. List Your Assets and Liabilities

Compile a thorough inventory of real estate holdings, bank accounts, retirement funds, business interests, insurance policies, and any other assets.
Include debts such as mortgages, credit cards, or loans to help determine net worth and inform distribution strategies.

2. Collect Essential Documents

Locate deeds, life insurance policies, beneficiary forms, and tax returns for reference.
Keep copies of existing wills or trusts (if any) easily accessible to avoid inconsistencies in new documents.

Why This Matters:
Knowing exactly what you own—and owe—gives clarity to you and your attorney. It also helps reduce confusion when drafting or updating your estate plan.

Define Your Goals & Objectives

1. Decide on Beneficiaries

Who should inherit your property, and in what proportions?
Consider charitable gifts and how to handle special assets like heirlooms or family businesses.

2. Plan for Minor Children

If you have minor children, identify a guardian to care for them.
Specify financial provisions for their upbringing and education, whether through trusts or other arrangements.

Why This Matters:
A clear vision of your priorities—be it providing for children, minimizing taxes, or supporting charitable causes—guides the choice of estate planning tools.

Create or Update Key Documents

1. Draft a Will

Names a personal representative (executor) and details asset distribution.
In Florida, two witnesses and proper notarization (to make it self-proving) are crucial to meet legal formalities.

2. Consider Revocable or Irrevocable Trusts

A revocable living trust can help you avoid probate and manage assets during incapacity.
An irrevocable trust can offer tax benefits or creditor protection, though it’s more restrictive in terms of changes.

3. HIPAA Release

A HIPAA release ensures medical providers can legally share your health information with designated individuals, complementing your healthcare directives.
Pre & Post Marital Property Agreements (if needed)
If you’re married or plan to be, consider how a pre- or post-marital agreement might structure asset division and protect each party’s interests.

Why This Matters:
A clear vision of your priorities—be it providing for children, minimizing taxes, or supporting charitable causes—guides the choice of estate planning tools.

Plan for Incapacity

1. Durable Power of Attorney (POA)

Appoints someone to manage your finances if you become incapacitated.
In Florida, a durable POA remains valid even when you’re mentally or physically unable to act for yourself.

2. Healthcare Surrogate & Living Will

Designate a healthcare surrogate to make medical decisions on your behalf.
Outline treatment preferences in a living will, specifying whether you want life-prolonging measures.

3. HIPAA Authorization

Allows chosen individuals to access your medical records, ensuring they have the info needed to make informed decisions about your care.

Why This Matters:
Incapacity planning protects both you and your loved ones from bureaucratic hurdles and guesswork if a sudden illness or accident occurs.

Update Beneficiary Designations

1. Review Retirement Accounts & Insurance Policies

401(k) plans, IRAs, and life insurance policies often pass outside your will or trust, directly to the named beneficiaries.
Ensure these designations align with your current estate plan.

2. Payable-on-Death (POD) or Transfer-on-Death (TOD) Accounts
If you have checking, savings, or brokerage accounts labeled POD or TOD, verify the correct individuals are listed.

Why This Matters:
Inconsistencies between beneficiary designations and your will can cause confusion and legal disputes. A quick review prevents assets from being left to unintended recipients.

Address Real Estate & Property Deeds

1. Homestead Property

Florida’s constitution grants special protections for homestead property. Confirm how you wish this to transfer and ensure your plan abides by relevant spousal or minor child restrictions.

2. Joint Ownership vs. Trust Ownership

Determine if you should hold real estate jointly with rights of survivorship, or if transferring it into a revocable living trust better suits your goals.

Why This Matters:
Each method of ownership carries different implications for asset protection, taxes, and probate.

Organize & Store Documents Properly

1. Secure Storage

Keep original wills and trusts in a fireproof safe, safe deposit box, or secure digital vault.
Ensure trusted family members or the named personal representative know where to find these documents.

2. Compile Contact Information

List relevant professionals: attorneys, financial advisors, insurance agents, and accountants.
Provide a simple “roadmap” to help loved ones access important documents in an emergency.

Why This Matters:

Even the best estate plan can unravel if your beneficiaries and personal representatives can’t locate or authenticate the necessary documents.

Revisit & Update Regularly

1. Major Life Changes

Marriage, divorce, birth of a child, adoption, or a significant shift in assets should trigger a review of your plan.
Keep an eye on changes in tax laws or estate planning statutes that might affect your documents.

2. Scheduled Reviews
Consider reviewing your plan every three to five years, even without major life events, to keep everything up to date.

Why This Matters:

An estate plan should reflect your current life circumstances. Regular reviews prevent unintended outcomes and ensure your wishes remain clear.

Final Thoughts

An estate plan should reflect your current life circumstances. Regular reviews prevent unintended outcomes and ensure your wishes remain clear.

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Estate Planning Checklist