1. Itemize Your Inventory

    Make sure to go through the inside and outside of your house and make a list of all the valuables. This will likely be bigger than you would expect. Make sure to note what you would like done to that item upon your death. 

2. Follow with Non-Physical Assets

    Next, it’s best to add non-tangible assets to the list. This would include life insurance policies, bank accounts, 401k plans, and IRAs. These assets should be laid out in a plan for how they should be handled upon death. 

3. Assemble a List of Debts

    Make out a list of all known debts. Include any agreements or contracts that are associated with the debt. This will also include any credit cards being used. 

4. Make a Membership List

     Any clubs or programs you are a member of, make sure that your family knows about them. Some of these programs have life insurance benefits. This could include AARP, Veterans association, or any professional accredited association. Be sure to include any charities you wish for things to be donated to.

5. Make Copies

     When your lists are complete, sign and date them. Make at least three copies and share them with those you leave. The original should be kept with the estate administrator. Your spouse should hold onto the second one and keep the last one in a safe deposit box.

6. Review Your Retirement Accounts

     Check your retirement accounts to ensure they are taken care of and have updated beneficiaries listed. Upon death, your designated beneficiaries will be distributed these accounts.

7. Keep Your Insurance Up To Date

     To make sure there are no issues with your life insurance, please contact them. Ensure all beneficiaries are up to date and that the policy you want is still in place for them and yourself. 

8. Assign Transfer on Death Designations

     It’s best to minimize probate by assigning transfer on death designations. This can avoid time-consuming and costly court procedures and can easily be done with accounts and property. 

9. Select an Estate Administrator

     Upon your death, there should be someone in charge of overseeing your estate. This person should be responsible and in a good mental state. Your spouse may not always be the best option. A big issue is how this person will perform upon your death and how that may affect their decision-making process. 

10. Make a Will and/or Trust

     A will can save you and your family a lot of trouble. It is one of the most basic and most common pieces to the estate planning process. This document can name guardians for your minor, distribute assets, and arrange for assets to be donated to charities. This will should be signed and dated before two non-related witnesses and be notarized.  Unlike a Will, a Trust will help you accomplish the same ends while avoiding the probate court process.

11. Regularly review your documents

    Keep documents up to date, and add changes according to life-changing events. Life is constantly changing, and your assets and wishes are likely to change as well. 

12. Copy the Administrator

     Once your will or trust is complete, ensure that your estate administrator gets a copy. Also, keep a copy for yourself in a safe place at home. 

13. Visit an Estate Attorney and a Financial Planner

     Even if you feel you got it handled, it may be a good idea to consult professional help on investment and insurance plans. If it’s been a while, you should revisit your plans. As your needs change, so should your plans. Professionals will also be updated on current laws, which can impact your plans.

14. Simplify Your Finances

     If you have changed jobs multiple times, you likely have several 401k retirement plans open with past employers. It may be best to consolidate these accounts into one individual account. This leads to better investment choices, lower costs, and easier management overall.   Simplifying your finances will simplify your life and the lives of those you leave behind.

15. Complete Other Important Documents

     For estate planning, you must have a will or trust, POA, Health Care POA, HIPAA Release, and a  Living Will.  It’s wise to set up both financial and medical POA so that you can have trustworthy people handling your affairs. 

16. Take Advantage of College Funding Accounts

     You can set up 529 college savings plans for your grandchildren or children. These plans grow tax-free. Many states offer tax deductions as well. 

     Do not procrastinate, as estate planning will have to be done either way. If you do it the right way, it will make for a much smoother process.  The earlier you start, the better and easier it is for everyone else. Please reach out to your local elder law attorney to get started.