Planning Your Estate in 16 Steps

If you’ve procrastinated on your estate planning, the following 16-item list will get you going in the right direction:

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   1.  
      1. Take inventory of everything inside and outside your home worth $100 or more.
      2. Take inventory of your non-physical assets, including bank accounts, retirement accounts, life insurance policies, etc.
      3. Make a list of your debts, including credit card debt, loans, mortgages, home equity lines of credit, etc.
      4. Make a list of the organizations you are involved with and the charitable organizations you support.
      5. Send these completed lists to your estate administrator.
      6. Review your accounts and policies where you previously listed beneficiary designations. 
      7. Review your life insurance policies and annuities to ensure that your beneficiaries are correctly listed.
      8. Check your accounts to see if you want any of them to have a transfer-on-death feature.
      9. Select someone who is responsible to be your estate administrator.
      10. Create a will, either with or without the help of an attorney.
      11. Review and update your documents every two years or after any major life-changing events.
      12. Send a copy of your will to your estate administrator.
      13. Meet with a financial planner or estate attorney.
      14. Create other important estate planning documents.
      15. Consolidate your accounts and simplify your life.
      16. Take advantage of college funding accounts.

For more information, see Steven Merkel, Estate Planning: 16 Things to do Before You Die, Investopedia, Nov. 2, 2010.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this to my attention.