Estate Planning Checklist You Can Start Today!

Estate planning can feel really “out there” — like, you just have no idea what you’re doing and it’s just overwhelming and feels a million miles away. However, there are some things that we can start doing TODAY to make that easier. I will say this is very overwhelming if you have to do it in a short period of time, but when you start early (even when you still have kids at home) — it can be a game changer!

I have an email I can send you that specifically addresses some of the financial stuff:

Organize Your Accounts

This one is an easy one that is SO smart to have available no matter what happens to you even in the next few weeks.

That’s to get all of your accounts. I’d list the kind of account it is, the last 4 digits, the number to call and website if possible.

For me, I had a 401k for every place I’d worked. When I did this I realized I should just combine them at the same time.

Was it fun? Absolutely not, but combining them helped simplify all of this a lot.

Ultimately, we have one brokerage account for all the things that aren’t currently held with a job (aka, jobs we’ve left — we pour any of the money in retirement accounts there, into our own brokerage accounts).

Yes, this means I have several accounts with this company, but it is still easier than having many at multiple different places.

So, this step is to gather all of those into a specific spot. This includes any money they need to gather should you die. That includes:

• Bank accounts
• Retirement accounts
• Life Insurance
• Pension with a death benefit account

Be it an email you send to your family, we have a spreadsheet that I update with any changes that my parents, husband and adult kids all have access to. And yes, I named it something like “in case I die” so they can look it up fairly easily.

Is this the absolute most secure thing? Probably not — but all of them having access to it helps a lot. You will have to balance security with your family having access should they need it.

This is free to do, and once you have the money for the next step — it’s going to make it a lot easier!

(this next step does require some cash)

Make a Will/Living Trust

I have a whole post on how to make a will without a lawyer. We ended-up using a paralegal, or you could use something like Legal Zoom (honestly, if we didn’t have a business that probably would have worked the best for us).

We ended up spending about $1,000 — and Legal Zoom is around $600 — but we did have an LLC that we had to work into it, and she did some field work putting our home in our trust, etc. When I got quotes from lawyers it was close to $5,000 which just seems insane. It really is a lot of paperwork that software can easily put together.

Pro Tip: Once you put your home into the trust, you want to be sure that you also change your home owner’s insurance beneficiary. I have heard they can deny your claim if they don’t match.

I’m not going to dive too deep into it because this post is SO helpful:

How to Make a Will & Living Trust Without a Lawyer

An In Case You Die File

Ok, you put your accounts all in one spot, but I think it’s also smart to have a document file with anything necessary that your family would need.

This will vary by what phase of life you’re in, and what types of things you mange in your family.

It might need to be the kid’s pediatrician (if your husband has no idea who that is).

For me, it’s a lot of business practices, and who my family would contact to keep my business going.

A big one in here is passwords — I am a huge fan of password managers that you family also has access to.

When I went in for a recent appendix surgery I just kept thinking if my husband knew all the things he needed to know, but I knew that if he had my master password, he’d do alright.

Declutter

Here’s another one you can do, for free. It’s not going to creep you out, but it’s going to make life easier when you someday need to move on. Be that a new home or retirement living.

Declutter Like You’re Dying: Don’t let your stuff kill you!

You can do this slowly. Take it one cabinet, or one shelf at a time. Or, take on a whole room.

I do recommend taking everything out of whatever area you’d trying to work through. I give some of my best tips in my 5-word challenge:

Check-Out Your Next Step

The thing I learned the most when I moved my parents into assisted living is that I wish we had toured this places years ago. I wish we’d gotten on waiting lists years ago.

Most often you can get on the waiting list for free of a small fee. They will contact you when they have an opening — you can say “not ready yet” or you can decide now’s the time.

My dad ended-up touring them on his own, and my mom had a surprise new home once she left rehab. I mean, they talked about it — but she wasn’t able to tour them like she probably would have liked to.

I know it’s not something you want to think about — but it’s important — and will be an important investment in your future.

I have a whole post about moving my parents into retirement living that dives deeper into that process.

What I Wish I’d Known About Moving My Parents Into Retirement Living

And, if you’re an over-achiever you can also consider:

• Looking into an estate sale company if you think you’ll use one (I wish we’d done more research)
• Buy a plot where you’d like to be buried (somehow my parents did that WELL before they did any of these other things).
• Consider what mortuary you’d like to use, and jot down any notes you’d like at your services.

Honestly, I’m not sure that it’s ever too early to do some of these things. We never know when our time will come. Some of them are fairly easy, and you can make life easier for your family when your time comes — which will be nice for them.

What did I miss? I know there’s a LOT to get done, but as I’ve moved through this process with my parents, these are 3 that come to mind. Tell us what ELSE we should consider in the comments!