Estate Planning Checklist: Step-by-Step Explanations

Key Takeaways

• Manageable Steps: Estate planning breaks down into a small number of concrete decisions rather than an overwhelming legal process.
• Speedy Completion Timelines: Most people can complete every step in under an hour using modern tools.
• Include Your Values: A charitable gift can be added at the exact point you decide who else inherits from your estate.
• High Impact: An estimated 76% of Americans lack a foundational will. Following this checklist protects your family and resolves a critical life task. 

Before You Start: Information to Gather

Before beginning, it helps to have a few things on hand: a rough list of what you own (property, accounts, major personal items), the full legal names of anyone you want to name in your will, and your state of residence. Estate planning requirements vary by state. None of this needs to be exact or exhaustive. A working list is enough to start.

Choose Your Executor

Your executor is the person responsible for carrying out your will after you die. They will file it with the court, settle debts, and distribute your assets as instructed. Choose someone you trust to handle this responsibly, and name an alternate executor in case your first choice is unable or unwilling to serve when the time comes.

List Your Assets

Decide Who Gets What

This is the core of most estate plans: who receives your assets and how they are divided. You can leave specific items to specific people, divide your estate by percentage, or use a combination of both. Whatever structure you choose, clarity matters more than complexity. A will that is easy to interpret is less likely to cause confusion or dispute later.

Name Guardians for Minor Children

If you have children under 18, naming a guardian is one of the most important things your will does. Without it, a court decides who raises your children if something happens to you. Name both a primary and an alternate guardian, and it is highly recommended to have a direct conversation with whoever you choose before finalizing it. Alarmingly, 64% of parents with minor children lack a will, leaving an enormous vulnerability regarding legal guardianship.

Consider a Charitable Gift

Sign and Store Your Documents

A will only becomes legally valid once it is properly signed and witnessed according to your state's requirements. This generally requires a specific number of witnesses who are not beneficiaries of the will. Once signed, store the original somewhere secure but accessible to your executor. Consider keeping a digital or physical copy with someone you trust, such as a family member or your executor.

Know When to Update It

An estate plan is not a one-time task. Certain life events represent natural checkpoints to revisit it: marriage or divorce, the birth or adoption of a child, a significant change in assets, moving to a new state, or the death of someone named in your will.

Reviewing it every few years, even without a major life change, is a reasonable habit.

The Full Checklist, In One Place

Use this summary to track your progress as you plan your estate.

• [ ] Gather a rough list of the assets you currently own.
• [ ] Collect the full legal names of people you'd like to include.
• [ ] Choose a primary and alternate executor.
• [ ] List major assets and beneficiary designations.
• [ ] Decide how your estate should be divided.
• [ ] Name a primary and alternate guardian for minor children (if applicable).
• [ ] Decide whether to include a charitable gift and to which cause (or causes).
• [ ] Complete your will through a guided tool or with an attorney.
• [ ] Sign and witness the document according to your state's requirements.
• [ ] Store the original securely and share its location with your executor.
• [ ] Set a reminder to review it after major life events.

Frequently Asked Questions

How long does it take to complete an estate plan using this checklist?
For most straightforward estates, working through every step and completing a guided will typically takes well under an hour.

Do I need a lawyer to complete this checklist?
Not necessarily. A guided, self-directed will-building process covers the same core decisions. A lawyer becomes more valuable for complex estates, such as those involving a business or multiple states.

What if I don't have minor children?
This step simply does not apply. You can skip it and move to the next one.

Can I update my will after completing this checklist?
Yes. Most guided platforms allow you to log back in and update your will as circumstances change without starting over.

Is including a charitable gift complicated?
No. It is typically a single step within the same process as deciding who else inherits from your estate, whether as a specific amount, a percentage, or a share of the remainder.