Estate planning checklist

Getting familiar with key estate planning steps and documents can help make the process simpler, smoother and less stressful.

Last updated December 3, 2025

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Who needs an estate plan? And why? The answers are pretty straightforward: Anyone who has savings, investments, real estate, or other valuable property — and wishes to leave the bulk of it to family or other heirs — should consider having an estate plan. Why? To help ensure that the assets will be distributed according to your wishes, to help spare your heirs from the hassles associated with probate court, and to work to prevent the IRS from taking more than their fair share. Yet despite the importance of estate planning, a 2025 study found that 55% of Americans have no estate documents at all, and only 31% have established a basic will.¹

Regardless of your current age or health status, if you have assets, the time to start thinking about estate planning is right now. After all, no matter how young or healthy you are, there is always some risk of premature incapacitation or death. Planning ahead for unexpected events and future healthcare or long-term needs can help ensure your wishes are carried out and your loved ones are protected. In just a few minutes, you can get a helpful overview of what to consider, including:

The basic steps involved in estate planning
Key documents required
How to begin the estate planning process
Finding professionals to help with your estate plan

The key steps in an estate planning checklist

Mention estate planning, and most people anticipate a stressful, complicated chore. But if you take it one step at a time, it will probably not be as difficult as you think. Just start at the beginning and follow the steps to create an solid estate plan. And if you run into any issues you can't handle, think about speaking to a financial professional.

Step 1: Inventory your assets

Conduct a complete inventory of your assets and create a detailed list that includes current values, account numbers, stated beneficiaries, location of deeds and other documentation, location of valuables (such as a safe deposit box) and any other information that will make things easier for your loved ones or other heirs. Assets to be inventoried include: savings and bank accounts, retirement accounts, investment accounts, life insurance policies, real estate, vehicles and boats, jewelry, artwork, collectibles, antiques, and any other items that might be of value. In addition to physical assets like real estate and collectibles, be sure to include valuable digital assets like cryptocurrency accounts, NFTs, and important digital documents.

Step 2: List all your potential beneficiaries

Think about who you’d like to leave your assets to. At first, the list may include those who will definitely be among your beneficiaries — spouse, partner, children — and those you may want to include, such as siblings, nephews and nieces, close friends, or your favorite charities. Remember, this is not a final list. In most cases, you can update and revise your list of beneficiaries and bequests even after your estate documents are executed. And as you’re thinking about it, it’s important to review and update your named beneficiaries on accounts like retirement plans and insurance policies to ensure they align with your overall estate plan. For example, if you create a trust to hold savings or investment assets, you should update the beneficiary designations on those accounts to avoid potential conflicts.

Step 3: Start developing your “directives.”

Your estate plan directives will contain legally binding instructions about how you’d like your assets and affairs to be managed in the event of your incapacitation or passing. Take some time to think about the issues and individuals involved, and as a start, write your thoughts down in plain English so that you’ll be better prepared to discuss them with your attorney or estate planning professional. The formal documents stating your estate planning directives typically include your will, your trust (if you set one up), durable power of attorney, and an advance healthcare directive (also known as a living will). We will discuss these in more detail below.

Step 4: Designate an executor, beneficiaries, and trustees

Designating an executor, beneficiaries, and trustees for your estate is one of the key tasks in estate planning. The executor will be responsible for carrying out the instructions outlined in your will, so be sure to choose someone who is trustworthy, organized, and capable of handling complex financial matters. It doesn’t have to be a friend or family member – an executor or trustee can also be a trusted professional, such as an attorney. Your beneficiaries are those people or organizations who will receive your assets. Careful consideration should be given to their needs and circumstances to ensure a fair distribution of your estate.

Finally, if your estate plan includes trusts, you’ll need to designate one or more trustees to manage and distribute trust assets on behalf of the beneficiaries. It is also important to name a successor trustee who can take over management of the trust if the original trustee is unable or unwilling to serve. Consider choosing people who are financially savvy and trustworthy. Selecting the right people for these roles helps to protect your assets and protect your loved ones or other heirs.

Step 5: Get familiar with estate taxes

Estate tax laws cover the taxation of an individual's assets when they pass away. Understanding estate taxes — also known as "death taxes" or "inheritance taxes" — is essential for minimizing the taxes on your estate and maximizing the amount that goes to your beneficiaries. Estate planning involves sophisticated tax strategies and is best handled by an estate planning professional or tax attorney. That said, it's a good idea to read up on some of the basic issues involved to be better prepared for future conversations and decision-making with your selected professionals.

Step 6: Organize essential information

Take some time to ensure that any essential information and documentation regarding your assets is organized and easily accessible to your executor and attorney. As part of your estate planning records, it is important to organize and retain tax returns, as these documents are often required for accurate estate tax preparation and can help streamline the process for your heirs. It’s also important to organize other financial documents to ensure your estate's affairs can be managed efficiently. Depending on what you have, this information could include life insurance policies; property deeds for your home and other real estate; proof of ownership for vehicles and boats; copies of detailed statements from all savings accounts, retirement accounts and investment accounts; a complete list of all valuables including descriptions, approximate value, and location; receipts for purchases of valuables especially jewelry, artworks and other items that will be subject to appraisal. By ensuring these records are available, you'll take a big step toward securing a smooth and efficient estate administration process.

Also, note that it’s generally not recommended to leave the only copy of your will in a safe deposit box. After a person's death, the box is typically sealed by the bank until the executor or administrator of the estate is granted access, which can cause unnecessary delays for beneficiaries.

Step 7: Find an estate planning professional

At this point in the estate planning process, you'll probably be ready to sit down with your attorney or an estate planning specialist to begin working on the required legal documents, including your will, trust and durable power of attorney. While it's important to point out that some people attempt to tackle this step independently — using pre-formatted templates or estate planning apps — most experts tend to counsel against completing these documents without professional help. Experienced professionals can help ensure that your estate plan is comprehensive, legally sound, and aligned with your long-term financial goals.

Step 8: Execute the legal documents

The final step in the estate planning process will be to create and execute the types of documents outlined below. There should be at least three original copies of all documents — one to be retained by your attorney, one to be retained by you, and one for your executor. Please be sure to store your copy in a secure location, such as a home safe. And remember: In most cases, these documents can be revisited and revised at a later date should the need arise, or even if you just change your mind about how to distribute things.

Key documents needed in an estate plan

A complete estate plan may include the following legally binding documents, designed to help ensure that your assets are protected and your wishes are carried out. Again, while it is possible to create and execute these documents on your own, it is not recommended. A professional, such as an estate attorney, can help to speed up the process and help ensure that the documents are completed correctly under the law.

1. Will

At the heart of your estate plan is your will, also known as the last will and testament. A will is an essential legal document that outlines your wishes about asset distribution, your choice of executor, and guardians to be appointed for any minor children.

2. Trust

While a trust is not essential, many people choose to create one for the flexibility it offers. A trust names a trustee(s) who is legally responsible for effectively managing assets within the trust and distributing your assets to your beneficiaries according to your instructions. Often, a trust is used when the beneficiaries — including minor children — won't be able to manage their inheritance on their own. In addition, trusts can help your heirs avoid probate and may offer some significant tax benefits.

3. Revocable Living Trust

This type of trust can be altered or revoked by you as long as you are mentally competent. It allows you to control your assets while alive and, in most cases, ensures that your beneficiaries will avoid the hassles of the probate process when you pass.

4. Power of Attorney (POA)

A Power of Attorney is a legal document that grants authority to another person to act on your behalf should you become incapacitated. There are different types of POAs:

Medical POA: Also known as a Healthcare Power of Attorney or Medical Proxy, this document allows a trusted individual to make medical decisions on your behalf if you become incapacitated and cannot make these decisions on your own.
Financial POA: This document allows a trusted individual to handle your financial and legal matters if you are incapacitated and are unable to do so. Known as a financial agent, this person is granted the specific financial powers needed to manage your finances, pay bills, and handle assets on your behalf.
Limited POA: A Limited Power of Attorney grants specific powers to a trusted individual for a limited time or in specific situations, such as a real estate closing.
Advance Healthcare Directive: An Advance Healthcare Directive, also known as a living will or personal directive, is a document that outlines your wishes regarding medical treatment and end-of-life care. It is used if, at any point in the future, you are unable to communicate your wishes verbally or in writing.

How to find the right estate planning professional

If you need help developing or refining your estate plan, consider working with an estate planning professional. Experienced professionals can help you develop customized estate plans tailored to your unique situation, while considering your family members' needs to ensure they are provided for and protected. Here are a few tips to help ensure that you find someone who is competent, trustworthy and in sync with your needs and wishes. Start by seeking recommendations from friends, family, or colleagues. This is the simplest route, and firsthand referrals can be invaluable. If you prefer to conduct your own research, look for certified estate planning professionals or financial planners with strong credentials and positive client reviews. Ask them about their approach to estate planning, fee structure, and how they prioritize client goals. Trust your instincts and choose someone who not only demonstrates expertise but also exhibits professionalism, integrity, and a genuine commitment to your best interests.

Guardian has people who can help

Need help locating an estate planning professional who can help? A Guardian Financial Professional can help you to better understand the estate planning process and help you to make the right decisions for yourself and your heirs. To find someone near you, just fill in your zip code and click below.

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Frequently asked questions about estate planning

There are three basic components of an estate planning checklist.

The first is to conduct a thorough inventory of all your assets, including financial accounts, retirement plans, investment portfolios, real estate, life insurance policies, and valuable property such as jewelry and vehicles.
The second relates to identifying all the people that will be involved in or affected by the settlement of your estate, including beneficiaries, executor(s) and trustees.
And the third involves making sure that you have executed all the required estate planning documents, including your will, trust (if desired), power of attorney and living will or healthcare proxy.

There will likely be other items on the checklist — such as reviewing estate tax issues with a financial professional — but these three items are the basic components of an estate plan.

The key documents in most estate plans are the will, trust (if desired), power of attorney, living will or healthcare proxy, beneficiary designations, guardianship designations (if needed), and letters of instruction (if desired).

Material discussed is meant for general informational purposes only and is not to be construed as tax, or legal advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.

1 Redefining Legacy: 2025 Estate Planning Report, Trust & Will, February 2025.