The Complete Estate Planning Checklist

1. Take inventory

An estate plan can only cover what you know you own. Start with a one-page list:

• Real estate: home, cabin, rental property, land (note how each is titled)
• Bank and brokerage accounts, CDs, savings bonds
• Retirement accounts (IRA, 401(k), 403(b), pensions, annuities)
• Life insurance policies and their death benefits
• Business interests, farm equipment, vehicles, boats
• Valuable personal property: jewelry, collections, firearms, tools
• Digital assets: online accounts, photos, cryptocurrency, domain names
• Debts: mortgages, loans, credit cards, guarantees

2. Decide on the people

• Beneficiaries — who receives what, in what shares, and what happens if someone dies before you
• Guardian for minor children — and a backup
• Personal representative (executor) for your will, plus an alternate
• Successor trustee if you use a living trust
• Attorney-in-fact for your durable power of attorney
• Health care agent for your health care directive

3. Sign the core documents

Last will and testament

Names beneficiaries, the personal representative, and a guardian for minor children. Every adult should have one.

Revocable living trust (if appropriate)

Avoids probate, plans for incapacity, and handles out-of-state real estate. Not everyone needs one; many do.

Durable power of attorney

Lets someone manage finances if you cannot. Without it, your family may need a court conservatorship.

Health care directive

Combines a living will and health care proxy: who decides, and what you want.

HIPAA authorization

Lets named people access your medical information; often built into the directive.

4. Coordinate what passes outside the will

• Update every beneficiary designation to match the plan, with contingent beneficiaries
• Retitle assets into the trust if you have one (deeds, accounts, business interests)
• Consider a transfer-on-death deed for real estate if you do not use a trust
• Review joint ownership: joint accounts pass to the survivor automatically

5. Address taxes and protection

• Estimate your gross estate against the Minnesota estate tax threshold, which is far lower than the federal one
• Married couples: plan to use both spouses' Minnesota exemptions
• Consider long-term care exposure and whether asset protection planning fits
• Leave inheritances for children in trust if creditor or divorce protection matters

6. Organize and communicate

• Store originals in a safe, accessible place; tell your personal representative where
• Give copies of the health care directive to your agent and physician
• Keep a letter of instruction: account list, passwords location, funeral wishes
• Tell the people you named that you named them

7. Review on schedule

Revisit the plan every three to five years and after any major life event: marriage, divorce, birth, death, a move, a significant change in assets, or a change in the law. Our guide on when to update your estate plan lists the specific triggers.

This guide is general information about Minnesota and federal law. It is not legal advice for your situation. Contact the office to discuss how these points apply to you.