The Complete Estate Planning Checklist: Every Document You Need and What Each One Does

Most people don't know what a complete estate plan looks like until something goes wrong. This checklist covers every document category you need, explains what each one does, and helps you see exactly where your plan stands today — so nothing important gets left out.

Core Legal Documents Every Adult Should Have

A will is the foundation of most estate plans. It names who inherits your assets, who you want to serve as executor to carry out your wishes, and — critically — who will raise your minor children if you and your co-parent are no longer able to. Without a will, your state's intestacy laws make those decisions for you, often in ways that don't reflect your intentions. If you have children, a will is not optional.

 

  • ☐ Last will and testament drafted and signed
  • ☐ Executor named (and alternate executor)
  • ☐ Guardian named for minor children (and alternate guardian)
  • ☐ Specific bequests documented (property, heirlooms, etc.)

 

Learn more about what a will covers and when it may not be enough on our wills page.

Revocable Living Trust

A living trust lets your assets transfer to your beneficiaries without going through probate — the public, court-supervised process that a will alone cannot avoid. It also gives you control over how and when assets are distributed, which matters especially for blended families, beneficiaries with special needs, or anyone who wants to leave assets to minor children in a structured way rather than as a lump sum at age 18.

 

  • ☐ Revocable living trust drafted and signed
  • ☐ Successor trustee named (and alternate)
  • ☐ Assets titled in the name of the trust (funding the trust)
  • ☐ Pour-over will in place to capture any assets not yet transferred

Powers of Attorney and Healthcare Directives

These documents address what happens if you become incapacitated — not when you die. A durable financial power of attorney authorizes someone to manage your finances if you're unable to do so. A healthcare power of attorney names someone to make medical decisions on your behalf. An advance healthcare directive (sometimes called a living will) records your specific wishes about life-sustaining treatment, so your family isn't left guessing in an impossible moment.

 

  • ☐ Durable financial power of attorney signed
  • ☐ Healthcare power of attorney signed
  • ☐ Advance healthcare directive / living will completed
  • ☐ HIPAA authorization included (so your agent can access medical records)

Financial Accounts, Beneficiary Designations, and Asset Titling

Beneficiary Designations

Beneficiary designations on retirement accounts, life insurance policies, and certain bank accounts override whatever your will says. This is one of the most common and consequential oversights in estate planning — an ex-spouse, a deceased parent, or no named beneficiary at all can redirect assets in ways you never intended. Review every account with a beneficiary field, and review them again after any major life change.

 

  • ☐ Life insurance policies — primary and contingent beneficiaries named and current
  • ☐ 401(k), IRA, and other retirement accounts — beneficiaries reviewed
  • ☐ Annuities — beneficiary designations confirmed
  • ☐ Health savings accounts (HSAs) — beneficiary named
  • ☐ No minor children named directly as beneficiaries (a trust should receive funds on their behalf)

Account Titling and Transfer-on-Death Designations

How your accounts and property are titled determines how they transfer at death — sometimes regardless of what your will or trust says. Transfer-on-death (TOD) and payable-on-death (POD) designations allow certain accounts to pass directly to named individuals without probate. Real property can be titled jointly or held in trust to achieve a similar result.

 

  • ☐ Bank accounts reviewed for TOD/POD designations or trust titling
  • ☐ Brokerage and investment accounts reviewed for TOD designations
  • ☐ Real property deeds reviewed — confirm titling aligns with estate plan
  • ☐ Vehicles, boats, and other titled property reviewed
  • ☐ Business interests reviewed for proper ownership structure

Digital Assets and Online Accounts

Digital assets are among the most commonly overlooked categories in estate planning. Cryptocurrency, online financial accounts, digital businesses, and even social media accounts all require specific instructions — both to ensure your executor can access them and to ensure they're handled the way you want. Most platforms won't grant access to a family member without legal authority, no matter the circumstances.

 

  • ☐ Inventory of digital accounts created (financial, social, subscription, email)
  • ☐ Password manager or secure document identifies how to access accounts
  • ☐ Cryptocurrency holdings documented with wallet access instructions
  • ☐ Instructions included for social media accounts (memorialize, delete, or transfer)
  • ☐ Digital asset authority included in power of attorney or trust language

Business Interests and Succession Planning

If you own a business — whether a sole proprietorship, LLC, partnership, or corporation — your estate plan is incomplete without addressing what happens to that business if you become incapacitated or die. Without a succession plan, a business can be forced into liquidation, tied up in probate, or passed to someone who has no ability or desire to run it.

 

  • ☐ Business ownership documented and aligned with estate plan
  • ☐ Buy-sell agreement in place (if you have business partners)
  • ☐ Successor or buyer identified for the business
  • ☐ Key person life insurance reviewed
  • ☐ Business interests held in trust or structured to avoid probate
  • ☐ Business succession plan integrated with personal estate plan

 

Our business succession planning page covers how we approach this for business owners across California, Kansas, Utah, and Washington.

Frequently Asked Questions About Estate Planning Documents

  • What documents should every adult have for estate planning?

    At minimum, every adult should have a last will and testament, a durable financial power of attorney, a healthcare power of attorney, and an advance healthcare directive. Adults with significant assets, minor children, or blended family situations should also have a revocable living trust. These four to five documents form the core of a complete estate plan and address both death and incapacity.

  • What is the most important estate planning document?

    There isn't a single answer — it depends on your situation. For parents of minor children, a will naming a guardian is often the most urgent document. For anyone who wants to avoid probate or control how assets are distributed over time, a living trust becomes equally important. For most people, the powers of attorney and healthcare directive are the most immediately practical documents because they address incapacity, which can happen at any age.

  • How often should I update my estate plan?

    Review your estate plan after any major life change: marriage, divorce, the birth or adoption of a child, the death of a named beneficiary or executor, a significant change in assets, or a move to a new state. Even without a triggering event, a general review every three to five years is a reasonable standard. At Peterson Estate Planning, plan reviews and updates are included in our flat-fee packages — there's no additional charge to revisit your documents as your life changes.

  • What are the most common estate planning mistakes?

    The most common mistakes are: failing to fund a trust (drafting it but never transferring assets into it), leaving outdated beneficiary designations on retirement accounts and life insurance, naming minor children directly as beneficiaries without a trust structure, not having powers of attorney in place before incapacity strikes, and treating estate planning as a one-time task rather than an ongoing one. DIY platforms tend to produce documents that miss several of these issues because they can't account for individual circumstances.

  • Do I need an attorney to complete an estate plan, or can I use an online platform?

    Online platforms can produce basic documents, but they can't review your full financial picture, ask the follow-up questions that change how a document should be drafted, or ensure your plan is properly executed under your state's laws. A will signed without the correct witnesses or a trust that was never funded can fail entirely when it matters most. Working with a licensed estate planning attorney means your documents are built for your actual situation — not a generic template.
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Ready to Turn This Checklist Into a Finished Plan?

A checklist tells you what you need. A conversation with an estate planning attorney tells you what to do about it. Our complimentary 20-minute consultation is designed to take you from this list to a clear, prioritized action plan — with no pressure and no hourly billing surprises. We serve clients in California, Kansas, Utah, and Washington, fully remotely or in person at our offices in Lindon, Utah and Oceanside, California.