Estate Planning Preparation

Collect and organize personal information including full legal name, social security number, date of birth, and contact information.

Create an inventory of all assets, including bank accounts, investments, real estate, and personal property of value.

Compile a list of liabilities such as mortgages, loans, and other debts to understand the financial obligations of the estate.

Identify and list all beneficiaries for assets such as life insurance policies, retirement accounts, and other accounts with named beneficiaries.

Gather information on family members including names, dates of birth, and their relationship to the estate owner.

Locate or prepare essential legal documents such as wills, trusts, powers of attorney, and health care directives.

Document any business interests, including ownership documents, partnership agreements, and succession plans.

Review and list all insurance policies, including policy numbers, coverage amounts, and the insurance companies.

Record the location and contents of any safe deposit boxes, along with access information and keys.

Make an inventory of digital assets such as online accounts, social media, digital currency, and access credentials.

Prepare instructions or pre-arrangements for final rites, including preferred funeral home, burial or cremation preferences, and related details.

Compile a list of important advisors with their contact information, such as attorney, accountant, financial planner, and insurance agent.

Gather recent tax returns, which may provide additional insights into the estate’s assets and liabilities.

Create a filing system or digital repository to keep all estate planning documents organized and easily accessible for when they are needed.

Regularly review and update the estate planning documents as life changes occur, such as marriage, divorce, birth, death, or significant changes in assets.

Consider obtaining professional legal advice to ensure that all documents are valid, complete, and align with current laws and personal wishes.

Ensure that physical documents are stored in a secure location like a fireproof safe or safe deposit box, and that digital documents are encrypted and backed up.

Inform trusted family members, executors, or trustees about the location and details of the estate plan so that it can be executed smoothly when needed.