The uncomfortable prospect of incapacity and death causes many people to procrastinate creating and updating estate plans, often for years. Whatever the state of your estate plan, it is easier to address when armed with a checklist, says this recent article, “An Estate Planning Checklist For The Rest Of 2026” from Forbes.
Review beneficiary designations. The main tools for transferring assets are trusts and wills. However, they don’t control everything. Assets outside of the probate estate include IRAs, 401(k)s, life insurance, annuities, transfer on death accounts and health savings accounts. These assets transfer to beneficiaries who are named on the contract, account application, beneficiary designation form or other documents.
If no beneficiary is designated, the law may require the asset to become part of the probate estate. The account’s custodian will also have contractual language directing how the assets get distributed.
This is a relatively easy thing to fix but is often neglected, with sometimes stunning results, like when an ex-spouse inherits a huge IRA.
Document everything you own and everything you owe. This is a necessary exercise. You may discover accounts you’d forgotten, like a pension from a job you held long ago. A personal asset inventory helps determine what kind of estate planning tools you will need. It will also make life easier for the personal representative in case of incapacity and eventually, for the executor of your estate.
The inventory should provide all details, including account numbers, property locations, legal titles and information on how to access assets.
Less flattering but no less important is information about debts, mortgages, car loans and credit card debt. Whoever is taking over your finances or managing your estate will find this information. However, you can spare them from undertaking a scavenger hunt by including it in the inventory.
Complete essential estate planning documents and keep them updated regularly. Intending to finalize estate planning documents and not doing so is the same as if they didn’t exist. Once an estate planning attorney has prepared documents including a power of attorney, healthcare proxy, living will, trust documents and others, it’s up to you to get them properly completed.
If a trust has been completed, it’s likely titles or deeds need to be updated. Don’t leave trusts unfunded, or they won’t perform as desired.
Address probate, one way or another. If the goal is to avoid probate, plan accordingly with an estate planning attorney. The primary means of doing this is to have assets owned by a revocable living trust. Assets in a trust are distributed to beneficiaries directly and don’t go through probate.
Try to anticipate potential beneficiary and heir conflicts. If your goal is to leave a legacy of love and maintain a close family, don’t create an estate plan with unequal inheritances or one that forces siblings who don’t get along to work together. If they don’t have a good relationship while parents are living, asking them to tackle complex tasks while grieving is a recipe for disaster.
A sensible, up-to-date estate plan serves many purposes. It minimizes taxes, confusion and conflict. It protects the person if they become incapacitated. It demonstrates a willingness to tackle one of the hardest parts of our lives so those we love are less burdened during their time of grief. Consider it a gift to your future self and your family.
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Reference: Forbes (July 24, 2026) “An Estate Planning Checklist For The Rest Of 2026”
