Estate planning basics

{{whyLabel}}: You cannot plan for what you haven't tracked, and missing accounts often end up in state unclaimed property funds.

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• Gather statements for checking, savings, and CDs.
• Note the institution name, account type, and approximate balance.
• Identify which accounts are individual vs. joint.

{{doneWhenLabel}}: [A spreadsheet or list of all liquid financial accounts is complete]

{{whyLabel}}: Real estate is often the most valuable asset and requires specific legal handling (deeds) to avoid probate.

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• List primary residence, vacation homes, and land.
• Locate the current deeds to see how they are titled (e.g., Joint Tenants).
• Note high-value items like vehicles, jewelry, or art.

{{doneWhenLabel}}: [A list of all titled property and high-value physical assets is ready]

{{whyLabel}}: In 2025, digital legacies (social media, crypto, cloud photos) are easily lost forever without specific access instructions.

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• List email accounts, social media profiles, and subscription services.
• Document cryptocurrency wallets and private key locations (never in the will itself).
• Identify cloud storage accounts containing sentimental photos or documents.

{{doneWhenLabel}}: [A secure list of digital accounts and access methods is created]

{{whyLabel}}: Your estate must settle debts before beneficiaries receive assets; knowing your net estate value is crucial for planning.

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• Document mortgages, car loans, and student loans.
• List all credit card balances and personal lines of credit.
• Note any tax liens or private personal debts.

{{doneWhenLabel}}: [A total liability overview is calculated]

{{whyLabel}}: Clear naming prevents family disputes and ensures assets go to the intended people or charities.

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• List full names, birthdates, and current contact info for heirs.
• Choose 'contingent' beneficiaries in case your primary heirs pass away before you.
• Decide on percentages for distribution (e.g., 50/50 between children).

{{doneWhenLabel}}: [A finalized list of heirs with contact details is prepared]

{{whyLabel}}: Choosing the right structure determines if your family faces the public, slow 'probate' court process or a private transfer.

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• Choose a Will if you want a simple, cheaper upfront option and don't mind probate.
• Choose a Trust if you want privacy, immediate asset transfer, and have assets over $150k or real estate.
• Note: Only a Will can name guardians for minor children.

{{doneWhenLabel}}: [A decision on the primary estate vehicle is made]

{{whyLabel}}: These individuals are the 'managers' who will pay your bills and distribute your assets according to your plan.

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• Select someone organized, trustworthy, and financially responsible.
• Name a backup (successor) in case your first choice is unable to serve.
• Ask the person for their consent before naming them in legal documents.

{{doneWhenLabel}}: [Two trusted individuals are selected for administrative roles]

{{whyLabel}}: If you become incapacitated (e.g., due to illness), this person manages your bills and taxes so your life doesn't stall.

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• Choose a 'Durable' POA so the authority continues if you lose mental capacity.
• Define if the power is 'Springing' (only starts if you are incapacitated) or 'Immediate'.
• Ensure they have the authority to manage digital financial accounts.

{{doneWhenLabel}}: [A financial agent is selected and notified]

{{whyLabel}}: This ensures your medical wishes (like life support) are followed if you cannot speak for yourself.

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• Appoint a Healthcare Proxy (the person to make decisions).
• Draft a Living Will (the instructions for end-of-life care).
• Discuss your specific values regarding quality of life with your proxy.

{{doneWhenLabel}}: [Medical decision-makers and preferences are documented]

{{whyLabel}}: Standard executors often lack the technical knowledge or legal authority to handle modern digital accounts.

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• Choose someone tech-savvy to handle social media 'memorialization' or deletion.
• Grant them specific authority in your will to bypass privacy laws (like RUFADAA).
• Provide them with the location of your password manager master key.

{{doneWhenLabel}}: [A digital manager is named in your planning notes]

{{whyLabel}}: This is the core legal document that dictates who gets what and who cares for your children.

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• Use a reputable online legal service or hire an estate attorney.
• Include a 'residuary clause' to cover assets you might forget to list.
• Ensure it includes a 'self-proving affidavit' to speed up probate later.

{{doneWhenLabel}}: [A complete draft of the Will is ready for signing]

{{whyLabel}}: A trust is useless (an 'empty bucket') unless you legally transfer ownership of your assets into it.

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• Draft the Trust Agreement with your chosen beneficiaries and trustees.
• Crucial: Change the 'Owner' of your bank accounts from 'You' to 'The [Name] Trust'.
• Execute a new deed for real estate to transfer it into the trust's name.

{{doneWhenLabel}}: [Trust is signed and key assets are retitled]

{{whyLabel}}: Without proper witnessing and notarization, your documents can be easily contested or ruled invalid in court.

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• Find two 'disinterested' witnesses (people not inheriting anything).
• Sign the documents in the presence of a Notary Public.
• Ensure every page is initialed if required by your local laws.

{{doneWhenLabel}}: [All documents are signed, witnessed, and notarized]

{{whyLabel}}: These accounts pass by 'contract', meaning the beneficiary form overrides whatever is written in your Will.

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• Log into your 401k, IRA, and Life Insurance portals.
• Update the 'Primary' and 'Contingent' beneficiaries to match your new plan.
• Do NOT name the Trust as beneficiary for IRAs without tax advice (complex rules).

{{doneWhenLabel}}: [All financial institution beneficiary forms are updated]

{{whyLabel}}: Lost originals can lead to expensive legal battles; digital copies are often not enough for probate.

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• Place original signed documents in a fireproof and waterproof home safe.
• Avoid bank safe deposit boxes unless your executor has guaranteed access.
• Keep a 'Master Folder' with the inventory from Phase 1 alongside the legal docs.

{{doneWhenLabel}}: [Original documents are physically secured]

{{whyLabel}}: This non-legal document provides the 'human' side of your plan, like where the house keys are or how to care for pets.

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• List locations of all keys, codes, and hidden valuables.
• Include contact info for your attorney, accountant, and insurance agent.
• Write personal messages or explain the 'why' behind certain distributions.

{{doneWhenLabel}}: [A detailed, informal guide for your executor is complete]

{{whyLabel}}: Surprising someone with the role of Executor during a time of grief is unfair and can lead to refusal of the role.

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• Have a conversation with your Executor and Healthcare Proxy.
• Tell them exactly where the physical documents and safe keys are located.
• Ensure they have the contact info for your estate attorney.

{{doneWhenLabel}}: [All appointed agents have confirmed they know their roles and document locations]

{{whyLabel}}: Life changes (births, deaths, divorces) and tax laws (like the 2026 exemption sunset) make old plans obsolete.

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• Set a recurring calendar reminder for January of each year.
• Review if your chosen Executor is still the best fit.
• Check if any new major assets (new home, business) need to be added to the trust.

{{doneWhenLabel}}: [A recurring review reminder is set in your digital calendar]