What Should Be Included in Your Estate Plan? A Complete Checklist
Estate planning might not be the most thrilling task on your to-do list, but it’s one of the most important steps you can take to protect your family and your legacy. A comprehensive estate plan ensures that your wishes are honored, your loved ones are cared for, and your assets are distributed exactly as you’d like.
To make this process simpler and less overwhelming, we’ve created a complete checklist of the essential documents that should be included in your estate plan. With tools like the OWL Planner, staying organized is easier than you might think. Read on to find out what needs to be in your estate plan and how the right family document organizer can make all the difference. At OWL Planners, we’re dedicated to helping you safeguard your future and your loved ones, so let’s get started on creating a solid estate plan that covers all the bases.
Why Estate Planning Matters
Before jumping into the checklist, it’s worth noting why estate planning is so crucial. Without a clear plan, loved ones may face legal disputes, delays, and unnecessary stress in an already difficult time. Taking the time to plan now will provide peace of mind, knowing that your affairs are in order and all your bases are covered.
Yet, one major obstacle many people face is keeping everything organized. From wills to healthcare directives, the paperwork can pile up quickly. This is where having an estate planning document organizer, like OWL Planner’s estate plan binder options, such as the OWL Planner Pro, comes in handy. It keeps everything in one secure and accessible place, ensuring nothing gets overlooked or lost.
The Essential Estate Planning Checklist
The following checklist outlines the documents every estate plan should include. Use it to make sure your important documents folder is complete and up to date.
1. Last Will and Testament:
Your will is the backbone of any estate plan. It specifies how your assets will be distributed, names beneficiaries, and appoints an executor to manage your estate. Without one, state laws will determine how your property is divided, which might not align with your wishes. Tip: Store your will in your estate plan binder, where it’s both secure and easy to find.
2. Living Trust:
A living trust allows you to manage your assets during your lifetime while transferring them directly to beneficiaries upon your death, avoiding the often lengthy probate process. If you have property or substantial assets, this document is highly recommended.
3. Healthcare Directive (or Living Will):
This legal document outlines your preferences for medical care if you become unable to make decisions for yourself. It’s a crucial form of guidance for your family and healthcare providers, removing guesswork during stressful situations.
4. Durable Power of Attorney:
This document grants someone you trust the authority to handle your financial matters if you’re unable to. From paying bills to managing investments, your designated agent will step in as your financial decision-maker.
5. Medical Power of Attorney:
A medical power of attorney names someone you trust to make healthcare decisions on your behalf if you’re incapacitated. Paired with your healthcare directive, this ensures your medical preferences are followed.
6. Beneficiary Designations:
Many assets, such as life insurance policies and retirement accounts, pass directly to beneficiaries outside of your will. Make sure beneficiary forms are completed and up to date to avoid disputes or confusion.
7. Financial Accounts and Assets:
Create an inventory of your bank accounts, retirement plans, properties, investments, and other assets. This document ensures that your family knows what you own and can access it easily.
8. Insurance Policies:
Include copies of your life, health, disability, auto, and homeowner’s insurance policies. These documents ensure that your loved ones know the extent of your coverage and whom to contact in emergencies.
9. Funeral and Burial Instructions:
Although not legally required, specifying your preferences for your funeral and burial arrangements can ease the burden on your family during an emotional time.
10. Personal Letters and Wishes:
Add a personal touch to your estate plan by writing letters to loved ones. These can include explanations for certain decisions or be heartfelt messages you wish to leave behind.
How the OWL Planner Can Help
With so many essential documents, it’s easy to understand why estate planning often feels overwhelming. This is where the OWL Planner can support you in managing everything effectively.
Our estate planning document organizer consolidates all your key paperwork into one streamlined binder. Inside, you’ll find sections for each of the documents mentioned above, along with a handy checklist for tracking what you’ve completed.
Benefits of Using the OWL Planner:
- Stay Organized: Avoid the risk of important documents getting lost or misplaced.
- Accessibility: Keep all your paperwork in one place for easy updates and retrieval.
- Security: Protect sensitive information while ensuring it’s accessible to those who need it.
- Peace of Mind: Know that everything your family needs is accounted for and neatly arranged.
Exclusive Benefits Through Our Estately Partnership
Estate planning doesn’t have to be complicated. Through our partnership with Estately, OWL Planner makes it easy to create a personalized, state-specific estate plan that protects your loved ones, your assets, and your wishes.
With each OWL Planner purchase, you’ll receive free sponsored access to Estately’s intuitive online estate planning platform, where you can quickly craft essential documents like a Last Will and Testament, Revocable Living Trust, Financial Power of Attorney, and Advance Healthcare Directive.
Whether you need a simple plan or more advanced legal support, OWL Planners and Estately are here to help you organize your future with clarity, security, and peace of mind.
Taking the Next Step
Getting started on your estate plan might feel daunting, but with the right tools and guidance, it’s a manageable and rewarding process.
The OWL Planner is designed to help streamline your efforts, ensuring nothing falls through the cracks. Whether you’re just beginning your estate planning journey or need help keeping it all organized, we’re here to support you every step of the way.
Start your estate planning process today by exploring the features of the OWL Planner, and give your loved ones the ultimate peace of mind. Check out our shop today to learn more!
