Estate Planning: 16 Things to Do Before You Die

Estate Planning: 16 Things to Do Before You Die

This pre-death checklist will get your affairs in order

By Troy Segal  Updated March 11, 2022

Reviewed By Marguerita Cheng  Fact Checked By Melody Kazel

When Aretha Franklin died intestate—without a legal will—in 2018, she joined a surprisingly long list of famous people, including Prince, who also did the same.12 By not preparing an estate plan, she made the task of settling her affairs more complicated for her survivors. While your estate may not be as large or complex as a famous singer's, it's still important to have a plan in place in the event of your death.

More Than a Last Will and Testament

Estate planning goes beyond drafting a will. Thorough planning means accounting for all of your assets and ensuring they transfer as smoothly as possible to the people or entities you wish to receive them. Along with implementing your plan, you must make sure others know about it and understand your wishes.

Not sure how to get started? Follow this checklist, and you'll have covered most, if not all, of your bases.34

1. Itemize Your Inventory

To start things out, go through the inside and outside of your home, and make a list of all valuable items. Examples include the home itself, television sets, jewelry, collectibles, vehicles, art and antiques, computers or laptops, lawn equipment, and power tools.

The list will probably be a good deal longer than you may have expected. As you go, you may want to add notes if someone comes to mind that you'd like to have the item after your death.

2. Follow With Non-Physical Assets

Next, start adding your non-tangible assets to your list, such as things you own on paper or other entitlements that are predicated on your death. Items listed here would include brokerage accounts, 401(k) plans, IRAs, bank accounts, life insurance policies, and other policies such as long-term care, homeowners, auto, disability, and health insurance.

Include all account numbers and list the location of any physical documents you have in your possession. You may also want to list contact information for the firms holding these non-physical possessions.

3. Assemble a List of Debts

Then, make a separate list for open credit cards and other obligations you may have. This should include items such as auto loans, mortgages, home equity lines of credit (HELOCs), and any other debts you might owe. Again, add account numbers, the location of signed agreements, and the contact information of the companies holding the debt.

Include all your credit cards, noting which ones you use regularly and which ones tend to sit in a drawer unused.

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