Thinking about what happens after we pass away isn’t easy. However, creating an estate plan is one of the most powerful ways to protect the people you care about and ensure your wishes are honored. Without a clear plan, your loved ones may face delays, legal challenges, or decisions made by a judge, not you.
That’s why we’ve created this estate planning checklist, so you know where to start and what’s truly essential to include. By taking proactive steps now, you can offer peace of mind for yourself and your family.
At The Zimmerman Law Firm, we help individuals and families in Waco and across Texas create personalized, effective estate plans that reflect their unique goals and life circumstances.
Estate Planning Checklist: 8 Essential Steps
What is a checklist for estate planning? This guide will help answer that question. We will walk you through the core components of a complete plan. While your needs may differ based on your life stage, assets, and family structure, these eight steps form a reliable foundation for anyone.
1. Create a Last Will and Testament
A will is the cornerstone of any estate plan. It outlines how to distribute your property, who will care for your minor children, and who will manage your estate. Without a valid will, Texas law determines how to divide your assets under the state’s intestacy rules, which may not align with your wishes.
A basic will should include:
- Appointment of an executor;
- Guardianship designations for minor children; and
- Specific asset and property distributions.
Creating a legally sound will ensures your loved ones have clear guidance and fewer legal hurdles during a difficult time. On the other hand, dying without a will triggers intestate succession, which can complicate the process and leave family members uncertain about your intentions.
2. Sign Powers of Attorney
Powers of attorney are critical tools that allow someone you trust to make decisions on your behalf if you become incapacitated. Without these documents, your loved ones may need to go through court to gain the authority to help manage your affairs.
Consider both:
- Financial power of attorney–grants someone authority over your finances, bills, and property management; and
- Medical power of attorney–authorizes a trusted individual to make healthcare decisions if you cannot do so.
Adding these documents to your estate plan reduces stress for your family during emergencies and ensures the smooth handling of your affairs.
3. Establish an Advance Directive (Living Will)
An advance directive communicates your wishes regarding medical treatment if you become seriously ill and cannot communicate. It answers tough questions for your family and physicians so they don’t have to guess what you would want.
This document typically includes your preferences regarding life-sustaining treatment and instructions about mechanical ventilation and artificial nutrition/hydration.
Under Texas law, advance directives are legally recognized and can bring clarity during emotionally difficult situations. Including this directive ensures your healthcare decisions are honored and prevents unnecessary suffering or family conflict.
4. Consider a Revocable Living Trust
While not everyone needs a trust, this tool can be incredibly useful in certain circumstances. A revocable living trust allows you to transfer assets into the trust during your lifetime and continue to manage them. Upon death, your chosen successor trustee can distribute the assets without going through probate.
A living trust can help:
- Avoid the time and expense of probate;
- Maintain privacy for your family; and
- Provide long-term financial management for minors or individuals with special needs.
A living trust can add flexibility and control to your estate plan if you have significant assets or complex family dynamics.
5. Review and Update Beneficiary Designations
Certain assets pass outside your will, directly to named beneficiaries. It’s essential to keep these designations up to date to align with the rest of your estate plan.
Be sure to review:
- Retirement accounts, such as 401(k)s, IRAs, and pension plans;
- Life insurance policies; and
- Pay-on-death (POD) or transfer-on-death (TOD) accounts.
These simple forms can override your will, so reviewing them regularly is crucial, especially after life changes like marriage, divorce, the death of a loved one, or the birth of a child.
6. Inventory Your Assets and Debts
Wondering what are the essential items to include in an estate planning checklist? One of the most overlooked but valuable steps is creating a detailed inventory. This ensures your executor and loved ones can quickly understand what you own and owe.
Include items such as:
- Real estate and vehicles;
- Bank accounts and investments;
- Retirement accounts and life insurance policies,
- Digital assets (e.g., online accounts, cryptocurrency); and
- Outstanding debts and liabilities.
Having a clear inventory reduces confusion and prevents assets from being overlooked or mismanaged after your passing.
7. Plan for Minor Children and Special Needs Dependents
If you have young children or dependents with special needs, your estate plan should do more than distribute property. It should plan for their ongoing care and well-being.
Key considerations include:
- Naming a guardian in your will;
- Creating a trust to manage their inheritance; and
- Outlining medical, educational, and daily care needs.
This step gives you peace of mind knowing your loved ones will be cared for according to your wishes.
The final step in this will and estate planning checklist is ensuring your documents are safe and accessible. Even a well-crafted estate plan can cause issues if no one knows where to find it.
Take time to:
- Store originals in a secure, fireproof location;
- Provide copies or access instructions to your executor, attorney, and loved ones; and
- Review and update your documents every three to five years or after major life changes.
Sharing your plan ensures that your wishes can be followed without delay or uncertainty when the time comes.
Why Work with a Waco Estate Planning Attorney?
Creating an estate plan is about making thoughtful, legally sound decisions that protect your legacy and family. At The Zimmerman Law Firm, we tailor every estate plan to the individual. We take the time to understand your situation, concerns, and goals. Let us help you go beyond the basics and create a plan you can feel good about.
Start Your Estate Planning Journey Today
You’ve worked hard to build your life. Make sure your legacy is protected. Contact The Zimmerman Law Firm today to meet with a compassionate, experienced Waco estate planning attorney and start building a plan that reflects your values and protects your loved ones.
Michael Zimmerman
Michael nació en Houston, Texas. Estudió en las universidades de Baylor y Texas State, donde se licenció en Ciencias en 1987. Se especializó en Biología y en Química. Terminó su educación legal en Texas Southern University en 1990, obteniendo un Doctorado en Derecho de la Escuela de Derecho Thurgood Marshall. Fue admitido en el Colegio de Abogados del Estado de Texas en 1990.
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