The Ultimate Estate Planning Checklist for Your Peace of Mind

Key Insights

• Estate planning gives you control over how your assets are distributed and ensures your wishes are followed.
• A strong estate plan includes legal documents like wills, powers of attorney, and healthcare directives.
• Avoiding probate is possible with proper planning, saving your loved ones time and stress.
• Working with an experienced estate planning attorney ensures legal compliance and peace of mind.

Estate planning is the process of preparing legal documents to ensure your assets are distributed according to your wishes, your family is protected, and your legacy is secure. 

While the topic may seem overwhelming, it doesn’t have to be. 

By working through a practical estate planning checklist, you can eliminate confusion and make informed decisions.

At Chehardy Sherman Williams, we understand the importance of preparing for the future. Whether you’re starting from scratch or reviewing existing documents, this guide will walk you through every step of the process so you can move forward with confidence.

Estate Planning Checklist

Step 1: Take inventory of assets and liabilities

Begin with a complete accounting of your financial accounts, real estate holdings, personal property, and debts. This includes:

• Real estate (primary residence, investment properties)
• Bank accounts and CDs
• Retirement accounts (401(k), IRAs)
• Stocks, bonds, mutual funds
• Life insurance policies
• Vehicles, collectibles, and family heirlooms
• Digital assets (cryptocurrency, online accounts)
• Business interests
• Liabilities (mortgages, personal loans, credit card balances)

This inventory ensures nothing is overlooked and that all assets can be accurately distributed later. It’s also essential for identifying how your assets are titled and whether they will pass through probate or directly to a beneficiary.

Step 2: Identify your estate planning goals

Your goals will guide how your estate plan is structured. Common estate planning objectives include:

• Ensuring your assets are distributed according to your preferences
• Appointing a guardian for any minor children
• Minimizing estate taxes
• Avoiding or streamlining the probate process
• Maintaining family harmony by preventing disputes
• Providing for a child or dependent with special needs
• Supporting charitable causes

Clearly defining your goals upfront will make the legal decisions that follow more targeted and intentional.

Step 3: Create your core estate planning documents

These documents form the legal structure of your plan. Each plays a critical role in ensuring your wishes are honored.

Wills

Your will outlines how your assets will be distributed and who will manage your estate (the executor). It also allows you to name a guardian for children under 18.

Trusts

Trusts are legal entities that hold assets outside of probate. They can:

• Transfer property directly to beneficiaries
• Provide ongoing support for minors or dependents
• Allow for privacy (unlike wills, trusts are not public record)
• Be revocable or irrevocable, depending on your goals

Power of attorney

A durable power of attorney gives a trusted individual the legal right to handle your financial matters if you become incapacitated. This could include paying bills, managing investments, or selling property.

Healthcare directives

Advance healthcare directives include:

• Living will: Specifies your wishes for medical care if you’re unable to speak for yourself.
• Healthcare power of attorney: Names someone to make healthcare decisions on your behalf.

These documents protect your medical wishes and reduce the burden on your loved ones during emotional times.

Step 4: Review and update beneficiary designations

Certain assets bypass your will entirely and are transferred based on beneficiary designations. These include:

• Life insurance policies
• Retirement accounts
• Annuities
• Payable-on-death bank accounts
• Transfer-on-death brokerage accounts

Review these regularly, especially after major life events such as marriage, divorce, births, or deaths. Outdated designations can cause unintended financial consequences or disputes.

Step 5: Choose a guardian for minor children

One of the most difficult decisions you’ll make is choosing a guardian for your minor children. This person will be responsible for their care and upbringing if both parents pass away.

When choosing a guardian:

• Consider their parenting style, values, and stability
• Ensure they’re willing to take on the responsibility
• Name a backup guardian in case your first choice cannot serve
• Put your choice in writing in your will

Without a legal designation, the court will decide who cares for your children, and it may not be the person you would have chosen.

Step 6: Plan for real estate, business interests, and digital assets

If you own real estate, you may want to title it in a trust or ensure it is co-owned with rights of survivorship to avoid probate.

For business owners, a succession plan is critical. Include clear instructions for who will manage or inherit your business, and ensure all stakeholders are aware of the plan.

Don’t forget your digital estate. Email accounts, social media, online banking, and cloud storage may contain sensitive or sentimental information. Maintain a secure record of logins and consider using a password manager that allows a trusted contact to access them.

Step 7:  Address financial powers of attorney and daily finances

If you’re ever incapacitated, someone needs legal authority to manage your daily financial affairs. A financial power of attorney can:

• Access bank and investment accounts
• Pay bills and taxes
• Collect debts
• Handle business transactions

You can customize the scope of this role and choose whether it takes effect immediately or only if you become incapacitated. Be sure to appoint someone financially responsible and trustworthy.

Step 8: Take steps to minimize estate taxes and avoid probate

While Louisiana does not impose a state estate tax, federal estate taxes may still apply depending on the size of your estate. Strategic planning can help reduce potential tax burdens and ensure your loved ones receive more of what you intend.

Work with your estate planning attorney to explore options such as:

• Making lifetime gifts to reduce the size of your taxable estate
• Establishing irrevocable trusts for long-term asset management
• Using charitable giving strategies to support causes and reduce tax exposure
• Structuring asset ownership to maximize exemptions and deductions

Avoiding probate can also help preserve privacy and reduce delays. Trusts, beneficiary designations, and jointly titled property are common tools for keeping assets out of probate court.

Step 9: Organize and store your estate planning documents

Having the right documents is important, but making sure they’re accessible when needed is just as essential. Organize all important documents in a central, secure location, such as:

• A fireproof home safe
• A secure digital vault or password-protected cloud storage
• Your attorney’s office, with copies provided to trusted individuals

Be sure to include:

• Will and trust documents
• Financial and healthcare powers of attorney
• Advance directives
• Deeds and titles to real estate or vehicles
• Copies of life insurance policies and account statements
• A list of passwords or access instructions for digital accounts

Let your executor, healthcare proxy, and other key individuals know how to access these materials. A well-organized plan reduces stress and helps ensure your wishes are carried out smoothly.

Step 10: Review and update your estate plan regularly

Estate planning isn’t a one-time task. It’s an ongoing responsibility. Your life, assets, and relationships will evolve, and your plan should reflect those changes. 

You should review your estate planning documents:

• After major life events like marriage, divorce, or the birth of a child
• After a move to or from Louisiana
• After acquiring or selling property or business interests
• Following changes in tax laws or estate planning regulations
• At least every three to five years, as a general rule

By keeping your plan up to date, you can avoid unintended consequences and ensure your estate continues to reflect your goals and values.

Estate Planning Frequently Asked Questions

What is the purpose of making an estate plan?

An estate plan is a legal framework for distributing your assets and protecting your loved ones. It ensures your wishes are followed and prevents unnecessary legal complications during emotionally difficult times.

When should you begin estate planning?

Estate planning should begin as soon as you have assets or dependents. Even young adults can benefit from powers of attorney and healthcare directives in case of emergencies.

What are common estate planning mistakes?

Common mistakes include failing to update beneficiary designations, not assigning guardianship for minor children, and relying solely on a will. These errors can lead to unintended distributions, family disputes, or delays in asset transfers.

Is making a will considered estate planning?

Yes, a will is one of the most important estate planning documents. However, a full estate plan typically includes trusts, powers of attorney, and advance healthcare directives for more complete protection.

What is the difference between probate and estate planning?

Estate planning involves preparing documents to control asset distribution and decision-making. Probate is the legal process in which assets must be validated and distributed through the court due to a lack of proper planning.

Work With Southeast Louisiana’s Trusted Estate Planning Attorneys

With 67% of Americans lacking an estate plan, many families face avoidable legal and financial stress. However, with the right support, you can take a better path.

Since 1989, Chehardy Sherman Williams has helped individuals, families, and business owners protect their assets and plan for the future. Our board-certified estate planning attorneys handle everything from wills and trusts to complex successions and tax strategies.

With offices on both the Southshore and Northshore, we offer clear, confident guidance backed by decades of experience.

Schedule a consultation today to start building a plan that reflects your goals and safeguards your legacy.