Estate planning checklist – blended families

Important to-dos and documentation needed for your estate plan.

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1. General information

Establish estate planning goals/intentions
Write will
Write power of attorney document
Write health care directive/living will
Review will/power of attorney every three years
Designate estate executor
Communicate funeral wishes to executor and heirs
Gather important estate documentation in a safe place
Create asset inventory for executor
Real assets
Investments/securities
Retirement accounts
Insurance policies
Create liabilities inventory for executor (if applicable)

2. Insurance

Calculate insurance needs based on current income
Evaluate estate liquidity needs
Review insurance needs every three years
Designate policy beneficiaries
Ensure beneficiaries are current (i.e., no ex-spouses)
Take steps to ensure insurance proceeds stay out of taxable estate

3. Family

Create inventory of assets; determine assets to pass on to spouse and assets to pass on to children from previous marriage(s)
Consider appointing impartial third party as estate executor in order to avoid conflict between spouse/children/other heirs
Review life insurance as a possible strategy to equalize inheritances among spouse, ex-spouses and children from different marriages
Consider joint ownership provisions for significant assets (i.e., house): does “rights of survivorship” or “tenants in common” make more sense?
Review any other assets held jointly with spouse to ensure they don’t disinherit children from previous marriage(s)
Create inventory of personal items and mementos and discuss with spouse to ensure distribution with children from previous marriage(s)
Hold family meeting with spouse and children from previous marriage(s) to discuss estate intentions

4. Taxes / fees

Estimate tax owing on estate assets at death
Consult with estate professional to minimize probate-related fees
Provide sufficient liquidity in estate to pay taxes

5. Charitable giving

Target charitable organizations/charities for potential gifts
Determine appropriate giving structure (outright gift; charitable remainder
trust; private foundation; etc.)
Allocate particular estate assets for charitable gifts
Review tax implications of giving strategy with advisor