Here’s a practical, step-by-step checklist to organize your estate planning for your family’s peace of mind. It covers essentials like updating wills, sharing digital access, while also preparing you for “what ifs.” And, as our gift to you, here’s a link to download a printable version of the checklist, perfect for sharing with loved ones.
- Introduction
- Day 1: Double-Check Emergency Contacts & Power of Attorney
- Day 2: Check Your Will
- Day 3: Locate & List Important Documents
- Day 4: Update Beneficiary Designations
- Day 5: Consider Living Arrangements
- Day 6: Be Honest About Health or Ability Changes
- Day 7: Make a Plan for Regular Bills
- Day 8: Discuss Your Legacy
- Day 9: Plan for Some “What-Ifs”
- Day 10: Open the Channels of Communication
- Day 11: Share Passwords & Digital Asset Info
- Day 12: Partner with an Estate Planning Firm
- Case Study / Original Research
- Expert Quotes
- FAQs
- Calls to Action
- References & Further Reading
It’s the holiday season! For many of us, the next few weeks are a time to prepare, gather, and celebrate with family and friends. It’s also a good time to take stock of your estate plan. That’s why we created “The 12 Days of Estate Planning: A Holiday Family Checklist” — a practical, step-by-step guide with a free printable checklist you can share with loved ones.
So, in the spirit of one of our favorite Christmas carols, we present: The 12 Days of Estate Planning!
Day 1: Double-Check Emergency Contacts & Power of Attorney
If an unexpected accident or illness strikes, you’re going to want people you trust to be in charge of bills and healthcare decisions, which means up-to-date emergency contacts and Power of Attorney documents. Make sure your chosen loved ones are informed and on board with their possible future duties. Have a conversation about your wishes, and make sure your paperwork reflects your current desires.
Day 2: Check Your Will
If you don’t have a Will, make one! If you do, review it for potential changes or issues, especially if circumstances have changed in your life. An outdated Will can wreak havoc on both your family and your finances. Read through your Will carefully, preferably with a lawyer, and let your beneficiaries know about any changes, to avoid surprises.
Day 3: Locate & List Important Documents
Social Security cards, insurance information, and Grandma’s jewelry should be easy for your loved ones to find (without your help). If an unexpected accident or illness hits, they risk losing some assets altogether if they can’t locate important documents and items quickly. You can make your own list, or use the free worksheet we’ve created, The “Special Stuff” List. Taking 30 minutes to fill it out can save you and your loved ones years of heartache.
Day 4: Update Beneficiary Designations
Make sure that retirement accounts, life insurance policies, and bank accounts have up-to-date beneficiary information that is consistent with the conditions in your Will. Mismatches can cause long legal battles for your loved ones, costing them both time and money. Not sure which accounts have designations? Our free list can help you.
Day 5: Consider Living Arrangements
Evaluate your current living situation for safety and accessibility. Are there straightforward changes you would like to make, like a walk-in tub? Or are there situations that might become an issue in the future, like a steep flight of stairs? Consider options that fit your stage in life and your unique circumstances: aging in place, retirement communities, or living with family.
Day 6: Be Honest About Health or Ability Changes
Assess how your health and abilities have changed over the last year. Did you have any procedures, or are you taking any new medications that pose challenges or require accommodations? Be open and honest with those closest to you about these new challenges, and make a plan for the coming year.
Day 7: Make a Plan for Regular Bills
Examine your budget. Consider inflation, tax increases, and insurance premiums. Double-check your sources of income, and make sure everything works out the way you want. One of the best ways to plan for the future is to carefully consider the present.
Day 8: Discuss Your Legacy
If you’re looking for a “warm fuzzy” action tip, this is it! Gather your loved ones and start a conversation (perhaps over dessert or coffee) about what matters most to you, both now and when you’re gone. Choose a few words that best describe your wishes for your final years—peaceful, independent, surrounded by love—and a few that describe how you want to be remembered—strong, courageous, loving, willing to sacrifice. Give your loved ones the gift of understanding what’s important to you and why. Help guide their decisions in the years to come, as they make choices that affect your legacy. We have written on this topic several times before:
- Reading and Transcribing Family Conversations on Your Smart Phone
- A Quick Guide to Writing and Publishing Your Family History
- 4 Easy Ways to Capture Your Legacy (within the post: How to Leave a Legacy for Your Family)
- 3 Tips for Preserving Your Family History This Thanksgiving
Day 9: Plan for Some “What-Ifs”
Think through possible scenarios (unexpected accidents, illness, long-term care needs) and consider plans or possibilities for each. Preparation eases anxiety for everyone involved, and living in denial leads to crisis and stress. Check out this resource for more on advanced care planning.
Day 10: Open the Channels of Communication
Many of us were taught to avoid financial conversations, but it’s so important to get used to talking regularly, in a normal way, about financial planning. Consider mentioning that you updated your Will to include your new grandchild, or that you’re meeting with your financial planner soon. Tell your loved ones you read an interesting estate planning article recently (better yet, send them this one)! Keep those channels of communication open.
Day 11: Share Passwords & Digital Asset Info
Share passwords, passkeys, phone numbers, and security questions with your trusted loved ones to avoid the headache of being locked out of your accounts when it matters. You should include digital assets in your “Special Stuff” list, but the access information will need to be updated more frequently than with traditional accounts.
Day 12: Partner with an Estate Planning Firm
If planning feels overwhelming or your situation is complex, find an estate planner that you trust. A professional can help ensure asset protection, up-to-date legal status, and informed, forward-looking decisions.
Get Started: Download the 12 Days of Estate Planning Checklist
If this list seems like a lot, well, that’s because it is! Preparing yourself for the future is a huge task, especially if you’re just starting out.
If you’re feeling overwhelmed, pick 1-2 of your favorite tips, and take the first steps towards crossing them off your list right away.
The experienced professionals at Edwards Group are here to help, even during the holiday season. Call 217-703-7604 to schedule a consultation, or register for one of our free workshops.
And, as a special holiday gift to you, we’re making these “12 Days of Estate Planning” available as a printable checklist. Follow the example of old St. Nick, and check it twice.
“Estate planning is no longer . . . only for the wealthy. Estate planning is financial, retirement, business succession, charitable, medical, disability, legacy, and gift planning. It is exciting and rich in opportunities.”
– From Love, Money, Control by the National Network of Estate Planning Attorneys
FAQs
What is the best time to update my estate plan?
Answer: Major life events (births, marriages, health changes) or significant financial changes are prompt times, but a yearly review—especially around the holidays—keeps plans current.
Do I really need an estate planning attorney?
Answer: While some documents can be prepared solo, working with a licensed, local professional ensures your plan is legally sound and tailored to your needs.
What documents should I have ready for my loved ones?
Answer: Will, Power of Attorney, healthcare directives, insurance info, and the “Special Stuff” inventory for valuables and digital accounts.
How does a beneficiary designation differ from a will?
Answer: Beneficiary designations on accounts or policies override your will for those assets, making it crucial that they’re kept up to date.
What is an advance directive?
Answer: It’s a legal document outlining your preferences for healthcare if you are unable to make decisions for yourself. (Read more at Mayo Clinic)
How do I make family conversations about estate planning easier?
Answer: Approach with warmth, choose a comfortable setting, and focus on your care and values—not just paperwork.