Estate Planning Checklist
Find out which estate planning documents you need and how much they cost.
Your Situation
Completion Score
0%
Urgency
CRITICALEssential Missing
6
Your Estate Planning Checklist
Check the documents you already have in place.
Directs how assets are distributed, names an executor, and appoints guardians for minor children.
Est. cost: $300–$1,000
Authorizes someone to manage your finances if you become incapacitated.
Est. cost: $200–$500
Designates someone to make medical decisions if you can't speak for yourself.
Est. cost: $200–$500
States your wishes for end-of-life medical care (life support, resuscitation, etc.).
Est. cost: $0–$100
Verify and update beneficiaries on 401(k), IRA, life insurance, and bank accounts. These override your will.
Est. cost: $0 (DIY)
Avoids probate, provides privacy, and allows seamless asset transfer. Especially valuable for real estate in multiple states.
Est. cost: $1,500–$5,000
Names a legal guardian to care for your children if both parents die. Usually part of your will but can be a separate document.
Est. cost: $0–$300 (part of will)
Allows designated people to access your medical records. Without it, even your spouse may be denied information.
Est. cost: $0–$50
Non-legal document with funeral wishes, account locations, passwords, and personal messages.
Est. cost: $0 (DIY)
Documents online accounts, passwords, cryptocurrency keys, and digital asset instructions.
Est. cost: $0–$50
Allows bank accounts, brokerage accounts, and real estate to pass directly without probate.
Est. cost: $0–$100
Estimated Cost to Complete
| Category | Low | High |
|---|---|---|
| Attorney-Required Documents | $1,500 | $5,000 |
| DIY Documents | $700 | $2,600 |
| Total | $2,200 | $7,600 |
Key Recommendations
- • Without a will, state intestacy laws decide who gets your assets — which may not match your wishes.
- • Without a guardian designation, a court decides who raises your children. This is the most urgent document for parents.
- • A revocable trust can help your home avoid probate, saving your heirs thousands in court costs and months of delay.
Why You Need an Estate Plan
More than half of American adults don't have a will. Without one, state "intestacy" laws decide who gets your assets — and a court decides who raises your children. An estate plan isn't just for the wealthy. Anyone with a bank account, a home, or children needs at least the core documents.
Essential vs Optional Documents
| Document | Priority | Typical Cost | DIY Possible? |
|---|---|---|---|
| Last Will and Testament | Essential | $300–$1,000 | Yes |
| Financial Power of Attorney | Essential | $200–$500 | Yes |
| Healthcare Power of Attorney | Essential | $200–$500 | Yes |
| Living Will / Advance Directive | Essential | $0–$100 | Yes |
| Revocable Living Trust | Recommended | $1,500–$5,000 | No |
| Irrevocable Trust (ILIT) | High-asset | $2,500–$7,500 | No |
The four essential documents can cost as little as $500–$1,500 through an attorney, or under $200 using online legal services. A full estate plan with a trust typically runs $2,000–$5,000.
When to Update Your Estate Plan
| Life Event | What to Update |
|---|---|
| Marriage or divorce | Will, trust, beneficiaries, POA |
| Birth or adoption of a child | Guardian designation, will, trust |
| Death of a beneficiary | Will, trust, beneficiary forms |
| Significant asset change | Trust funding, beneficiaries |
| Moving to a new state | All documents (state law differences) |
| Every 3–5 years | Full review of all documents |
Federal Estate Tax 2026
The 2026 federal estate tax exemption is approximately $13.99 million per person ($27.98 million for married couples). Estates above this threshold face a 40% tax rate. However, the exemption is scheduled to drop to approximately $7 million after the Tax Cuts and Jobs Act sunset provisions. High-net-worth individuals should plan now while the exemption is historically high.
Frequently Asked Questions
Do I need a trust or just a will?
A will is sufficient for most people with simple estates. A revocable living trust adds value if you own real estate (especially in multiple states), want to avoid probate, or have assets over $500K. The key benefit is privacy and speed — trusts don't go through public probate court.
Can I do my own estate plan without a lawyer?
The four essential documents (will, financial POA, healthcare POA, living will) can be done through online services like LegalZoom, Trust & Will, or Nolo for $100–$300. For trusts, business succession plans, or estates over $1M, an attorney is strongly recommended. A mistake in these documents can cost your heirs far more than the attorney fee.
Related guides: Divorce Financial Calculator and Alimony Calculator.