Inventory All Assets
4-8 hoursList real estate, retirement accounts, taxable investments, life insurance, business interests, and personal property with current values.
Advanced1-3 months
Estate Distribution Plan
Free step-by-step estate distribution plan for retirees with assets. Plan estate distribution plan with calculators and checklists covering inventory all.
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Workflow
Define Distribution Goals
2-4 hoursDecide who inherits what, charitable bequests, special needs provisions, and whether to equalize or customize by beneficiary need.
Create Estate Documents
2-6 weeksWork with estate attorney on will, revocable living trust (if needed), POA, healthcare directive, and beneficiary updates.
Review and Update Regularly
OngoingReview estate plan every 3-5 years and after major life events: marriage, divorce, birth, death, or significant asset changes.
Tools Used
- Net Worth CalculatorPrimary
Inventory and value all estate assets. · Model distribution scenarios by beneficiary.
- Life Insurance Needs WorksheetSupportingReference
Include life insurance proceeds in estate planning. · Verify life insurance beneficiary designations match plan.
- Retirement CalculatorReference
Plan retirement account inheritance strategy (Roth vs traditional).
Checklist
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Inventory
Legal
Communication
Maintenance
Reference Materials
Estate Planning DocumentsTable
Essential documents and their purposes.
| Document | Purpose | Cost | Updates Needed |
|---|---|---|---|
| Will | Asset distribution, guardian | $300-$1,500 | Every 3-5 years |
| Revocable trust | Avoid probate, privacy | $1,500-$3,500 | As assets change |
| Financial POA | Manage finances if incapacitated | Included above | Every 5 years |
| Healthcare directive | Medical decisions if incapacitated | Included above | Every 5 years |
| Beneficiary forms | Retirement/insurance transfer | Free | Annually |
Beneficiary Designations Override WillsStandard
401(k), IRA, and life insurance pass to named beneficiaries regardless of will contents. Review and update beneficiary forms annually — outdated designations are the #1 estate planning mistake.
Beneficiary Forms Trump Wills
An ex-spouse still listed as 401(k) beneficiary inherits regardless of divorce decree — update forms immediately after life changes.
Trust Avoids Probate
Revocable living trust costs $1,500-$3,500 but saves months of probate court and keeps affairs private.
Roth Inheritance Is Gold
Roth IRA inherits tax-free to beneficiaries — consider Roth conversions for assets you plan to bequeath.
Safety Notes
- Use a qualified estate attorney — online DIY wills may not meet state requirements and can be contested.
- Never add adult children as joint owners on accounts for convenience — it triggers gift tax and creditor exposure.