Estate planning is no longer just for the wealthy or retired—it’s for every family that wants to protect their assets, avoid probate, and ensure peace of mind. As laws evolve and life circumstances change, 2025 is the perfect time to revisit or create your estate plan.
Here’s a complete checklist to guide you through the estate planning essentials—covering everything from Power of Attorney paperwork to understanding Trusts vs Wills.
1. Draft or Update Your Will
A will is the cornerstone of any estate plan. It details how your assets will be distributed after death and names a guardian for minor children.
Why Every Family Needs a Will and Trust: Without a valid will, your estate may go through a long, expensive probate process—and the court may decide who receives your assets.
2. Establish a Trust
Trusts offer a more private and efficient way to manage and transfer your assets, especially large or complex estates.
Trusts vs Wills:
- Wills go through probate and become public record.
- Trusts avoid probate and can offer more control over when and how assets are distributed.
A trust is particularly helpful if you own property in multiple states or want to protect a loved one with special needs.
3. Assign Power of Attorney (POA)
Your Power of Attorney paperwork authorizes someone to act on your behalf in financial and legal matters if you’re unable to do so.
There are two main types:
- Durable Power of Attorney for financial decisions
- Medical Power of Attorney (or Health Care Proxy) for healthcare-related decisions
Ensure these documents are up to date and that your chosen POA understands your wishes.
4. Create an Advance Healthcare Directive
Also known as a Living Will, this outlines your medical preferences in case you’re incapacitated. It works alongside your medical POA to ensure your end-of-life decisions are respected.
5. Review and Update Beneficiaries
Check the beneficiary designations on your:
- Life insurance policies
- Retirement accounts (401(k), IRA)
- Payable-on-death (POD) accounts
These designations override what’s written in your will—so keeping them current is critical.
6. Inventory Your Assets
Document your assets, including:
- Real estate
- Bank and investment accounts
- Business interests
- Digital assets (like online accounts, crypto wallets)
Organize this list and make sure your executor or trustee knows where to find it.
7. Secure Digital Estate Plans
In 2025, digital assets are a growing concern. Include login credentials and access instructions for email, banking, and social media accounts.
8. Consult with an Estate Planning Attorney
Estate laws vary by state and can be complex. A qualified attorney ensures your plan is legally sound and reflects your goals.
If you’re in Florida, working with a local professional like those at Lumsden Law ensures compliance with state-specific probate and estate laws.
Final Thoughts
Estate planning isn’t just about preparing for the unexpected—it’s about creating peace of mind for your loved ones. With this 2025 Estate Planning Checklist, you can make informed decisions and build a legacy that lasts.
Need help with your estate plan? Lumsden Law is here to guide you through every step, from drafting Power of Attorney paperwork to setting up trusts and wills that reflect your values.
FAQs
1. What’s the difference between a will and a trust?
A will goes into effect after death and must go through probate. A trust can take effect immediately, avoid probate, and give more control over asset distribution.
2. Do I need both a will and a trust?
Yes—every family needs a will and trust to fully protect their estate, minimize court involvement, and ensure efficient asset transfer.
3. Why is Power of Attorney paperwork important?
It gives someone legal authority to handle your financial and healthcare decisions if you’re incapacitated.
4. How often should I update my estate plan?
Review your plan every 2–3 years or after major life events (marriage, divorce, birth, death, relocation).
