The 9-Item Estate Plan Checklist Every Retiree Should Have

The most common estate planning mistake isn't a missing will. It's an out-of-date beneficiary form quietly overriding one.

The 9-item checklist

1. Will — names guardians for minor dependents and an executor.
2. Revocable living trust — avoids probate, especially valuable if you own real estate in multiple states.
3. Durable financial power of attorney — someone can pay your bills if you can't.
4. Healthcare power of attorney + living will — medical decisions and end-of-life wishes.
5. Beneficiary forms reviewed on every IRA, 401(k), life policy, and annuity. These override your will.
6. Transfer-on-Death (TOD) designations on taxable brokerage accounts.
7. Digital asset access plan — passwords, MFA, photo libraries, crypto.
8. Letter of instruction — informal but invaluable, listing accounts, key documents, and contacts.
9. Family conversation — adult children should know that a plan exists and roughly where to find it.

A common trap

You set up beneficiaries 20 years ago, before a divorce, remarriage, grandchildren, or the loss of a sibling. Then nothing updates. Your retirement accounts pass according to a 2003 decision you barely remember.

Estate planning isn't a one-time event. Schedule a 15-minute beneficiary review every January. It's the highest-return habit in this whole article.