The Texas Estate Planning Checklist

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1. The core documents to consider

• A will, or a revocable living trust with a pour-over will
• A statutory durable power of attorney, so someone you trust can handle money and property if you cannot
• A medical power of attorney, naming who can make health care decisions for you
• A directive to physicians (sometimes called a living will)
• A HIPAA release, so your agents can talk with your doctors
• A declaration of guardian, saying who you would want a court to appoint if you ever needed one
• Up-to-date beneficiary designations on retirement accounts, life insurance and annuities

2. Your assets, and how each is titled

For each item, write down what it is, how it is titled, who is named to receive it and roughly what it is worth.

• Your home and any other real estate: how the deed is titled, and whether a transfer on death deed is in place
• Bank and credit union accounts, and who is named to receive them
• Retirement accounts (401(k), IRA, pension): the custodian and the named beneficiaries
• Life insurance and annuities: the company, the policy number and the beneficiaries
• Brokerage and investment accounts
• Business interests: the entity, your ownership share and any buy-sell agreement
• Vehicles, valuable personal property and items with sentimental value
• Digital accounts and passwords, and who should be able to reach them
• Debts: mortgages, loans and credit cards

3. Choosing an executor, trustee or agent

Before you name someone, ask yourself:

• Is this person honest, organized and good with details?
• Are they willing to serve, and have you asked them?
• Can they stay calm and fair when family members disagree?
• Do they live close enough, or can they work with professionals from a distance?
• Have you named a backup in case they cannot serve?
• Would a professional, such as a bank or trust company, be a better fit for part of the job?

4. Life events that mean it is time to update your plan

• Marriage, divorce or remarriage
• A birth or adoption, or a child or grandchild reaching adulthood
• The death or incapacity of someone named in your documents
• Moving to or from Texas
• A large change in what you own, or the sale of a business
• A serious diagnosis for you or a family member
• Retirement
• It has been three to five years since your last review

5. What to bring to your consultation

• Names, addresses and phone numbers of the people in your family and the people you may want to name
• Any existing wills, trusts, powers of attorney and directives
• Recent statements for your accounts, and deeds for your real estate
• Insurance policies and beneficiary forms
• Business documents, if you own a business
• Your questions and your worries, written down

This checklist is general information, not legal advice, and every family's situation is different. Reading it does not create an attorney-client relationship.