How to Document Your Estate Plan for the People Who Will Use It

Create clear documentation so your loved ones can execute your estate plan without confusion or missed details.

  1. Create a master asset inventory. List every account, property, and valuable item you own with account numbers, institutions, and approximate values. Include checking accounts, retirement accounts, life insurance policies, real estate, vehicles, and anything worth more than $1,000. Update this list every 6 months or after major financial changes.
  2. Document where to find important papers. Create a location guide for physical documents like your will, trust papers, insurance policies, and property deeds. Note which items are in a safe deposit box, home safe, filing cabinet, or attorney's office. Include the safe deposit box location and key whereabouts.
  3. List all passwords and digital access. Record login information for financial accounts, email, social media, and any online accounts with monetary value. Store this in a password manager or secure physical location that your executor can access. Include phone unlock codes and security question answers.
  4. Explain your specific wishes and reasoning. Write a letter explaining why you made certain decisions, especially if they might surprise family members. Clarify any unusual bequests, explain your choice of executor or guardian, and include personal messages. This prevents confusion and family conflicts later.
  5. Provide key contact information. List your attorney, financial advisor, accountant, insurance agents, and employer HR contact with phone numbers and addresses. Include your children's schools, doctors, and anyone else your family might need to notify. Add account customer service numbers for major financial institutions.
  6. Store everything securely but accessibly. Keep the master document in a fireproof safe or safe deposit box, with copies given to your executor and spouse. Store digital copies in a secure cloud service that trusted family members can access. Review and update all documentation annually or after major life changes.