DIY Estate Planning Checklist: Take These Simple Steps Today

Estate planning might sound daunting or reserved for the wealthy, but the truth is, it’s an act of love and consideration that everyone can and should prioritize. With just a few simple, cost-effective steps, you can protect your loved ones from unnecessary stress and ensure your financial legacy is preserved. Here’s a breakdown of actionable DIY estate planning tips that you can begin implementing today—even if you’re on a tight budget.

1) Secure and Share Important Financial Information

One of the most critical first steps is to ensure that all your financial information is accessible to those who may need it. This includes sharing passwords to your bank accounts, utility accounts, and other financial portals. Consider using tools like password managers (e.g., LastPass or Dashlane) that can securely store this information and provide limited or encrypted access to trusted individuals.

For those less tech-savvy—like older relatives—physical alternatives such as “If I Die” binders or secure document cases are great options. Having this information organized can save your loved ones incredible amounts of stress and confusion.

Resource: Password Manager LastPass

2) Create a Financial Roadmap

A comprehensive financial roadmap is invaluable in helping your family understand your financial landscape. Outline all your financial accounts, recurring autopay setups, and liabilities. This doesn’t need to be complicated—a basic spreadsheet or handwritten document will suffice. Share this roadmap with someone you trust, and periodically review it to ensure all information is up to date.

Resource: Coinz Journey to Document Financial Information for Loved Ones

3) Update Your Beneficiaries

One of the simplest yet most overlooked tasks in estate planning is updating the beneficiaries on your accounts and insurance policies. Major life changes like marriage, divorce, or the birth of a child warrant a review of your life insurance, retirement accounts, and even your bank accounts. Many banks allow you to designate a Payable on Death (POD) beneficiary, which can help bypass probate and quickly transfer funds to your designated loved ones.

4) Plan for Health Decisions Ahead of Time

Preparing a living will or advance directive ensures your healthcare preferences are respected if you become incapacitated. These documents specify the level of care you desire and designate a healthcare proxy to make decisions on your behalf.

Most hospitals and healthcare providers offer templates for these forms, or you can find state-specific templates online. While a professional attorney is ideal for customizing these documents, having one prepared in the meantime can prevent loved ones from struggling to make critical medical decisions.

Resource: Healthcare Power of Attorney Template

5) Insure What Matters Most

Adequate insurance coverage is key to protecting yourself and your family. At a minimum, consider term life insurance to cover a mortgage, childcare, or other expenses for any dependents. Evaluate other types of coverage—such as health insurance, disability insurance, or even key man insurance if you own a business—to address potential gaps and protect against unexpected financial burdens. Consulting with an insurance agent or broker can help tailor coverage suited to your specific needs and resources.

Resource: Medi-share healthcare plans

6) Leverage Affordable Online Will Templates

Creating a will doesn’t have to involve expensive legal consultations. Online platforms such as FreeWill.com, LawDepot.com, or services like Proof.com provide affordable (sometimes free) will templates and even notarization services. While these may not be as airtight as documents prepared by a professional, they offer a solid starting point for establishing your wishes. Be sure to store a copy of your will in a secure and accessible location, such as a digital folder or a physical safe.

Resource: Law Depot Will Templates by State

7) Start Saving for Professional Assistance

While DIY efforts are a great starting point, working with an estate planning lawyer ensures every aspect of your legacy is addressed comprehensively. Begin setting aside money to hire a professional who can customize your estate plan according to your needs and local laws. This step will provide greater peace of mind and ensure no critical detail is overlooked.

Bonus Tip #1: Get a Virtual Mailbox

Consider getting a virtual mailbox to organize and track your mail correspondence. The great thing about this service is that you can get your mail scanned, which makes it easier to file digitally. Once you’re done with a particular mail piece, the service can even shred it for you. I’m a huge fan of this service because it helps simplify my life and keep papers from piling up on my desk (which is very stressful to me!)

There’s also the option to forward mail and deposit checks. If you sign up for this service, share you login details with your loved ones so they have access to your mail if, for some reason, you can’t check on your personal affairs. I use Traveling Mailbox, which also just added a VPN service to their offering.

Resource: Traveling Mailbox Virtual Mailbox Service

Bonus Tip #2: Get a Prenuptial Agreement

Whether you’re marrying for the first time or going at it again, a prenuptial agreement can help you sort your finances in the midst of a relationship before things get tense. Especially if you have a blended family or come into a relationship with assets, a prenuptial agreement can make sure you and your partner are on the same page about finances ahead of time. Don’t forget to update it from time to time, too!

Resource: HelloPreNup

Why Take Action Today?

Estate planning is not just about money or assets—it’s about easing the burden on the people you love most. Even if you’re starting small, every step you take contributes to a more secure future. Don’t procrastinate—small actions today can create a legacy of care, consideration, and financial peace of mind for tomorrow.

If this post was helpful, consider downloading my free guide, The Designed Life, which helps you create a plan for the life you’ve always wanted to live—even a life that extends a legacy into the next generation.