End-of-Life Planning Checklist: Taking Control of Your Future

A recent AARP study found that 63% of older adults have discussed end-of-life plans with loved ones, but only 36% have prepared a last will and testament, and even fewer (33%) have created a living will.

End-of-life planning isn’t easy, but it’s important. You might be considering it because of health concerns, losing someone close to you, or just wanting to be prepared.

This checklist will help you organize your healthcare, money matters, and personal wishes. By taking care of these things now, you’ll make things easier for your loved ones later.

1. Create a last will and testament

A last will and testament explains who gets your belongings after you die. It’s an important part of inheritance planning that helps avoid family disputes. If you don’t have a will, the government will often decide how to split up your assets, which might not be what you want.

The National Council on Aging (NCOA) recommends following these steps to create a last will and testament:

1. List all your assets, including land, real estate, stocks, bank accounts, and valuable personal items
2. Add a residuary clause in your will as a catchall for any assets you miss
3. Decide on beneficiaries for your assets
4. Choose an executor for your will
5. Sign your will and have it notarized if needed

You can use online services like Trust & Will or hire an estate attorney for complex situations.

2. Establish a living will and advance directive

These documents guide your medical care if you can’t communicate your wishes. Specifically, a living will outline your treatment preferences, and an advance directive names someone to make health decisions for you.

To create them:

• Reflect on your end-of-life care wishes
• Choose a trusted healthcare proxy
• Use your state’s official forms or consult an attorney
• Discuss your choices with your doctor and family
• Sign and distribute copies to relevant parties

3. Designate healthcare and financial powers of attorney

These are similar to an advance directive but with a broader scope. A healthcare power of attorney authorizes someone to make all medical decisions for you, not just end-of-life care. A financial power of attorney allows someone to manage your finances if you’re incapacitated.

How to set these up:

• Choose trusted individuals for each role
• Discuss your wishes with them
• Complete the appropriate legal forms for your state
• Have the documents notarized
• Provide copies to relevant parties

4. Review and update life insurance policies

If you care about your family’s financial wellness after you’re gone, you likely have a life insurance policy to take care of them. Review these policies to confirm they still fit your family’s needs.

Here’s how to do it:

• Locate all your policies
• Check the coverage amount—is it enough for your family’s current needs?
• Verify your beneficiaries are up to date
• Consider any major life changes (marriage, kids, mortgage) that might require adjusting coverage
• If needed, contact your insurance agent to make changes or explore new options

5. Organize important documents and store securely

There are several end-of-life documents your loved ones will need once you pass away. Organizing and preparing these documents can help them avoid digging around for them later.

How to do it:

• Gather important documents like wills, insurance policies, birth certificates, and Social Security cards
• Create both physical and digital copies
• Store physical copies in a fireproof, waterproof safe at home. You may want a bank-safe deposit box for essential documents
• Keep digital copies on an encrypted hard drive or secure cloud service
• Consider giving access to a trusted professional like your attorney or financial advisor
• Create a primary list of document locations so your loved ones know where to find them or who to contact for access.

6. Inventory assets and debts

Creating a comprehensive list of your assets and debts gives your executor a clear picture of your finances and helps speed up the estate settlement process. Without this inventory, important assets like old bank accounts or life insurance policies could fall through the cracks.

You may have already listed your assets when you created your last will, but this inventory list will go more in-depth, listing out account numbers, locations of physical assets, and contact information for financial institutions.

How to do it:

• List all bank accounts, investments, real estate, valuable possessions, and digital assets. Include account numbers and locations
• Write all your debts and expenses, including mortgages, loans, and credit cards. Include account numbers and locations
• Keep this information where you keep your other important documents, such as in a safe or encrypted hard drive
• Update this inventory annually or after significant financial changes

7. Plan funeral and burial arrangements

Preplanning your funeral and burial arrangements can be one of the kindest things you do for your family. They won’t have to make these tough decisions during an emotionally draining time.

Here’s how to do it:

• Decide if you’ll be buried or cremated
• Choose a funeral home or crematorium
• Select a casket or urn
• Pick a burial plot or place for ashes
• Plan your service details, including music, readings, or anything else you’d like
• Consider pre-paying to lock in prices or getting burial insurance to cover funeral costs
• Document your wishes and share them with your family

8. Decide on organ donation

Becoming an organ donor can save lives after you’re gone, and you can specify which organs or tissues to donate.

If you’re not a donor yet but want to become one, you can follow these steps:

1. Register with your state’s organ donor registry. This can usually be done online.
2. Indicate your choice on your driver’s license. Most DMVs allow you to do this when you renew your license.
3. Tell your family about your decision. They may be asked to confirm your wishes.
4. Include your choice in your advance directive or living will.

9. Prepare a digital asset management plan

In today’s digital age, your online presence and digital assets are an important part of your estate. A digital asset management plan tells your loved ones how you’d like these assets to be handled. It includes:

• Social media accounts
• Email accounts
• Digital photos and videos
• Websites or blogs you own
• Cryptocurrencies

How to create one:

1. List all your digital assets and accounts
2. Decide what should happen to each (close, memorialize, transfer)
3. Record login information securely
4. Name a digital executor in your will
5. Provide instructions on how to access your password manager or secured list of login details

10. Draft an ethical will or legacy letter

An ethical will, also known as a legacy letter, is a heartfelt document that passes on your values, life lessons, and personal reflections to future generations.

Unlike a legal will that distributes material assets, an ethical will is a meaningful way to pass on your wisdom and what truly matters to you.

It can include personal stories and family history, life lessons, your hopes and dreams for certain loved ones, and explanations for decisions made in your legal will.

How to create one:

• Reflect on what matters most to you
• Write from the heart in your voice
• Be honest and authentic
• Include specific memories or anecdotes
• Consider audio or video recordings as alternatives to writing

11. Arrange care for dependents and pets

As you go through this end-of-life-planning checklist, you’ll want to make sure you’ve made a plan for any dependents and pets you have.

For dependents (children, elderly parents, or disabled family members):

• Choose a guardian and discuss your wishes with them
• Document your choice legally in your will
• Set up a trust or financial arrangements for their care
• Provide detailed care instructions and important information

For pets:

• Select a caregiver willing to take your pet
• Consider a pet trust to cover expenses
• Write down care instructions (diet, medical needs, routines)
• Provide veterinary records and contact information

12. Review and update beneficiaries

Regularly reviewing and updating your beneficiary designations is a critical step in end-of-life planning that’s often overlooked. This task applies to:

• Life insurance policies
• Retirement plans
• Bank accounts
• Investment accounts
• Annuities

🎯 IMPORTANT: The beneficiary listed on an account document determines who gets that asset, even if your will says something different. Always keep your will and beneficiary designations up to date to ensure your assets go where you intend.

Consider naming contingent beneficiaries in case your primary beneficiary predeceases you.

13. Create a charitable giving plan

If philanthropy is important to you, you may want to create a charitable giving plan as you go through this end-of-life planning checklist. This plan can be as simple as naming an organization as a beneficiary on a life insurance policy or as complex as setting up a foundation in your name.

Here’s how to do it:

• Identify causes or organizations you want to support
• Decide on the amount or percentage of your estate to donate
• Research giving options (like direct bequests, charitable trusts, and donor-advised funds)
• Consult with a financial advisor or estate attorney for tax implications
• Include your charitable intentions in your will or trust
• Inform the chosen charities of your planned giving

Taking control of your end-of-life planning

This checklist provides a solid foundation, but everyone’s situation is different. Talk to a financial professional if you need help navigating tax paperwork for your estate or a complex situation. They can help you create a comprehensive end-of-life plan based on your specific goals.

End-of-life planning FAQs

What is end-of-life planning?

End-of-life planning involves preparing for the final stages of life and after death. It includes creating legal documents like wills and advance directives, organizing finances, making funeral arrangements, and communicating your wealth management wishes to loved ones.

What are advance directives?

Advance directives outline your healthcare preferences if you’re unable to communicate with medical staff. They typically include a living will specifying desired medical treatments and a healthcare power of attorney, which names someone to make medical decisions for you.

What is a living will?

A living will specifies your preferences for end-of-life medical care. It outlines which treatments you do or don’t want if you’re terminally ill or permanently unconscious and can’t communicate. This might include decisions about life support, pain management, and organ donation.

How can I ensure that my digital assets and online presence are managed after my passing?

Start by creating a list of all your online accounts and important digital files. Choose someone you trust to handle these assets and include them in your will as a ‘digital executor.’ Give them instructions on how to access your accounts and what to do with each one.

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