Estate planning doesn't need to happen all at once — but it does need to happen. Use this checklist to identify what you have in place, what's missing, and what needs updating. A complete estate plan typically covers six areas: legal documents, registered accounts, insurance, property, tax planning, and personal instructions.
How to use this checklist: Work through each section. For items you haven't done yet, prioritize them. Start with the legal documents (will, POA, healthcare directive) — these are the foundation of every estate plan.
1. Legal Documents
Will
Valid, signed will in place (not expired, not from before a major life event)
Executor named — and alternate executor
Guardian named for minor children (if applicable)
Specific bequests documented (who gets what)
Residuary estate directed (who gets everything else)
Testamentary trust provisions (if needed for minor children or disabled beneficiaries)
Will reviewed in last 3–5 years or after last major life event
Original stored safely; executor knows location
Power of Attorney for Property
Continuing/enduring POA for property in place
Attorney named — and alternate attorney
Attorney aware of their role and location of the document
POA reviewed after any major life event
Healthcare Directive
Healthcare directive / personal directive / representation agreement in place
Substitute decision-maker named — and alternate
Treatment preferences documented (CPR, ventilation, MAID, etc.)
Copy given to family doctor and kept with health records
2. Registered Accounts
RRSP / RRIF
Named beneficiary on all RRSPs/RRIFs (not "estate")
Spouse named for spousal rollover (if applicable)
Contingent beneficiary named
Beneficiary designations reviewed after any major life event
TFSA
Successor holder named (spouse/CLP) or beneficiary named
Successor holder designation confirmed (not just "beneficiary") if married
Quebec residents: reviewed with notary (different rules apply)
Pension / Group Benefits
Beneficiary designations on workplace pension plan current
Group life insurance beneficiary current
Group disability insurance beneficiary current
3. Life Insurance
Adequate life insurance coverage in place
Named beneficiaries on all policies (not "estate")
Contingent beneficiary named on all policies
Policy documents accessible to executor/beneficiaries
Coverage reviewed after major life events (new child, home purchase, divorce)
Business owners: corporate-owned life insurance strategy reviewed
4. Property and Assets
Real estate ownership structure reviewed (joint tenancy vs. tenants in common)
Home: principal residence exemption strategy documented
Vacation/rental property: capital gains exposure estimated
Non-registered investments: ACB documented for each holding
Business interests: succession plan in place (buy-sell agreement, estate freeze)
Asset inventory prepared and accessible to executor
5. Tax Planning
Estimated capital gains tax at death calculated
Spousal rollover strategy in place (for married couples)
RRSP/RRIF meltdown strategy reviewed with financial advisor
Life insurance sufficient to cover estimated tax liability
Business owners: LCGE eligibility confirmed; estate freeze considered
Charitable giving strategy in place (if applicable)
Probate minimization strategy reviewed (Ontario/BC especially)
6. Digital Assets
Digital asset inventory created (accounts, credentials, crypto)
Password manager in use; emergency access set up
Cryptocurrency: seed phrases/private keys documented securely
Google/Apple legacy contact or inactive account manager configured
Will includes authorization for executor to access digital accounts
Digital inventory reviewed annually
7. Personal Instructions
Funeral and burial wishes documented (and communicated verbally)
Organ donation wishes documented and registered
Letter of wishes written (personal messages, explanation of decisions)
Key documents location known to executor and next of kin
Accountant, lawyer, and financial advisor contact details on file
When to Review Your Estate Plan
- Marriage or common-law partnership
- Divorce or separation
- Birth or adoption of a child
- Death of a named executor, beneficiary, or guardian
- Significant change in assets (home purchase, inheritance, business sale)
- Moving to a different province
- Diagnosis of serious illness
- Every 3–5 years as a routine review
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