Retirement is the point at which most people finally have time to think about what happens next, and the point at which mistakes in an estate plan become hardest to fix. A missing document can leave your family in probate court, arguing over who makes medical decisions, or locked out of your accounts. This estate planning checklist for seniors covers the seven documents to have in place before you retire, or to review now if you are already there.

1. A Last Will and Testament

A will states who receives your property, who serves as executor, and, if you have minor or dependent beneficiaries, who becomes their guardian. Without one, state intestacy law decides for you, and the result rarely matches your wishes.

Name an executor and at least one backup.
Review it after any marriage, divorce, birth, death, or major move.
Remember that a will generally goes through probate, which is public and can take months.

2. A Revocable Living Trust

A trust lets you transfer assets to a legal entity you control while you are alive. When you pass, a successor trustee distributes them according to your instructions, usually without probate. For many retirees with a home, savings, and family members in more than one state, a trust is the center of the plan.

A trust only controls what is titled in its name. Deeds and account registrations must actually be updated, and this is where many plans fall short.

3. A Durable Financial Power of Attorney

A durable power of attorney (POA) names someone to pay bills, manage accounts, and file taxes if you cannot. “Durable” means it stays effective if you become incapacitated. Without it, your family may need to petition a court for guardianship or conservatorship, which is slow and costly.

4. A Healthcare Directive and Medical POA

This document combines a living will, which records your wishes about life-sustaining treatment, with a healthcare proxy, who speaks for you when you cannot. Pair it with a HIPAA authorization so your agent and doctors can share information. Give copies to your agent, your physician, and your family.

5. Beneficiary Designations

Retirement accounts, annuities, and life insurance pass by beneficiary designation, not by your will or trust. An outdated form, such as an ex-spouse or a deceased parent, overrides everything else you have written.

Confirm primary and contingent beneficiaries on every IRA, 401(k), and annuity.
Check whether naming a trust as beneficiary makes sense for your situation.
Review the forms every few years and after any life event.

6. Insurance Policies and Their Role in the Plan

List every life insurance policy, including final expense, term, whole life, and IUL, along with long-term care coverage and Medicare supplement or Advantage plans. Know who owns each one, who is insured, who benefits, and whether premiums are current. Policies can fund estate taxes, equalize inheritances, or cover final expenses. If a policy no longer fits your plan, ask about your options before letting it lapse, including whether a life settlement could be worth considering.

7. A Digital Asset Plan

Online banking, email, photos, cloud storage, cryptocurrency, and subscriptions all need a plan. Keep an up-to-date inventory of accounts and how your agent can access them, and use a password manager with emergency access rather than a loose list. Your documents should also authorize your agent to handle digital accounts, as many providers require that permission in writing.

Putting It Together

Use this quick self-check:

Will signed and current
Trust created and funded
Financial POA in place
Healthcare directive and HIPAA release signed
Beneficiaries verified on every account
Insurance policies inventoried and reviewed
Digital accounts documented

Estate planning also connects to your income plan. Before you retire, it helps to know when to claim Social Security, since that decision affects what your spouse and heirs receive. Our Social Security analysis walks through the options.

Laws vary by state, and this article is general information, not legal advice. An attorney should review documents for your situation.

Next Step

If you are missing more than one or two items, you are not behind; you are in the majority. Legacy Wealth Services partners with Trust & Will, an online estate planning platform, so you can build a will or trust at a pace that suits you, and we help coordinate the insurance and beneficiary pieces. Start your will or trust through Trust & Will, explore our estate planning options, or call 503-832-8555 to talk through your checklist.

Estate Planning Checklist for Seniors in 2026: 7 Documents You Need Before You Retire