Legacy Plan Checklist: Check If You Have It All


Every person at some point in life, especially when making bigger life decisions, starts to think about what would happen after their death. In particular, most people are concerned about what they leave behind and whether their loved ones would be taken care of. This is the time when people consider making a will, a legacy plan, getting life insurance, or preparing similar legacy documents. If you find yourself doing the same thing then you should keep on reading and find out why you need a legacy plan and how a legacy plan checklist will help you in this process.

What is a Legacy Plan?

Simply put, the legacy plan is a financial strategy that prepares people to transfer their assets to their families or next-of-kin after death. No matter what kind of assets you have, whether you own a property or not, legacy planning is essential for every person. In this way, people would have control over who inherits their financial, digital, or any other asset and would also spare their loved ones from any possible financial and emotional distress in trying to claim these assets.

Even though some may feel that legacy planning is necessary only for rich and famous people who own many properties and mansions, often they are proved wrong. A legacy plan allows us to remain in control of our own legacy regardless of how wealthy we are.

A legacy plan needs anyone who:

  • Owns a house or any type of property, vehicle or real estate
  • Has children, grandchildren, and/or a spouse
  • Owns a business
  • Has family members with special needs
  • Has retirement plans, bank accounts, or has assets in investments
  • Wants to leave certain valuables or belongings to a close family member

How to make a Legacy Plan checklist

In the process of legacy planning, all legacy documents are very important, and in order for you to create or collect them, it’s a good idea to consult with an estate attorney. Then you can make your own legacy planning checklist – a list of all the necessary legacy documents.

To begin with, gather all information on what it takes for you to start the legacy planning process. Essentially, you would need a will, a trust, a power of attorney, and probate. Still, to easily prepare these legacy documents, first, you would need to take inventory of your assets. In other words, you need to write down a list of everything that you own starting from real estate, retirement savings, investments, and any other possessions you may have. Once you have your assets listed and the decision for assets distribution has been made, you would need to find a secure location to store your legacy documents. Stornest is a handy digital tool for legacy planning where you can securely store any legacy documents you own and need.

What kind of documents should you store

Other than your will, trust, or power of attorney, there are other documents that you need to have organized and ready. All these need to be kept safe and you can store them in your Stornest account. To make this task easier, here is a checklist of the most important categories of documents that you should include in your legacy plan.

  • Insurance. All types of insurance policies that you own from life insurance, health insurance, car insurance to funeral insurance, all of these documents can be stored at Stornest.
  • Bank Accounts. Any important information related to your bank accounts, mortgage, or loans, passwords, and login information for online management of your checking, savings, or any other accounts.
  • Credit cards. Store login information for online management of all credit cards on your name.
  • Investment/Pensions. Includes any type of stock or bonds investments, or retirement funds.
  • Property deeds. Keep all your property deeds in one place including real estate, motor vehicles, or any type of property deeds.
  • Legal documents. All legal documents whether digital or physical need to be stored properly.
  • Safe and Storage. Share safe and storage information as well as access details.
  • Unlocking electronics. Make sure that your beneficiary can get access to your tablet, mobile phone, computer, home security system, or any other type of electronic device that requires a password.
  • Digital accounts. Store all digital accounts and services you use such as email, cloud storage, social media, shopping, software licenses, etc.
  • Collectibles. If you own an item that is worth more from when you purchased it, make sure you let your family know about it and where to find it.

Why having a legacy plan is important

Making a legacy plan means taking control of your assets and who inherits them after your passing. Other benefits include minimizing estate taxes or court costs for your loved ones, preventing any arguments or disputes among your heirs, avoiding probate, and even expressing your wishes for funeral arrangements. To sum up, there is no downside to creating a legacy plan and making a will and testament. Now you even have Stornest available, a digital tool where you can store all your important legacy documents. You can rest assured that it’s very simple to use, you can easily sign up, and try it for free.