Estate planning doesn't have to be overwhelming. Whether you're just getting started or reviewing an existing plan, this comprehensive checklist will help you ensure your assets, family, and legacy are properly protected — for both US and Canadian residents.
Why Estate Planning Is Essential
Without a proper estate plan, your assets may be distributed according to government rules rather than your wishes. Your family could face lengthy probate proceedings, unnecessary taxes, and legal disputes. A solid estate plan gives you control and gives your loved ones clarity.
The Complete Estate Planning Checklist
✅ Step 1: Take Inventory of Your Assets
- Real estate (home, rental properties, land)
- Bank accounts and investments
- Retirement accounts (401k, RRSP, IRA, TFSA)
- Life insurance policies
- Business interests
- Personal property (vehicles, jewelry, collectibles)
- Digital assets (cryptocurrency, online accounts)
✅ Step 2: Define Your Goals
- Who do you want to inherit your assets?
- Do you want to minimize estate taxes?
- Do you want to protect assets from creditors?
- Do you have minor children who need guardianship provisions?
- Do you want to leave a charitable legacy?
✅ Step 3: Choose Your Trust Structure
- Revocable Living Trust — Flexible, avoids probate, maintains control
- Irrevocable Trust — Asset protection, tax reduction, creditor protection
- Testamentary Trust — Created through a will, takes effect after death
✅ Step 4: Draft Your Core Documents
- Trust Declaration (establishes the trust)
- Trustee Appointment Form
- Beneficiary Designation Form
- Certificate of Trust
- Transfer of Property to Trust Form
- Fee Schedule
- Will (to cover any assets outside the trust)
✅ Step 5: Appoint Key Roles
- Trustee — Manages the trust assets
- Successor Trustee — Takes over if you become incapacitated or pass away
- Beneficiaries — Those who receive the trust assets
- Guardian — For minor children (if applicable)
✅ Step 6: Transfer Assets into the Trust
- Re-title real estate into the trust name
- Update bank and investment account ownership
- Update beneficiary designations on life insurance and retirement accounts
- Complete a Schedule A (Asset List) for the trust
✅ Step 7: US-Specific Considerations
- Obtain an EIN (Employer Identification Number) for irrevocable trusts from the IRS
- Review state-specific trust laws (they vary by state)
- Consider federal estate tax exemption thresholds
✅ Step 8: Canada-Specific Considerations
- Obtain a trust account number from the CRA for irrevocable trusts
- Review provincial trust laws (they vary by province)
- Consider the 21-year deemed disposition rule for trusts
- Review TFSA and RRSP beneficiary designations
✅ Step 9: Maintain and Review Your Plan
- Review your estate plan every 2-3 years
- Update after major life events (marriage, divorce, new children, property purchase)
- Keep all trust documents organized and accessible to your successor trustee
Ready to Get Started?
Legacy Trust Solution provides professionally drafted, editable estate planning and trust templates for US and Canadian residents. Download everything you need to build your estate plan today — instantly.