Sorting out the details of an estate can get complicated. It's wise when dealing with estate planning to develop a checklist, and these 5 items belong on it.

Update Contact Information

One of the biggest mistakes folks make is not keeping contact information up to date. This includes having information for both beneficiaries and administrators. Yes, an estate law attorney can handle this work for you, but that's going to contribute to billable hours that most folks won't want to pay. It's wise to go through the list of folks connected with an estate at least once a year to make sure everyone is still around and can be contacted. You should also find at least one alternate person who can put you in touch with each individual if they fall out of touch.

Plan as Many Non-Probate Transfers as Possible

Many types of assets don't have to go through the probate process because they can be marked as payable upon death. This allows the account or title holder to name a beneficiary who automatically gets the proceeds or the property. For example, virtually all checking and savings accounts can be configured this way. Real estate can usually be transferred directly to a surviving spouse, too. Some joint ownership items can be transferred this way, but you should discuss those items with a professional because certain factors can trigger federal taxes on the gifts.

Cover as Many Debts as Possible

There are a number of financial vehicles that can make sure outstanding debts are settled without coming from the estate. Life insurance, in particular, is good for this purpose. With fewer creditors left unsatisfied upon your death, there will be less risk of litigation of your estate.

Consider a Living Trust

Some items can be placed in a trust, and then you can appoint yourself as the trustee while you remain alive. The title goes to the trust, and then you have control of it as the trustee. Upon your passing, the trust can then be transferred to someone else. If you're worried about how well someone like a dependant minor or a beneficiary with mental deficiencies might handle the trust, you can appoint a successor trustee who'll then handle the resources.

Incapacity

You also should consider who gets what powers if you are incapacitated. It's wise to include the transfer of certain powers, including voting rights in businesses and medical decision-making.