Planning for your future together is one of the most meaningful things you can do as a couple. Whether you are just starting out, raising a family, or approaching retirement, having a solid estate plan in place helps protect the people and things you care about most. This checklist is designed to help couples in Southwest Missouri take stock of where they stand and identify what steps they may still need to take.
If you would like to speak with someone about your estate plan, call us at (417) 670-2520 or reach out through our online contact form.
Why Couples Should Review Their Estate Plan Together
An estate plan is not a one-and-done document. Life changes — you move, have children, change jobs, or experience the loss of a loved one — and your plan needs to reflect where you are today. When couples review their estate plan as a team, they make sure both people's wishes are clearly understood and legally documented. This kind of shared planning also helps reduce confusion and conflict for family members down the road.
Reviewing your plan together at least once every three to five years, or after any major life event, is a good rule of thumb.
Understanding the Core Documents in an Estate Plan
Before diving into the checklist, it helps to understand the foundational documents that make up a complete estate plan. Each one serves a different purpose, and most couples will need all of them.
Wills
A will (also called a "last will and testament") is a legal document that spells out how you want your property distributed after you pass away. It also allows you to name a guardian for any minor children. Without a will, Missouri's laws determine who receives your assets — which may not match your wishes.
Revocable Living Trusts
A trust is a legal arrangement where a person (the "trustee") holds and manages assets on behalf of someone else (the "beneficiary"). A revocable living trust lets you manage your own assets during your lifetime and direct how they are distributed after you pass, often without going through probate (the court-supervised process of validating a will and distributing assets). For many couples, a trust offers more flexibility and privacy than a will alone.
Powers of Attorney
A financial power of attorney gives a trusted person the legal authority to manage your finances if you become unable to do so yourself. This person is called your "agent" or "attorney-in-fact." Having one in place ensures your bills get paid, and financial decisions get made, even if you are incapacitated.
Healthcare Directives
A healthcare directive (sometimes called an "advance directive" or "living will") outlines your wishes for medical treatment if you cannot communicate them yourself. A healthcare power of attorney designates someone to make medical decisions on your behalf. These documents are separate from your financial documents and equally important.
Your Joint Estate Planning Checklist
Use this checklist as a starting point for your conversation. If you cannot check off every item, that is completely normal — identifying gaps is the whole point.
Step 1: Take Stock of What You Own and Owe
Before you can plan how to distribute your assets, you need a clear picture of what you have. Consider gathering:
- A list of bank accounts, investment accounts, and retirement accounts, including who is named as the beneficiary on each
- Property you own, including your home, vehicles, and any rental or investment properties
- Life insurance policies and the named beneficiaries
- Business interests, if applicable
- Outstanding debts, including mortgages, car loans, and credit cards
Having this information organized makes the estate planning process smoother and helps your attorney give you more tailored guidance. Updating this list whenever something changes is a simple habit that keeps your plan current.
Step 2: Review Your Beneficiary Designations
Many people do not realize that certain accounts and policies pass directly to the named beneficiary, regardless of what a will says. Retirement accounts (like IRAs and 401(k)s) and life insurance policies are two common examples. If your beneficiary designations are outdated — say, listing an ex-spouse or a deceased parent — that can create significant problems.
Couples should review beneficiary designations together and make sure they reflect their current intentions. It is also wise to name a contingent (or backup) beneficiary in case the primary beneficiary passes away before you do.
Step 3: Confirm Your Core Documents Are in Place
Both partners should have their own set of essential estate planning documents. Ask yourselves:
- Does each of us have a valid, up-to-date will?
- Do we have a revocable living trust, and if so, is it properly funded (meaning assets have actually been transferred into it)?
- Does each of us have a durable financial power of attorney naming someone we trust?
- Does each of us have a healthcare directive and a healthcare power of attorney?
- Have we stored these documents in a safe, accessible location, and does someone we trust know where to find them?
Even if you created these documents years ago, they may need to be revisited. Missouri law can change, your assets may have grown, or your family circumstances may look different from what they did when you first signed your paperwork. Keeping these documents current is just as important as having them in the first place.
Step 4: Think About Minor Children or Dependents
If you have children under 18, your estate plan should clearly name a guardian — the person who would raise your children if both parents were to pass away. This is one of the most important decisions a parent can make, and it should be documented in your will. Without a named guardian, a court will make that determination for you.
You may also want to consider setting up a trust to manage any assets your children would inherit, rather than having them receive a large sum all at once when they turn 18.
Step 5: Plan for Business Interests
If either partner owns a business or has a stake in one, your estate plan should address what happens to that interest. Without proper planning, a business could face serious disruption after an owner's death. Options like a buy-sell agreement (a contract that outlines what happens to a business share when an owner leaves or passes away) can help protect everyone involved.
Step 6: Review Your Plan After Major Life Events
Even the most carefully constructed estate plan can become outdated. Make it a point to revisit your plan after any of the following:
- Marriage, divorce, or remarriage
- The birth or adoption of a child
- The death of a named beneficiary, guardian, or agent
- A significant change in financial circumstances
- Moving to a different state
- Retirement
Life rarely stays the same for long, and your estate plan should grow and change with you.
Common Mistakes Couples Make in Estate Planning
A few missteps come up again and again when couples approach estate planning. Being aware of them can help you avoid costly oversights.
One of the most common mistakes is assuming a joint will covers everything. In Missouri, married couples often hold property jointly, but joint ownership does not replace the need for individual estate planning documents. Another frequent issue is failing to update documents after a major life change, such as having a child or going through a divorce.
Some couples also put off estate planning because it can feel uncomfortable to think about. But having these conversations now — when everything is calm, and decisions can be made thoughtfully — is far more helpful than leaving it for a difficult moment.
Working with a Springfield Estate Planning Attorney at Neale & Newman, L.L.P.
Estate planning is deeply personal, and every couple's situation is different. A knowledgeable Springfield estate planning attorney can help you understand your options, draft documents that reflect your wishes, and make sure everything is set up correctly under Missouri law.
At Neale & Newman, L.L.P., our attorneys have been helping families throughout Southwest Missouri plan for the future for generations. We take the time to understand your goals and walk you through each step of the process, so you never feel like you are navigating it alone.
If you are ready to start or update your estate plan, call Neale & Newman, L.L.P. today at (417) 670-2520 or connect with us through our online contact form. We are here to help.