Send a Copy of Your Assets List to Your Estate Administrator

When your lists are completed, you should date and sign them and make at least three copies. The original should be given to your estate administrator (we'll talk about him or her later in the article). The second copy should be given to your spouse (if you're married) and placed in a safe deposit box. Keep the last copy for yourself in a safe place.

6. Review IRA, 401(k) and Other Retirement Accounts

Accounts and policies in which you list beneficiary designations pass via "contract" to that person or entity listed at your death. No matter how you list these accounts/policies in your will or trust, it doesn't matter because the beneficiary listing will take precedence. Contact the customer service team or plan administrator for a current listing of your beneficiary selection for each account. Review each of these accounts to make sure the beneficiaries are listed exactly as you like.

7. Update Your Life Insurance & Annuities

Life insurance and annuities will pass by contract as well, so it's just as important that you contact all life insurance companies where you maintain policies to ensure that your beneficiaries are listed correctly.

8. Assign TOD Designations

TOD stands for transfer on death. Many accounts such as bank savings, CD accounts and individual brokerage accounts are unnecessarily probated every day. Probate is an avoidable court process through which assets are distributed per court instruction, which can be costly. Many of the accounts listed above can be set up with a transfer-on-death feature to avoid the probate process. Contact your custodian or bank to set this up on your accounts.