With the enormous number of baby boomers retiring every day now this country is just beginning what will be the largest inter-generational transfer of wealth that the world has ever known. Perhaps you have just retired and haven't even begun considering how you are going to transfer your estate upon your death. Maybe you have a few instruments in place but are concerned that you have not covered all of your bases. This checklist is here to help you establish a plan for your estate.

There are several things you can do to facilitate this transfer of wealth. Make sure to consult an attorney experienced with estate planning for advice and to verify your eligibility for all of these programs.

This cannot be stressed enough. If you pass away intestate, that is, without a will, the state will decide what happens to your assets. No consideration will be given to your known wishes. All of your assets will be frozen by the courts, your debts will be paid and whatever is left, called your living estate, will be divided as the state sees fit, following the states intestacy laws. This process is lengthy and expensive. In some cases your estate could be placed in a trust that may not even be accessible to your loved ones.

Consult an attorney about estate taxes. In 2009 the maximum that you can leave your heirs tax-free is 3.5 million. This number has been rising and may change.

Trusts are legal vehicles that allow you to control your assets upon your death. Some may offer protection from creditors and lawsuits also. They provide a way to reduce estate and gift taxes for your heirs.

Having an advance medical directive, or a "living will", is the best way to have your wishes followed in a medical situation for which you cannot express yourself. It details your wishes for or against medical intervention. You greatly improve the chances of having your wishes followed by appointing a health care surrogate.

A health care surrogate, or health care proxy, is someone you appoint to make your medical decisions when you are otherwise incapacitated. This applies even when you are not terminal. This person must be someone who understands your medical information and needs and who you can trust to make important, wise decisions that are in your best interest (not the grandson you've never met who you are leaving a million to).

This is similar to the health care surrogate, but instead of medical decisions this person will handle all of your financial decisions. Again, it needs to be someone you trust to have only your best interest at heart.

Along with life insurance consider long-term care insurance. You've worked hard creating this wealth, in the event that you require long-term care this insurance will offset the costs (often paying more than your costs) and preserve your estate.

When does your financial planner at the bank have an investment that your investment broker at the investment house just doesn't have? When looking at estate planning. Insurance companies allow banks to sell wealth transfer products exclusively. Visit your bank and ask a insurance licensed banker about wealth transfer. You may be surprised at what they tell you.

You will avoid a lot of ill will and confusion if you make your wishes and plans known to at least a few people. Have a copy of your will and trust documents where they can be easily found, like a safe deposit box.

Most important of all, get a professional to help you, even better is a team of professionals. At the minimum you will need an attorney to draw up your will, your trust, your living will, your health care surrogate and power of attorney. Find a attorney that is experienced in Estate planning and probate law.

Find an insurance company to take care of your insurance needs; do not do this without the guidance of an agent! Your banker may be able to help you with this also.

Having a good relationship with your banker can help you in many ways. While performing your estate planning your banker can help you with several things, investments suitable for estate planning, insurance products (both only if your banker is insurance licensed), a safe deposit box, and referrals for all of your other needs.

Do not be caught dead without having had a professional establish a plan for your estate, it may cost you now, but it will save your heirs considerably, and likely spare them frustration and disappointment.