Must-do No. 9: Select a responsible estate administrator.

Your estate administrator will be responsible for following the rules of your will in the event of your death. It is important that you select an individual who is responsible and in a good mental state to make decisions. Don't immediately assume that your spouse is the best choice. Think about all qualified individuals and how emotions related to your death will affect this person's decision-making ability.

Must-do No. 10: Create a will.

Everyone over the age of 18 should have a will. It is the rule book for distributing your assets, and it could prevent havoc among your heirs. Wills are fairly inexpensive documents to draft. Most attorneys can help you with one for less than $1,000. If that's too rich for your blood, there are several good will-making software packages available online. Just make sure that you always sign and date your will, have two witnesses sign it and obtain a notarization on the final draft.

Must-do No. 11: Review and update your documents.

You should review your will for updates at least once every two years and after any major life-changing events (such as marriage, divorce or birth of child). Life is constantly changing, and your inventory list is likely to change from year to year, too.

Must-do No. 12: Send copies of your will to your estate administrator.

Once your will is finalized, signed, witnessed and notarized, you'll want to make sure that your estate administrator gets a copy. You should also keep a copy in a safe-deposit box and another in a safe place at home.

Must-do No. 13: Visit a financial planner or estate attorney.

While you may think that you've covered all avenues, it's always a good idea to have a full investment and insurance plan done at least once every five years. If you're not looking to spend the money for professional help, there are several good books out there on getting your financial plan and estate in check. As you get older, life throws new curveballs at you, such as considerations for long-term care insurance and protecting your estate from a large tax bill or lengthy court processes. Tips like having an emergency medical contact card in your purse or wallet are little things that many people never think of.

Must-do No. 14: Initiate important estate-plan documents.

Procrastination is the biggest enemy of estate planning. While none of us likes to think about dying, the fact of the matter is that improper or no planning can lead to family disputes, assets going into the wrong hands, long court litigations and huge amounts of dollars in federal tax. At minimum, you should create a will, power of attorney, health care surrogate, trusts and living will, and assign guardianship for your kids and pets. Also make sure that all concerned individuals have copies of these documents.

Must-do No. 15: Simplify your life.

If you've changed jobs over the years, it's likely you have several 401k-type retirement plans still open with past employers or maybe even several different IRA accounts. While this normally won't create a big problem while you're alive (except lots of additional paperwork and account management), you may want to consider consolidating these accounts into one individual IRA account to take advantage of better investment choices, lower costs, a larger selection of investments, more control and less paperwork/easier management when assets are consolidated.

Must-do No. 16: Take advantage of college funding accounts.

The 529 plan is a unique tax-advantaged investment account for college savings. In addition, most universities do not consider 529 plans in the financial aid/scholarship calculation if a grandparent is listed as the custodian. The really nice feature is that growth and withdrawals from the account (if used for "qualified" education expenses) are tax-free.

Now you have the ammunition to get a pretty good jump-start on reviewing your overall financial and estate picture; the rest is up to you. While you're sitting around the house watching your favorite sports team or television show, pull out a tablet or laptop and start making your lists. You'll be surprised how much "stuff" you've accumulated over the years. You'll also find that your inventory and debts lists will come in handy for other things, such as homeowners insurance and getting a firm grip on your expenses.

This article was reported by Steven Merkel for Investopedia.