Is there a way to build a checklist of tasks tied to an account?

I work at a PE firm where we have lots of different legal entities to keep track of, and related tasks to do within a certain time frame after they are created. If we add each legal entity to SF as an account (I'm thinking to create a separate record type to keep them separate from our other accounts), is there a way to automatically create a task list, each item assigned to someone, with due dates? I thought of setting up a process that auto-creates and assigns tasks whenever a new legal entity is created but I'm wondering if there is a better way.