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Here's my list of what to do.....tell me if I'm wrong or missing something - please!

UPDATE IOS IF NEEDED ON OLD PHONE
UNPAIR WATCH (WHICH ALSO BACKS UP)
BACKUP OLD PHONE TO ICLOUD
SET UP NEW PHONE WITH RESTORE FROM ICLOUD BACKUP
PAIR WATCH WITH NEW PHONE

DELETE OLD IPHONE FROM ICLOUD (seems like I read that somewhere)
Do I need to do anything with Apple? Or does erasing all content and settings do that?

I get so nervous when I have to do this, but it will be worth it - LOL

Thanks in advance.