Patricia Wrede's Fantasy Worldbuilding Questionnaire, posted at the Science Fiction Writers of America website, provides in-depth questions for fantasy world builders to answer, ranging from the social mores to the financial systems of your created world.
Most fantasy writers can't build their worlds with words alone, however. Fantasy map-building software gives a framework upon which the world can be fashioned. An excellent paid mapmaking software application is Campaign Cartographer 3 (CC3 for short). Originally designed for fantasy gaming, this package helps build everything from cities and dungeons to topographical maps of continents and worlds. A variety of add-on packages expand mapping to floor plans and character sketches.
Autorealm is a free GNU cartography program. While it has most of CC3's functionality, it is clunkier and the maps aren't as pretty. Because you invest nothing but your time, however, it can be a great first step to see if maps help build your story.
If you're a tabletop gamer, role-playing game (RPG) character sheets can be a fantastic quick-build tool for fantasy characters. The key is to avoid sticking solely to the form. You can also try out the Fantasy Character Generator at Droppin-The-Fork; again, don't stick slavishly to what you randomly roll, but rather switch it around and find things that fit character concepts.
There are several websites that provide online character naming tools for fantasy fiction (or gaming). The Fantasy Name Generator at Rinkworks.com is a great tool. Don't be afraid to insert your own pronunciation or change the spelling for generated names. If you don't know what a name category refers to, look it up before using. Some fantasy worlds, like Pern or Middle Earth, have distinctive-sounding names, and if you use one generated for these worlds you will make your story sound derivative.
There is no fast way to develop a fantasy magical system, but there are several world-building tools that incorporate it. The earlier-cited Fantasy Worldbuilding Questionnaire by Patricia Wrede does a good job of going through magic of all kinds. Tutorials like those offered at the Fantasy Art Resource Project (FARP) will also walk you through creating your magic system. Make sure that whatever magical system you use works well with the world you build and the characters you create. Good fantasy fiction has no seams between character, setting and plot.