Do you want to secure your family’s future?
When you have a family, estate planning is usually the last thing on your mind.
Why should you think about death or incapacity? Because statistics show that if you don’t get around to it, there’s a good chance your loved ones’ future will be.
Today, fewer than 24% of Americans have a will in 2025, down from 40% just nine years ago.
There’s something you should know though…
Without an estate plan, your future falls into the hands of the courts, not your family. This means strangers could make decisions about your assets, your children, and your legacy.
Working with professional estate planning services to create a proper plan helps you avoid common and costly mistakes. It also protects your assets and guarantees your wishes will be carried out when you die.
In this simple guide, I will discuss common mistakes that people make when it comes to estate planning. I will also teach you how to avoid them and put your family’s future in the right hands.
Let’s get started.
In this guide, you will learn:
- Why Most Estate Plans Fail
- The Most Common Mistakes Made
- How to Properly Protect Your Assets
- Easy Steps to Fix Your Plan
Why Estate Planning is More Important Than Ever
Estate planning is no longer something only for the rich.
If you own any assets (a home, a car, a bank account, or even sentimental items) you should have a plan.
Otherwise, your state’s laws decide everything for you. Your state’s laws will dictate who gets what, and how it’s handled. And chances are, those laws don’t line up with what you actually want to happen.
Here’s the catch…
- 55% of Americans have no estate documents whatsoever.
- Nada. Zip.
- 55% of Americans
If that’s not a wake-up call, I don’t know what is. It means over half of the country leaves their family’s future unprotected.
But don’t worry. This is something you can correct faster than you think.
Mistake #1: Waiting Too Long
This is by far the most common and costly mistake.
The majority of people will say they “will get around to it later.” “I have enough money,” they think. Or, “there’s plenty of time.”
Problem is, life doesn’t wait for you to be ready.
Medical emergencies happen. Accidents happen. And if you are not prepared, your family is left scrambling at the worst possible moment in their lives.
The truth is simple…
The best time to create your estate plan was yesterday. The second-best time is now.
Mistake #2: Choosing the Wrong Executor
The executor of your estate is the person who will manage your affairs.
They will pay your debts, distribute your assets, and ensure your wishes are carried out.
Picking the wrong person for this role can create a nightmare for your family. Some people blindly choose their oldest child without really thinking if that person is qualified for the task.
Look for the following in an executor:
- Someone who is organized and responsible.
- A person who can manage financial matters.
- Someone your family trusts and respects.
- A person who lives nearby or can travel easily.
Don’t feel obligated to choose someone just because they’re next in line. The decision of your executor is one of the most important you can make when planning your estate.
Mistake #3: Failing to Update Your Plan
Estate plans are not “set it and forget it” kind of documents.
Your life changes over the years. You get married, have kids, get divorced, buy a home, or lose loved ones. All of these events should trigger a review of your estate plan.
I have known a case in which the ex-wife of a man inherited everything because he never updated his estate planning documents after the divorce.
You should review your estate plan when:
- You get married or divorced
- You have or adopt children
- You buy or sell major assets
- A beneficiary or executor passes away
Every three to five years is a good review interval.
Mistake #4: Failing to Plan for Incapacity
Most people only think about estate planning when it comes to their death.
But estate planning is just as much about what happens if you can no longer make decisions for yourself.
What if you can’t make medical or financial decisions because of an illness or injury? Who do you want making those decisions for you?
The documents you need for this are:
- Financial power of attorney
- Medical power of attorney
- Living will or advance directive
- HIPAA authorization
These documents name someone you trust who can step in and handle things if you can’t. Without them, your family will be stuck in months of legal battles just to take care of you.
Mistake #5: Neglecting to Include Digital Assets
Here’s something almost nobody thinks about…
Your digital life should be a part of your estate plan too.
We’re talking about email accounts, social media, online banking, cryptocurrency, and digital photos. The majority of these accounts can’t be accessed after you die if you don’t make arrangements for them.
Make a list of all your online accounts and include access instructions in your estate plan.
Mistake #6: Trying to Do Everything Yourself
Online estate planning tools can be tempting.
Cheap, fast, and promising to deliver professional results, it’s easy to think you can do it all yourself. The problem is that estate planning is not one-size-fits-all. Every family is different. Every state has different laws. And minor errors in your documents can create major problems later on.
I’ve seen DIY estate plans that were invalid because of simple technical errors. I’ve seen DIY estate plans that unintentionally created massive tax problems for families.
Working with a professional is not just about filling out the right forms. It’s about understanding your unique situation and crafting a comprehensive plan that actually works for you.
Mistake #7: Ignoring Tax Consequences
Taxes can eat a massive portion of what you want to leave behind.
Depending on your estate’s size and where you live, your heirs could lose a lot of their inheritance to taxes. But with proper planning, many of these taxes can be minimized, or even avoided.
Here’s the thing…
Tax laws change constantly. What works today won’t work tomorrow. And professional estate planning services can help you restructure your assets in ways that reduce tax burdens while still achieving your goals.
Mistake #8: Failing to Communicate Your Wishes
Your estate plan is of no use if people don’t know it exists.
Too many families only discover their loved one had a plan when they spend weeks sifting through paperwork.
You don’t need to share your plan’s details with everyone. But your executor needs to know where your documents are. Your family should have a good understanding of your basic wishes. Anyone with specific responsibilities should know what’s expected of them.
Have those conversations today, even though they are uncomfortable. Your family will thank you later.
Actionable Steps for Your Estate Plan
Estate planning is not a task you can afford to put off.
Every one of these mistakes I’ve discussed affects thousands of families every year. And every single one is completely avoidable with a little effort and professional guidance.
Start by taking an inventory of everything you own and everyone who relies on you.
The goal is not just to have a plan in place. The goal is to protect your family, your legacy, and ensure your wishes are carried out when it really matters.
Your next steps are simple:
- Review your current plan (or create a new one if you don’t have one yet)
- Update beneficiaries and documents
- Choose the right people for important roles
- Work with professionals who understand your situation
Don’t let procrastination or fear prevent you from securing what you hold most dear.
Your family is depending on you to make these decisions while you still can.