Estate planning doesn't have to be complicated. In fact, many of the biggest mistakes aren't legal mistakes at all—they're simply things people forget to do.
During National Make-A-Will Month, take a few minutes to see whether any of these common oversights apply to you.
Mistake #1: Thinking You're Too Young
Estate planning isn't just for retirees. Anyone over the age of 18 should have basic estate planning documents, especially if they have children, own property, or have financial accounts. Unexpected events can happen at any age.
Mistake #2: Forgetting Beneficiary Designations
Your retirement accounts, life insurance policies, and many investment accounts usually pass directly to the beneficiary you've named. That means an outdated beneficiary designation could unintentionally override your current wishes. Review these forms regularly.
Mistake #3: Not Updating Your Documents
A will created 20 years ago may no longer reflect your life today. Marriage, divorce, births, deaths, and significant financial changes are all good reasons to revisit your estate plan.
Mistake #4: Choosing the Wrong Executor
Your executor will be responsible for carrying out your wishes. Choose someone who is trustworthy, organized, and willing to serve—not simply the oldest child or closest relative. It's also wise to name an alternate executor.
Mistake #5: Forgetting Digital Assets
Today's estate plans should include digital accounts such as:
- Online banking
- Social media
- Cloud storage
- Password managers
Keeping an updated list of important accounts and instructions can save your loved ones significant stress.
Mistake #6: Not Talking with Your Family
Estate planning documents are important—but conversations are equally valuable. Sharing your wishes ahead of time can help reduce confusion and family conflict later.
Mistake #7: Assuming Estate Planning Is Only About Money
Estate planning is about much more than distributing assets. It's about protecting loved ones, providing clear instructions, preserving your values, and creating the legacy you want to leave behind.
Small Steps Make a Big Difference
The good news? Every one of these mistakes is preventable. If it's been several years since you've reviewed your estate plan, National Make-A-Will Month is the perfect reminder to revisit it. A little planning today can make a tremendous difference for your family tomorrow.
