Common Estate Planning Mistakes
Your last will and testament represents one of the most critical legal documents you will create. It enables you to designate where your property, guardianship, and debts should go following your death, while appointing an executor to implement your wishes.
Despite recent challenges, approximately two out of three American adults lack a will. The primary barriers cited are procrastination and the belief that insufficient assets warrant estate planning. However, estate planning attorneys recognize this as a serious oversight – everyone over 18 should have some estate planning documents in place to protect their families during difficult times.
Major Estate Planning Mistakes
Assigning Multiple Co-Executors
Designate a single executor with an alternate rather than multiple co-executors. When all children serve as executors, agreement becomes unlikely. Consider a house sale: disagreements over selling versus keeping the property or its price can create gridlock. If parents insist on naming all children, have everyone sign advance waivers clarifying dispute resolution procedures.
Relying Solely on a Will for Probate Avoidance
A valid will must pass through probate and court administration depending on jurisdiction. Assets titled solely in your name without beneficiary designations will go through probate before distribution. Consult an estate planning attorney about trusts, asset titling strategies, and other probate minimization approaches.
Lacking Clarity About Personal Possessions
Vague language like leaving “an equal share” to heirs invites conflict. Emotional attachments to belongings intensify after loss, sometimes causing siblings who previously got along to litigate. Detailed will language and pre-death family discussions significantly reduce disputes. Specify which child receives particular items like family heirlooms.
Failing to Update Estate Plans
Life events like births, marriages, divorces, or relocations signal update needs. However, plans require review every three to five years regardless. If a child dies, grandchildren will not inherit without specific will provisions.
Considering Inheritance Impact
Substantial wealth transfers to young adults can prove destructive. Large gifts to college students might disqualify them from financial aid. Similarly, significant inheritances given during divorce proceedings may end up in ex-spouse accounts. Thoughtfully evaluate inheritance impacts across short and long-term timeframes.
Keeping Documents Secret
Ensure people know where to find your estate documents and store them securely. Undiscovered wills essentially do not exist.
Avoiding DIY or Inexperienced Legal Assistance
Courts can declare self-drafted wills invalid, making them essentially nonexistent. Non-estate specialists risk serious errors. Estate planning complexity means mistakes become expensive for heirs.
If you are ready to create or update your estate plan, contact The Stegall Law Firm to schedule a consultation. We can help you avoid these common mistakes and build a plan that truly protects your family.
