Estate Planning Mistakes To Avoid

For most people over the age of 18, the do-it-yourself approach to estate planning is as bad as and can have the same effect as not having any estate plan at all. This is because unless you have a very simple estate, chances are high that you will make some serious mistakes when doing your own estate plan.

Once you have passed, there’s no going back. You’re no longer around to tell the court what you meant to do or say which makes it nearly impossible to correct your mistakes —while it is guaranteed to be difficult, time-consuming, and expensive to even try. The result is that you effectively leave your estate a mess, and your loved ones may end up with little more than frustration, headaches, and conflict.

Here are just a few things that can happen when you try to do your own estate planning:

• You may miss legal deadlines.

• You may invalidate government disability payments for a loved one.

• You may create a Will conflict situation among your relatives.

• You may miss opportunities or legal strategies that could benefit your estate and loved ones.

• You may completely invalidate your Last Will and Testament.



• You may cause your entire estate to have to go through probate.

Trying to do your own estate plan can result in a disaster, so please consult a professional.

Not Putting a Residuary Clause in Your Will

Another common mistake people make when doing their own Last Will and Testament (“Will”) is forgetting to put in a residuary clause. A residuary clause is a clause in your Will that leaves “all the rest and residue” of your estate to someone or to a trust.

It is what is left after all administrative costs and taxes have been paid and all specific bequests have been distributed. It’s all the rest—which can be the bulk of—your assets.

Making Beneficiary Designation Errors

A third common mistake is making beneficiary designation errors in your Will. There are several facets to this type of estate planning mistake: one is failing to name alternate beneficiaries in your Will and in other necessary estate planning documents.

Another mistake is naming your minor children as beneficiaries of your life insurance policies. This is costly and will not get you the desired outcome of having the insurance proceeds go directly to your children. Instead, a court-appointed guardian will be required, and he or she will control the money.

A third beneficiary designation mistake is thinking that your Will controls assets such as monies in retirement accounts or annuities; it does not. These assets do not go through probate but pass directly to the named beneficiary.

Estate planning is a complex and complicated area of law. Mistakes in your estate planning can be expensive if not downright impossible to fix. So, do the smart thing and consult with an experienced estate and probate lawyer to assist you in preparing your estate plan.

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As a blog exclusive, we also have some free estate planning resources for you! View our life planning guide and our estate planning checklist below to either begin your estate planning or check to be sure you're up-to-date on your documents.

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