Estate Planning Is Too Important to Get Wrong
Estate planning isn’t something you can afford to put off—or do halfway. Even people who think they’re covered often make small but costly mistakes that cause big problems for their families later. If your documents are outdated, incomplete, or poorly structured, your estate plan might not work the way you think it will.
Here are five of the most common estate planning mistakes—and how to avoid them by creating a plan that actually protects what you care about.
Mistake #1: Not Having an Estate Plan at All
By far the biggest mistake is doing nothing. Many people believe estate planning is only for the wealthy or elderly. Others procrastinate because it feels uncomfortable or complicated.
But the truth is simple: if you don’t make a plan, the state will make one for you. That means:
- Assets may be distributed by default laws, not your wishes
- A judge will decide who manages your estate or cares for your children
- Your family may face unnecessary delays, expenses, and conflict
Avoid it: Don’t wait. Even a basic estate plan with a will, power of attorney, and healthcare directive can make a huge difference. Our team can help you build a complete, legally valid plan that fits your needs and goals.
Mistake #2: Failing to Update Your Plan
Life changes fast—marriage, divorce, new children or grandchildren, buying a home, changing jobs, moving to another state. If your estate plan doesn’t reflect those changes, it may no longer be valid or effective.
Outdated documents can:
- List the wrong beneficiaries
- Assign responsibilities to someone who’s no longer involved in your life
- Fail to account for new assets or relationships
Avoid it: Review your estate plan every 3–5 years or after any major life event. Our digital platform makes updates easy and accessible—no new paperwork every time.
Mistake #3: Naming the Wrong People
Choosing the right executor, trustee, guardian, or power of attorney agent is a critical part of estate planning. Too often, people choose based on emotion or obligation instead of practicality.
If the person you choose is disorganized, uninterested, or lives far away, it can create complications and delays.
Avoid it: Choose people who are trustworthy, responsible, and capable of handling financial and legal responsibilities. If no one in your family fits that description, talk to us about other options.
Mistake #4: Not Including a Power of Attorney or Healthcare Directive
A will only goes into effect after you die. What if something happens and you’re alive but can’t make decisions for yourself?
Without a power of attorney and healthcare directive:
- Your family may not be able to access your bank accounts or pay your bills
- No one will be able to legally make medical decisions on your behalf
- Your loved ones may need to go to court to be appointed as your guardian
Avoid it: Include a durable power of attorney and medical power of attorney in every estate plan. These give people you trust the legal ability to act if you’re incapacitated.
Mistake #5: Thinking a Will Avoids Probate
Wills are important, but they don’t avoid probate. If your goal is to keep your estate out of the court system, reduce delays, or maintain privacy, you’ll need more than just a will.
Probate can take 6–18 months and cost thousands in legal fees—even for simple estates.
Avoid it: A revocable living trust allows you to bypass probate and maintain control over how and when assets are distributed. We’ll help you determine whether a trust is right for you.
Bonus Mistake: Not Coordinating Beneficiary Designations
Certain assets—like life insurance, retirement accounts, and bank accounts—transfer by beneficiary designation, not by your will or trust. If your designations don’t match your estate plan, it can lead to conflicting outcomes or leave some heirs unintentionally excluded.
Avoid it: Review and update all beneficiary designations regularly to make sure they align with your overall plan.
Avoid These Pitfalls With Professional Guidance
Most estate planning mistakes are entirely avoidable. With the right guidance and a legally sound structure, you can make sure your plan works exactly the way you intend—saving your family time, money, and stress.
At MB Wealth Advisors, we make the estate planning process fast, simple, and personalized. You’ll complete your documents online, with expert support and no confusing legal fees.
We help you:
- Create a legally valid will, trust, and POAs
- Name responsible individuals in key roles
- Keep your plan updated and accurate
- Avoid probate and protect your privacy
Get Your Plan Right From the Start
Whether you’re starting from scratch or updating an old plan, we’re here to help. Don’t leave your legacy vulnerable to costly mistakes.
Visit our Estate Planning Services to learn more, or call (704) 584-9363. You can also schedule a consultation using our secure form at mbwealthadvisors.com/contact/#connect.