Even the most well-intentioned estate plans can falter due to common errors. A recent article from The National Law Journal, “Estate Planning Mistakes—2025 Annual Refresher—Part 3 [Podcast],” highlights critical missteps that can jeopardize an estate plan and provides strategies to safeguard both the plan and family relationships.
Transparency is essential when crafting an estate plan. While it may be uncomfortable to discuss sensitive matters, withholding information can severely compromise the plan. Examples include:
These omissions are especially problematic in blended families. For instance, failure to disclose a child from a prior marriage can lead to disputes among heirs. Executors may also face challenges if hidden debts or assets are discovered after death, potentially resulting in legal battles and tax liabilities.
Solution: Be open and honest with your estate planning attorney about all financial, familial, and legal circumstances.
Discrepancies between estate planning documents and financial instruments can create significant conflicts. For example, if a will divides assets equally among children, but a life insurance policy names only one child as a beneficiary, the plan’s intent is undermined.
Solution: Regularly review and align all documents, including:
An estate planning attorney, financial advisor, and CPA can collaborate to ensure all elements work together seamlessly.
A lack of communication can lead to misunderstandings, unmet expectations, and family disputes. For example, if parents decide to leave a larger share of their estate to a financially struggling child, siblings may feel blindsided and resentful.
Solution: Schedule a family meeting to discuss the estate plan, either in person or via video call. If conversations are challenging, involve your estate planning attorney to mediate and explain decisions.
Joint tenancy might seem like an easy way to bypass probate, but it can have unintended consequences. Assets in joint tenancy pass directly to the surviving co-owner, bypassing the will or trust. For instance, if one child is named on a joint account, they are not legally required to share those funds with their siblings, potentially causing conflict.
Solution: Review joint tenancy arrangements and consider alternatives, such as a revocable trust, which allows for flexibility and ensures that assets are distributed according to the estate plan.
Verbal promises, such as passing down family heirlooms, are unenforceable if disputes arise. This often leads to hurt feelings and fractured relationships.
Solution: Document all agreements in writing and include them in the estate plan. Discuss these decisions with heirs to minimize misunderstandings.
Effective estate planning involves meticulous attention to detail, open communication, and professional guidance. Beyond protecting assets and ensuring a smooth transfer of wealth, a well-crafted plan fosters harmony among family members—the most valuable legacy of all.
Estate planning is about more than just passing on assets; it’s about preserving family harmony and honoring your intentions. At The Werner Law Firm, our experienced estate planning attorneys are here to help you avoid common pitfalls and create a comprehensive plan tailored to your unique circumstances. Let us guide you in building a plan that secures your legacy and protects your loved ones.
If you have any questions, schedule a free appointment with us through our online appointment page.
You can also read reviews from some of the hundreds of clients we have helped over the years.
Reference: The National Law Journal (Dec. 17, 2024) “Estate Planning Mistakes—2025 Annual Refresher—Part 3 [Podcast]”
Founded in 1975 by L. Rob Werner, The Werner Law Firm and our dedicated attorneys are available for clients, friends, and family members to receive the legal help they need and deserve. You can trust in our experience and reputation to help navigate you through your unique legal matters.
Hiring a lawyer can be a daunting task, but it doesn’t have to be. From the moment you contact our firm, through the final resolution of your matter, our goal is to make the process easy and understandable. Through our Werner Law Firm Difference, our goal is to have you feel like a burden was lifted from your shoulders, and that we made the whole process an easy one
If you’re looking into taking care of your estate planning, we urge you to schedule a free initial appointment today and join the many satisfied clients who have contacted Werner Law Firm.
