Common Estate Planning Mistakes And How A Lawyer Can Help You Avoid Them

At Carpenter & Lewis PLLC, we often hear people say, “I’ll get around to estate planning later.” Unfortunately, delaying or mishandling your estate plan can lead to costly mistakes that affect your family’s future. Estate planning is about more than drafting a will—it’s about protecting your loved ones, securing your assets, and ensuring your wishes are honored.

In this post, we’ll cover some of the most common estate planning mistakes we see and explain how working with a lawyer can help you avoid them.

1. Not Having An Estate Plan At All

One of the biggest mistakes you can make is failing to create an estate plan. Without one, your assets will be distributed according to state laws, which may not align with your wishes. This can lead to disputes, delays, and unnecessary stress for your loved ones.

By working with a Maryville, TN estate planning lawyer, you can create a comprehensive estate plan tailored to your needs, ensuring that your family is cared for and your wishes are respected.

2. Forgetting To Update Your Estate Plan

Life is constantly changing, and your estate plan should evolve with it. Major life events—such as marriage, divorce, the birth of a child, or acquiring new assets—can make an outdated estate plan ineffective.

We recommend scheduling regular reviews of your estate plan with us to ensure it reflects your current circumstances and wishes.

3. Failing To Designate The Right Beneficiaries

Naming the wrong beneficiaries or failing to update beneficiary designations on accounts like life insurance or retirement plans can lead to unintended consequences. For example, if you forget to remove an ex-spouse as a beneficiary, they could inherit assets you didn’t intend for them.

Our team helps you review and update beneficiary designations as part of your overall estate plan, avoiding costly errors.

4. Overlooking The Importance Of A Trust

Many people assume that a will is enough, but for some, a trust can offer greater benefits. Trusts help you avoid probate, reduce taxes, and provide control over how and when your assets are distributed.

We can guide you in determining whether a trust is the right tool for your estate plan and help you establish one if needed.

5. Not Planning For Incapacity

An estate plan isn’t just for when you pass away—it also protects you during your lifetime. Failing to include documents like a durable power of attorney and healthcare directives can leave your family struggling to make decisions on your behalf if you become incapacitated.

We help you put these critical documents in place, ensuring your wishes are honored in all scenarios.

Avoiding these common estate planning mistakes is key to protecting your family and ensuring your legacy. With our expertise, we’ll guide you through the process, help you make informed decisions, and create a plan that provides security and peace of mind.