5 Common Estate Planning Mistakes—And How to Avoid Them
Estate planning protects your family, your finances, and your peace of mind. Yet, many people delay it or skip important steps. As a result, loved ones often face legal and financial issues that could have been avoided.
At Wood Hanna Law, we work closely with Virginia families to craft personalized estate plans. Let’s explore five common estate planning mistakes—and how you can avoid them before it’s too late.
1. Waiting Too Long to Create an Estate Plan
Many people believe they can wait until later in life to start estate planning. However, unexpected events can happen at any time. Without a plan, your family may struggle to make decisions or manage your assets.
How to avoid it:
Start your estate plan early—especially if you have children, own property, or want your healthcare wishes respected. Then, review your plan regularly to keep it up to date.
2. Skipping a Will or Trust Entirely
If you die without a will, Virginia’s laws decide who receives your property. Unfortunately, the default outcome may not reflect your true intentions. This can lead to stress and disputes among surviving family members.
How to avoid it:
Instead of leaving your legacy to chance, create a will with help from an estate planning attorney. For additional control and privacy, consider setting up a trust that meets your goals.
3. Ignoring Beneficiary Designations
Some assets—like life insurance or retirement accounts—transfer directly to named beneficiaries. But if those designations are missing or outdated, they can override your will and cause confusion.
How to avoid it:
Update your beneficiary information regularly. Life events such as marriage, divorce, or the birth of a child should prompt immediate updates. This simple step keeps your plan aligned with your wishes.
4. Leaving Out Powers of Attorney and Advance Directives
Estate planning goes beyond what happens after death. You also need to plan for situations where you can’t make decisions for yourself. Without these documents, your family may need to go through court just to act on your behalf.
How to avoid it:
Include powers of attorney for both finances and healthcare. Also, complete an advance directive to clearly explain your medical preferences. These tools ensure your voice is heard—even if you can’t speak for yourself.
5. Failing to Update Your Estate Plan
Life changes—and your estate plan should too. A plan written years ago may no longer fit your current circumstances. Outdated plans can lead to confusion or even legal challenges.
How to avoid it:
Review your plan every two to three years. More importantly, update it after major events like births, deaths, marriages, divorces, or significant changes in your assets. Keeping it current helps protect your loved ones.
Take Action to Protect Your Future
Clearly, estate planning isn’t just about documents—it’s about protecting the people and values that matter most. Fortunately, with professional guidance, you can build a plan that gives you confidence and clarity.
At Wood Hanna Law, we help clients throughout Virginia navigate every step of the estate planning process. We make it approachable, effective, and personal.
👉 Ready to get started or review your current plan? Contact us today to schedule a consultation.
