CONSERVE. PLAN. GROW.®
Estate planning is one of the most important parts of long-term financial planning. Not only does an estate plan document your end-of-life wishes, but it also helps ensure that your wealth is effectively transferred to the next generation.
Yet according to Caring.com’s 2025 Wills and Estate Planning Study, fewer than half of all Americans have completed any form of estate planning.1
At The Fiduciary Group, we encourage our clients to have an up-to-date will as a baseline estate planning measure. In certain situations, additional tools like trusts can also add value. However, even the most comprehensive estate plans can fall short if common pitfalls aren’t avoided.
Mistake #1: Relying Solely on a Will
A will is one of the most foundational pieces of an estate plan, dictating how your personal property will be distributed after your passing. However, research indicates that up to 3% of all wills in the United States are contested through a costly, protracted legal process.2 To avoid the potential threat of litigation, some individuals may find it beneficial to add a living trust to their estate plan.
A trust is significantly harder to contest than a will, which can make it a more robust and effective estate planning tool. Generally speaking, those with over $1 million in assets are most likely to find the administrative costs of establishing a trust worthwhile. Wills can be particularly vulnerable to disputes when there are no surviving heirs to directly inherit an estate. For these reasons, it is a mistake to assume that a will alone constitutes a comprehensive estate plan.
Mistake #2: Not Effectively Using TOD Provisions
One simple and often overlooked estate planning tool is the Transfer on Death (TOD) provision. Assets with a TOD are passed directly to named beneficiaries, avoiding the probate process entirely. While these provisions are most closely associated with investment accounts like IRAs, certain states (including Georgia) allow individuals to attach TODs to real estate.
Although TOD provisions can help ensure that assets pass efficiently to heirs, it’s also important not to overuse them. Because TOD assets bypass probate, they may leave insufficient funds available for estate-related bills, such as debt, taxes, or administrative costs. This makes it essential to incorporate TODs in the context of a broader estate plan.
Mistake #3: Designating Your Kids as Trustees
If you have a trust, it may seem sensible to name your adult children as trustees, responsible for managing and distributing the assets upon your passing. However, if your children are not financially savvy or have a challenging relationship with each other, it might be advantageous to designate a professional trustee. As a fiduciary, a professional trustee serves as an independent representative who ensures the deceased’s wishes come first.
One benefit of appointing a professional trustee is that distributions from the trust are approved by a neutral third-party, rather than family members. This can make it easier to decline inappropriate or exorbitant requests. In addition, a professional trustee who is knowledgeable about tax law can ensure that your trust is effectively invested and disbursed in accordance with both your goals and applicable laws.
Mistake #4: Not Making Updates After Major Life Events
Estate planning is an evolving process, not a static one. If you’ve recently married, divorced, had children, or experienced another major life event, it’s important to review your estate plan. By working with your financial advisor and your estate planning attorney, you can ensure that your wishes are kept up-to-date in light of new life circumstances.
In particular, changes to your marital status can have a major impact on how your estate is divided. Spouses may have the right to a portion of an estate, even if not explicitly named in planning documents. Moreover, if you have recently experienced a major medical diagnosis, it’s important to review the current status of any health directives.
Mistake #5: Not Making Updates After Changes in Net Worth
Just as changes in life circumstances can impact your estate plan, so too can changes in your net worth. For example, some individuals direct a portion of their estate to go to charity. If higher-than-anticipated medical costs have depleted the value of your assets, you may wish to readjust this philanthropic allocation to ensure that your beneficiaries receive a suitable share.
On the other hand, unexpectedly strong asset appreciation may leave you with the flexibility to distribute your estate more widely. In either case, working with your professional estate team can help you determine the best course of action following significant net worth changes.
Mistake #6: Making Verbal Changes to Your Estate Plan
If you wish to make changes to your estate plan, it is imperative that those changes are appropriately documented. Verbal changes to your estate plan are not legally binding, so telling your children about your wishes will not suffice under the law. Likewise, suggesting changes to your estate plan in an email to your financial advisor or your estate planning attorney is inadequate.
In order for changes to be effective, your estate planning documents must be updated, signed, and dated in compliance with the law. While it’s acceptable to email a written memorandum for the distribution of your personal property to your professional team, a will or trust must be updated through proper channels. Your financial advisor and your estate planning attorney can help ensure that any changes are properly documented and legally binding.
Conclusion: Planning Ahead
At The Fiduciary Group, we help our clients integrate comprehensive estate planning into their financial strategy while avoiding the mistakes that can undermine a plan. Our extensive estate planning experience allows us to serve as a trusted partner in helping our clients and their families navigate the process.
Whether you’re looking to update an existing estate plan or start one from scratch, our team is here to help ensure that your wishes are carried out and that your wealth is transferred effectively. It’s never too early to plan for the future. We invite you to reach out to us at any time for assistance.
1. Caring.com, 2025 Wills and Estate Planning Study Link
2. Nevada Law Journal, Au Revoir, Will Contests: Comparative Lessons for Preventing Will Contests Link