The High Cost of Inaction
Discover the 7 biggest estate planning mistakes you can make, and more importantly, how to avoid them to protect your legacy and your loved ones.
The Planning Gap
68%
of Americans do not have a will.
This is Mistake #1: not having a plan at all. When you don't have a plan, the state makes one for you, and it's almost certainly not what you would have wanted. This lack of planning is the single biggest risk to your legacy.
Common Pitfalls: More Than Just a Will
📄Mistake #2: Only Having a Will
A will is essential, but it's not a complete plan. It doesn't help if you become incapacitated and it guarantees your estate will go through the public, costly, and time-consuming probate process.
🧑⚕️Mistake #3: Forgetting Incapacity
What happens if you can't make decisions for yourself? Without planning, your family faces a court process called guardianship to manage your affairs. This is expensive, stressful, and strips you of your privacy and control.
📆Mistake #4: Set It & Forget It
Your life, finances, and the law all change over time. An outdated plan can lead to unintended consequences, leaving your loved ones with a mess. Your plan needs regular check-ups just like you do.
When Should You Update Your Plan?
Major life events are a critical signal that your estate plan needs a review to ensure it still reflects your wishes and circumstances.
Marriage or Divorce
Your relationship status fundamentally changes your estate plan.
Birth or Adoption
Welcoming a new child or grandchild requires naming guardians and planning for their future.
Significant Financial Change
A large inheritance, sale of a business, or major investment shifts your planning needs.
Moving to a New State
Laws differ state-to-state. Moving to Oregon, for example, means facing its unique estate tax.
Death of a Beneficiary or Fiduciary
Your plan needs backups for who inherits your assets and who manages your estate.
Hidden Dangers: Where Your Money Really Goes
Two of the most overlooked mistakes—improper asset titling and underestimating state taxes—can drastically alter your legacy.
Mistake #5: The Beneficiary Bypass
Your will can be overruled. Assets like 401(k)s and life insurance pass directly to the person named on the beneficiary form, no matter what your will says.
Your Will Says:
"Give my entire estate to my Trust for my kids."
Your House
Goes to Trust ✅
Your 401(k)
Goes to Ex-Spouse named as beneficiary ❌
An outdated beneficiary form can accidentally disinherit your children.
Mistake #6: The Oregon Estate Tax Trap
Oregon's estate tax exemption is dramatically lower than the federal level, catching many families by surprise and leading to a significant tax bill.
Mistake #7: Choosing the Wrong People for the Job
The people you choose to carry out your wishes are critical. Picking someone who is unwilling, unable, or untrustworthy can lead to disaster.
Executor
Manages your estate through probate, pays debts, and distributes assets.
Trustee
Manages assets held in a trust, often for years, for your beneficiaries.
Guardian
Cares for your minor children if you can't. The most important job of all.
These roles require responsibility, organization, and integrity. Choose wisely.