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Common Estate Planning Mistakes
“Even those with the best of intentions can fall into the trap of estate planning misinformation. Estate planning attorneys frequently hear rumors and ill advice disguised as facts.”
Every family has one: the brother-in-law or aunt who knows everything about, well, everything. When the information is wrong, expensive problems are created, especially when it comes to estate planning. Estate planning attorneys devote a good deal of time to education to help prevent unnecessary and costly mistakes, as described in the article “Misinformation, poor assumptions result in major planning mistakes” from The News-Enterprise.
Common Misconceptions about Estate Planning
The most common is the idea of a “simple” estate plan. What does “simple” mean? For most people, the idea of “simple” is appealing—they don’t want to deal with long and complicated documents with legal phrases they don’t understand. However, those complex phrases are necessary, if the estate plan is to protect your interests and loved ones.
Estate Planning as a Ongoing Process
Another mistake is thinking an estate plan is a one-and-done affair. Just as people’s lives and fortunes change over time, so should their estate plan. An estate plan created for a young family with small children won’t work for a mature couple with grown children and significant savings.
Accounting for Changing Family Dynamics in Estate Planning
Change also comes to family dynamics. The same cousin who was like a sister during your teen years may not be as close in values or geography, when you both have elementary school children. Do you still want her to be your child’s guardian? An updated estate plan takes into account the changing relationships within the family, as well as the changing members of the family. A beloved brother-in-law isn’t so beloved, if he divorces your favorite sister. When families change, estate plans need to be updated.
The Importance of Planning for Death and Incapacity
Here is a huge mistake rarely articulated: somehow not thinking about death or incapacity might prevent either event from happening. We know that death is inevitable, and incapacity is statistically probable. Planning for both events in no way increases or decreases their likelihood of occurring. What planning does, is provide peace of mind in knowing you have prepared for both events.
No one wants to be in a nursing home but telling loved ones you want to remain at home “no matter what happens” is not a plan for the future. It is devastating to move a loved one into a nursing home. However, people with medical needs need to be there to receive proper care and treatment. Planning for the possibility is better than a family making arrangements, financial and otherwise, on an emergency basis.
The Risks of Back-Door Alternatives to Estate Planning
Do you remember that all-knowing family member described in the start of this article? Their advice, however well-intentioned, can be disastrous. Alternatives to estate planning take many shapes: putting the house in the adult child’s name or adding the adult child’s name to the parent’s investment accounts. If the beneficiary has a future tax liability, debt or divorce, the parent’s assets are there for the taking.
Properly done, with the guidance of an experienced estate planning attorney, your estate plan protects you and those you love, as well as the assets you’ve gained over a lifetime. Don’t fall for the idea of “simple” or back-door alternatives. Formalize your goals, so your plans and wishes will be followed.
Reference: The News-Enterprise (Aug. 24, 2021) “Misinformation, poor assumptions result in major planning mistakes”
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Attorney Benjamin Long
Benjamin Long is a founding attorney at Schlagel Long, LLC, an estate planning and probate law firm based in Olathe, Kansas. With a strong background in both litigation and long-term planning, Ben helps individuals and families create estate plans that truly reflect their values, protect their assets, and avoid common and costly mistakes.
Ben brings more than a decade of legal experience to his work, including handling wills and trusts, probate disputes, fiduciary duty claims, and property matters. He is especially passionate about educating clients so they can avoid misinformation—like the myth of the “simple” estate plan—and instead make informed, lasting decisions that prevent future conflict and court involvement.
A graduate of Washburn University School of Law, Ben earned a Certificate in Advocacy and was inducted into the national Order of the Barristers. He also holds a degree in Biology from Kansas State University, where he was active in student government, athletics, and leadership.
Recognized as a Super Lawyer Rising Star and a recipient of the Martindale-Hubbell Client Distinction Award, Ben also teaches future lawyers as an adjunct professor at Washburn Law School and as head coach of the Kansas State Mock Trial Team.
Ben lives in Olathe with his wife, Dr. Andra Long, and their two daughters.
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