Many Georgia families believe estate planning is something they can put off, or that it only matters for those with significant wealth. Estate planning is about far more than distributing assets. It’s about ensuring your loved ones are cared for, your wishes are respected, and your family avoids unnecessary conflict and court involvement after you’re gone.
At Steele Law Firm in Marietta, we often meet families who come to us after a loved one’s passing, only to discover that important documents were missing or outdated. Let’s look at the most common estate planning mistakes and, more importantly, how to avoid them.
No Estate Plan at All
One of the biggest and most costly mistakes is having no estate plan. According to recent studies, only about one-third of Americans have a will or trust. Without one, Georgia’s intestacy laws decide who inherits your property, and the results might not reflect your wishes.
If you pass away without a will, your estate will go through probate. The court will appoint someone to handle your affairs, and your assets may be divided in ways you never intended.
Creating a simple, legally valid estate plan gives you control over your assets and peace of mind for your family.
Forgetting to Name or Update Beneficiaries
Many people don’t realize that not all assets pass through a will. Life insurance policies, retirement accounts, and investment funds transfer directly to the person named as the beneficiary. If those forms list an outdated name, like an ex-spouse, that person will still receive the funds, no matter what your will says.
To avoid this:
- Review beneficiary designations every few years.
- Update them after major life changes such as marriage, divorce, or the birth of a child.
- Keep a record of all accounts and confirm that each aligns with your overall estate plan.
Relying Only on a Will
A will is an important foundation, but it’s just one part of a complete estate plan. Assets that pass through a will still go through probate, which can be time-consuming and public. Trusts, on the other hand, can help families avoid probate, maintain privacy, and protect assets from creditors or misuse. Read more on what happens without a probate attorney in our blog, What Happens If You Don’t Hire a Probate Attorney in Georgia?
A revocable living trust is often a helpful tool for families with minor children, property in multiple states, or complex financial situations. A wills and trust lawyer in Marietta, GA, can help determine whether a trust makes sense for your goals.
Read more in our blog, Wills vs. Trusts in Georgia: A Complete Guide for Families in Marietta
Ignoring Taxes and Financial Planning
While Georgia does not currently impose a state estate tax, families may still face federal estate or capital gains taxes depending on their situation. Gifting assets too early or without proper structure can create unexpected tax bills for loved ones.
An attorney can coordinate your estate plan with your financial and tax advisors to ensure your plan minimizes taxes and supports your family’s long-term financial health.
Waiting Until Retirement to Start Planning
Estate planning isn’t something to postpone until you’re older. Once you turn 18, you’re legally an adult, meaning no one, not even your parents, can make medical or financial decisions for you without proper authorization.
Every adult should have:
- A financial power of attorney allows someone you trust to handle legal or financial matters if you’re incapacitated.
- A healthcare directive to outline your medical preferences and appoint a healthcare agent.
- A last will and testament to name guardians for minor children and outline how you want your assets distributed.
Thinking Trusts Are Only for the Wealthy
Trusts are for anyone who wants to protect their assets, simplify estate administration, or care for a loved one with special needs.
For example:
- A Special Needs Trust ensures a disabled loved one can benefit from your estate without losing access to government benefits.
- A Minor’s Trust can provide financial security for children until they reach a responsible age.
Setting up a trust without funding it (transferring assets into it) is another common oversight. A trust only works if it’s properly funded and maintained.
Failing to Review and Update Your Plan
Life changes, and your estate plan should, too. Major life events such as marriage, divorce, the birth of a child, or buying property should all trigger an estate plan review.
We recommend reviewing your documents every three to five years, or sooner if tax laws change. A quick check-in with your estate planning attorney can ensure everything stays current and aligned with your goals.
Key Takeaways
- Start early. Estate planning isn’t just for retirees; it’s for every adult.
- Keep beneficiaries updated. Outdated forms can lead to unintended results.
- Consider a trust. They’re valuable tools for protecting assets and avoiding probate.
- Review regularly. Your estate plan should grow with your family and financial life.
- Get professional guidance. A local wills and trust lawyer in Marietta, GA can ensure your plan complies with Georgia law and reflects your wishes.
Planning Today for Peace Tomorrow
Estate planning doesn’t have to be stressful. A little preparation now can spare your family confusion and heartache later. Steele Law Firm helps Georgia families create clear, thoughtful plans that protect what matters most. Schedule a consultation with Steele Law Firm today.
References: MSN (June 24, 2025). “15 Estate Planning Mistakes That Can Cost Families $100,000+.” and The Daily Record (Dec. 17, 2024). “Experts urge early estate planning to avoid costly mistakes.”