Five Major Estate Planning Mistakes You Could Be Making Now

Estate planning is not for the timid. By that, we mean it involves facing the future and making some hard—sometimes very hard—decisions. Here are some major estate planning mistakes that you could be making now, and how to fix them.

Mistake #1 – Not Completing Your Estate Plan

At the very top of the list of mistakes is failing to complete your estate plan. This is much more common than you might think. According to Caring.com’s 2025 Wills and Estate Planning study, approximately 75% of people do not have a will. Many others have started their plans, but the work is incomplete. Paperwork is unsigned, assets have not been transferred to a trust, advance directives remain incomplete, or trustees and executors remain unnamed. If you die without a will, known as dying intestate, the state’s intestacy laws will apply. In many cases, this is not in accordance with the deceased’s wishes.  

How To Fix It – The fix depends upon the reason the estate plan is incomplete. If it is simply a matter of not having found the time to complete your estate plan, promptly make an appointment with your Long Island estate planning attorney, who will help you complete the necessary estate planning documents. However, the issue often involves failing to have difficult conversations with your loved ones. 

For example, the taboo on discussing money may come into play and delay the completion of your estate plan. Or you may not want to risk alienating a family member who will not be the beneficiary of your estate. There are ways to address these difficult conversations, such as choosing the right time and place for a serious, non-confrontational discussion and encouraging cooperation and family harmony. If it is not possible to have these types of conversations effectively without outside assistance, there are professionals, including lawyers, mediators, and financial planners who can help. 

Mistake #2 – Thinking You’re Not Old Enough Or Wealthy Enough to Need An Estate Plan

A common mistake is thinking that, since you’re relatively young with only a modest amount of assets, you don’t need an estate plan. But the truth is, it is recommended that you start estate planning when you become an adult at age 18. An important part of estate planning is having a legally valid financial power of attorney, medical power of attorney, will, and other documents. In the event of your incapacity, these documents will ensure that your wishes are carried out, regardless of your age and the value of your estate.

How To Fix It – Get started with estate planning today by contacting a Long Island estate planning attorney.   

Mistake #3 – Not Sharing Your Estate Plan With Your Loved Ones

How much of your estate plan should you share with your family? And how much should you expect them to share with you? The issue of transparency is a major hurdle for many families, and arguments can be found on both sides of the question. Sharing this information with your loved ones can compromise your financial privacy and personal information. Particularly when an estate involves a significant amount of money, people may be hesitant to share their estate plan. But transparency is often the recommended route, even when someone’s feelings may be hurt. Sharing your estate plans allows you to explain your reasoning about distribution, beneficiaries, and executors. 

How To Fix It – In most cases, we recommend sharing at least the parameters of your estate plan with your loved ones. Remember that what is fair isn’t always dividing your estate equally. Over the years, it is often the case that one child has received a down payment on a house while another has received money toward a college education. Sharing all this information can help prevent far worse outcomes later. In most cases, it’s important to have these discussions before someone dies, because asset distribution is the single most common type of litigation in estate planning. And if there is going to be an unequal distribution or a disinheritance, at least your heirs know what is coming down the pike. 

Mistake #4 – Worrying Too Much About Estate Taxes

Most people don’t realize that estate taxes affect only a small percentage of people. For 2026, unless your estate is worth more than $15 million as a single person, or $30 million as a couple, no estate taxes will be paid. If your estate is valued at or above those levels, it could be subject to federal taxes on the total fair market value of the assets at the time of death. Additionally, 11 states, including New York and the District of Columbia, impose estate taxes. 

How To Fix It – Unless you are ultra wealthy, you don’t need to worry about estate taxes. 

Mistake #5 – Relying on Online Documents

Many people immediately turn to the Internet to find what they need to draft their own plan, thinking they’ll save a few bucks. In some cases, the documents are free and may initially seem efficient. But using online documents to create your own estate plan can create all kinds of problems. For instance, the documents are often generic, cookie-cutter forms that are not situation-specific to you and your needs. If an heir successfully challenges the online will, trust, advance directive, or other documents, your wishes may be invalidated or trigger a probate proceeding.

How To Fix It – The most prudent course of action is to engage the services of a Long Island estate planning attorney to ensure that all of your estate documents comply with the law and will serve to further your wishes. 

Contact the Law Offices of Davidow, Davidow, Siegel & Stern, LLP

If you have identified yourself in any of these scenarios, it’s time to contact us here at Davidow, Davidow, Siegel & Stern to see how we can help you get your estate plan in good shape and up-to-date. We have been helping clients get their affairs in order for over 100 years, and we can help you and your family, too. Contact us today.