Estate planning can be a challenging and daunting process, with several things to consider, and there are frequently a variety of solutions available, each with unique advantages — or disadvantages.
By helping you avoid common misperceptions and mistakes surrounding estate planning so that there are no legal issues for your beneficiaries to deal with after your passing, a skilled lawyer may be able to help you now, to lessen the strain on your family at what may be a difficult time later.
Common Misperceptions and Mistakes Surrounding Estate Planning
Lack of an estate plan, or an estate plan that is
incomplete
No matter what your age, an estate plan is a key component to
planning for the future. Whether an estate is simple, complex, or
somewhere in between, when faced with the often-complicated and
confusing decisions that may arise during stressful and traumatic
times in your life, being prepared can bring peace of mind.
Without an estate plan, it doesn't matter what you told your family about your wishes after you die, New York intestacy laws will determine how your assets will be distributed. Having an estate plan makes clear what your plans are after your death. Without a complete and clear estate plan, including a will or trust, the court will not be able to enforce your plans.
Not updating your estate plan
Life can take twists and turns, and as time goes by and life
changes occur, it is important to keep your estate plan up to
date.
If you move to a different state, you need to review your estate plan. Wills, trusts and powers of attorney are state-law-driven documents, and moving can cause issues. When a new family member is born or someone passes away, beneficiary designations may need to be updated. And changes at the state or federal government can severely impact estate planning.
So when exactly is the right time to update your estate plan? If you answer "no" to any of the following questions, then it may be time to consult with a trusts and estates attorney to update your estate plan:
- Does the estate plan align with current goals and priorities?
- Does the estate plan account for major or recent life changes?
- Does the estate plan contain core estate planning documents?
- Does the estate plan include up-to-date beneficiary designations?
- Does the estate plan minimize potential taxes and expenses for heirs?
- Does the estate plan contain special needs or disability planning?
- Does the estate plan avoid probate?
A plan that doesn't comply with current laws
Tax laws and other legal regulations often change, and the
recent One Big Beautiful Bill Act of 2025 (OBBB), for example,
introduced significant changes to estate and tax planning. While
talk often focuses on high-net-worth individuals or estates, the
changes in the OBBB affect everyone, from younger professionals to
retirees and can impact even the most well-prepared plans.
Therefore, it is important to keep tabs on changing laws as they
relate to estate planning, particularly regarding tax
implications.
Not including provisions for disability or long-term care
planning
Recent cuts to Medicaid and other safety-net programs and
plans to rely on public benefits for long-term care may cause
issues for your future self. Private long-term care insurance and
Medicaid planning is becoming increasingly crucial for middle-class
families. Further, the 2025 OBBB law maintains or increases
tax-deductible limits for qualified long-term care insurance
premiums, so it is important to ensure your policies qualify to
maximize tax benefits.
Not including estate tax liability
Permanent changes to individual income tax provisions affect
IRAs, Roth conversions, and income-shifting strategies. A key step
involves aligning retirement and estate plans to minimize taxes and
enhance your legacy for your family and heirs.
Improper documentation of ownership of assets
If an affidavit of ownership, such as a property deed or
other document claiming ownership is used incorrectly or lacks the
proper supporting documents, it can result in transaction
rejections, legal disputes, and even accusations of fraud.
Plan Ahead
With so many options to plan your future, it may seem daunting, however, with the help of Tully Rinckey's experienced trusts and estates attorneys, we can help you decide on what's best to plan out your and your family's future. We will make sure you understand how the legal system works and keep you directly involved in the process, so your needs and goals are adequately addressed. No matter the trust or estate management issue you face, our legal team is dedicated to providing you with high-quality, affordable estate planning and elder law services.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
