Estate planning is something many people put off, but starting sooner means greater peace of mind and security for you and your loved ones. It ensures your loved ones are looked after, your wishes are respected, and your assets are distributed according to your intentions.
Even with good intentions, many people make simple mistakes when preparing or maintaining their estate plan. These oversights can cause confusion, legal disputes, and unnecessary stress for loved ones. Here are some of the most common estate planning mistakes we see at Miller Harris Lawyers and how to avoid them.
Not updating your Will after major life changes
Your Will should grow and change with your life. Major events such as marriage, divorce, the birth of children or grandchildren, or purchasing property often change who and what is important to you. Unfortunately, many people forget to update their Will after these events.
An outdated Will can lead to unintended outcomes such as leaving assets to a former partner or excluding new family members altogether. Regular reviews, especially after significant milestones, can ensure your Will always reflects your current wishes.
Choosing the wrong executor or attorney
An executor carries the responsibility of managing your estate after your death, while an enduring power of attorney can make important financial and personal decisions during your lifetime if you ever lose capacity. Selecting the wrong person for either role can create delays, disputes, and emotional strain.
Choose someone who is reliable, trustworthy, organised, and capable of handling complex responsibilities under pressure. You may also consider appointing a professional adviser if family dynamics are sensitive or complicated.
Forgetting to include all assets
A comprehensive estate plan needs to account for everything, not just your home and savings. This includes:
- Superannuation and life insurance
- Digital assets such as online accounts, social media, and cryptocurrencies
- Personal items with sentimental value or cultural significance
Without clear instructions, these assets can easily be overlooked or disputed.
Failing to consider tax and superannuation implications
Estate planning isn’t just about who receives your assets, it’s also about maximising what they receive. Certain assets such as superannuation and investment properties can have tax implications that affect your beneficiaries’ entitlement. Professional legal and financial advice can help structure your estate to best protect what you’ve built.
Not having an enduring power of attorney
Your Will only takes effect after you pass away, but an enduring power of attorney safeguards your interests while you’re alive. It allows a trusted person to make financial and personal decisions on your behalf if you become unable to do so yourself due to illness or incapacity.
Without one, your loved ones may face complex and stressful court applications just to manage your affairs.
Neglecting to plan for guardianship or special wishes
If you have children under 18, it’s crucial to appoint a guardian in your Will. Without clear direction, guardianship decisions may be left to the courts, creating unnecessary uncertainty. Similarly, specifying how you’d like particular items (such as family heirlooms or sentimental belongings) handled can help prevent conflict between family members later on.
Thinking “I’ll do it later”
Procrastination is one of the biggest estate planning mistakes. Life is unpredictable, and waiting for the “right time” often means it never happens. Getting your estate plan in order now gives you peace of mind knowing everything is taken care of, no matter what happens.
Take action — review your Will today
An outdated or incomplete estate plan can undo years of good intentions. Whether it’s been a few years since you wrote your Will or you’ve recently experienced major life changes, now is the perfect time to review and update your documents.
At Miller Harris Lawyers, our experienced Wills and Estates team can help you:
- Review and update your existing Will and estate plan
- Prepare a new Will that reflects your current wishes
- Establish enduring powers of attorney and advance health directives
- Ensure your plan aligns with tax, superannuation, and family considerations
Take the step today to protect your legacy and give your loved ones peace of mind. Contact our team to arrange a confidential discussion about your estate planning needs.