Estate Planning Mistakes Even the Wealthy Can Fall For

Even a well-crafted estate plan can fail if key documents, beneficiaries, or trusts are overlooked.

Keeping your estate plan current is just as important as creating one in the first place. Vitalii Vodolazskyi/Shutterstock

You may have an estate plan and believe you’re all set. But as life events occur, laws change, and the financial world evolves, you may actually be falling behind what you need.

But don’t fret. We’re going to review some key estate planning mistakes that even the wealthy can fall for. So let’s take a look.

Having an Incomplete Estate Plan

According to the 2026 Estate Planning Report by trust&will, more than half, or 56 percent, of adults lack the five core estate planning documents the survey tracked.