6 Common Estate Planning Myths That Are Worth a Second Look
Estate planning can feel like a one-time project.
You create a will, sign the documents, name your beneficiaries, and check it off the list.
But estate planning doesn’t always work that way.
Some of the most common assumptions about estate plans sound perfectly reasonable. The problem is that relying on the wrong assumption could affect how your assets are handled, who can make decisions for you, or whether your wishes are carried out the way you intended.
Here are six common estate planning myths that I think are worth a closer look.
Myth 1: “I Have a Will, So My Estate Plan Is Basically Done”
A will is an important part of many estate plans, but it may not address everything.
For example, a will generally doesn’t determine what happens if you become unable to make financial or healthcare decisions for yourself during your lifetime.
That’s where other documents and designations may become important.
Estate planning is less about having one particular document and more about making sure the different pieces of your plan work together.
Myth 2: “I Have a Will, So My Estate Won’t Go Through Probate”
Having a will does not necessarily mean your estate will avoid probate.
In many cases, probate is the legal process used to validate a will and carry out its instructions.
There are ways certain assets may pass outside probate, depending on how those assets are owned or titled and whether beneficiary designations are in place.
The important point is that having a will and avoiding probate are not the same thing.
Myth 3: “I Updated My Will, So My Beneficiaries Are Covered”
This is one of the estate planning details I think is particularly easy to overlook.
Updating your will generally doesn’t automatically update beneficiary designations on accounts such as retirement plans, life insurance policies, and certain financial accounts.
Those assets may pass according to the beneficiary designation associated with the account rather than instructions in your will.
That creates a good reason to review beneficiary designations periodically, particularly after major life changes.
Marriage, divorce, births, deaths, and changes in family relationships can all be reasons to take another look.
Myth 4: “If I Can’t Manage My Finances, My Family Can Just Step In”
Many people assume a spouse or family member will automatically be able to handle financial matters if they become incapacitated.
That may not always be the case.
A financial power of attorney can give someone you choose the authority to handle certain financial matters on your behalf if you’re unable to do so yourself.
Without the appropriate authority already in place, even someone you trust may face limitations.
It’s an uncomfortable scenario to think about, but planning for it ahead of time can make things much clearer for everyone involved.
Myth 5: “My Family Already Knows What I Want”
You may have talked with your family about what you would want if you couldn’t make healthcare decisions yourself.
Those conversations are valuable.
But memories can differ, circumstances can change, and family members may interpret previous conversations differently.
A healthcare directive can provide more specific guidance for those situations.
I think the larger lesson here goes beyond the document itself: important wishes shouldn’t exist only in someone’s memory.
Clear communication and appropriate documentation can help the people you trust understand what you actually want.
Myth 6: “Estate Taxes Will Take a Big Chunk of What I Leave Behind”
Estate taxes get a lot of attention, but the rules are more nuanced than this assumption suggests.
The federal estate tax applies only above a certain exemption amount, and state estate or inheritance taxes vary depending on where you live and other circumstances.
Tax laws can also change over time.
Rather than assuming estate taxes will—or won’t—be a major issue, this is an area where your specific circumstances matter.
An Estate Plan Isn’t Something to Put on Autopilot
There’s a common theme running through all six of these estate planning myths:
Things change.
Your assets change.
Your family changes.
Your beneficiaries can change.
Your wishes may change.
And tax and estate laws can change.
That means an estate plan that made perfect sense years ago may deserve another look today.
You don’t necessarily need to overhaul your estate plan every year. But it can be helpful to periodically review the key pieces and make sure they still reflect your current circumstances and intentions.
When Was the Last Time You Reviewed Your Estate Plan?
Estate planning isn’t only about what happens after you’re gone.
It can also help answer important questions about what happens during your lifetime, who can make decisions if you can’t, and whether your financial accounts and legal documents are working together as intended.
If it has been a while since you reviewed your estate plan, beneficiary designations, or how these pieces fit within your broader financial plan, I’d be happy to help you take another look.
I also have access to an in-house trusts and estates team that can provide additional review and support when needed. That allows me to help coordinate the estate planning conversation alongside your broader financial plan and work with the appropriate legal professionals when legal advice or documents are required.
If you’d like to review where things stand, you can learn more about how I work or schedule a conversation with me.
Sources & References
The original client newsletter cites the following sources in support of these estate planning concepts.
American Bar Association (2026) — Estate planning and wills American Bar Association — Wills and Estate Planning
American Bar Association (2026) — Estate planning and probate American Bar Association — Estate Planning and Probate
Investopedia (2026) — Beneficiary designations Investopedia — Beneficiary Designations
Consumer Financial Protection Bureau (2026) — Managing someone else’s money and powers of attorney Consumer Financial Protection Bureau — Power of Attorney Resources
Mayo Clinic (2026) — Advance healthcare directives Mayo Clinic — Advance Directives
The Internal Revenue Service (2026) — Estate tax IRS — Estate Tax
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