What are some common mistakes individuals make when creating their estate plan?

As an attorney, I have come across many individuals who have made mistakes when creating their estate plan. Here are some of the most common ones:

1. Failing to make a plan at all: One of the biggest mistakes individuals make is failing to create an estate plan altogether. This can mean that their assets are distributed according to the laws of their state of residence, rather than according to their wishes.
2. Not updating the plan periodically: Another common mistake is creating an estate plan and then failing to review and update it periodically. This can result in outdated provisions, incorrect beneficiaries, or assets being overlooked.
3. Not considering all the assets: It is important to consider all the assets that an individual may own, including retirement accounts, life insurance policies, and jointly-held assets. Failing to consider all assets can result in an incomplete or inaccurate estate plan.
4. Choosing the wrong executor: An executor is the person responsible for managing the estate's affairs after the individual's death. Choosing the wrong person can lead to delays, disputes, or mismanagement of the estate.
5. Not addressing potential tax implications: Depending on the size of the estate, there may be potential tax implications, such as estate or gift taxes. Failing to address these can result in unnecessary taxes or complications.
6. Failing to create a plan for incapacity: An estate plan should not only address what happens after an individual dies, but also what happens if they become incapacitated. Failing to create a plan for incapacity can lead to court-mandated guardianship or conservatorship proceedings.
7. Relying solely on a will: While a will is an important document in an estate plan, it may not be enough to address all of an individual's estate planning needs. Trusts and other estate planning tools may also be necessary.

It is important for individuals to work with an experienced estate planning attorney to avoid these common mistakes and to create a comprehensive estate plan that accurately reflects their wishes. Additionally, the laws and legal precedents can vary from jurisdiction to jurisdiction, so it is important to seek legal advice specific to the relevant jurisdiction.