Estate planning isn’t just for the wealthy or elderly, it’s something every adult should consider.

As accountants, we often see clients caught off guard by gaps in their estate planning that could have been avoided with a little foresight. Here are some common mistakes we see—and tips to help you sidestep them.

1. Not Having a Plan at All
   

   This is by far the most common misstep. Many assume that estate planning is only necessary later in life or that their assets will simply “sort themselves out.” Without a valid Will or estate plan, your estate may be distributed according to state laws, which may not reflect your wishes. It’s never too early to have a plan in place.

2. Forgetting to Update Your Will
   

   Life changes – marriages, divorces, births, deaths, property purchases. If your Will or estate plan hasn’t kept pace with these changes, it might no longer reflect your intentions. Reviewing your plan every few years, or after any major life event, is essential.

3. Overlooking Superannuation
   

   Your super doesn’t automatically form part of your estate. To ensure it goes where you want, you’ll need to nominate a beneficiary, and preferably make that a binding death benefit nomination. This is a detail many people miss, but it can have a significant impact.

4. Not Considering Tax Implications
   

   Certain distributions from an estate can trigger tax obligations—capital gains, superannuation tax, or even tax on earnings. Thoughtful planning can help reduce the tax burden on your beneficiaries and preserve more of your wealth for them.

5. Failing to Communicate Your Wishes
   

   Even a well-drafted Will can cause family tension if your intentions haven’t been discussed. Having clear conversations with family members or your executor can help reduce confusion or disputes down the track.

When was the last time you reviewed your estate plan?

Estate planning isn’t a one-and-done task – it’s an ongoing process. Let’s talk if you’re unsure where to start or whether your current plan still suits your needs. A little planning now can save your loved ones a lot of stress later.