ESTATE PLANNING PITFALLS: KEY TAKEAWAYS FROM OUR CE WEBINAR

October 10, 2025

On September 24, 2025, Hargrove Firm hosted a continuing education webinar, Estate Planning Pitfalls: Strategies to Safeguard Your Clients’ Plans. The session explored ten of the most common estate planning pitfalls and how financial advisors can work alongside attorneys to help clients avoid them.

This webinar highlighted the unique role financial advisors play in ensuring that estate plans are not only thoughtfully designed, but also implemented effectively. Because advisors often see client financial changes in real time, they are in a strong position to help spot risks early and coordinate with attorneys to close gaps before they become costly mistakes.

 

Why Estate Plans Go Off Track

Estate plans can become vulnerable when life events, financial changes, or incomplete implementation steps are overlooked. Even the best-drafted documents can fall short if they are not kept up to date, aligned with assets, or coordinated with a client’s financial strategies. Regular review and strong collaboration between advisors and attorneys are essential to keep client goals on track.

 

The Top 10 Common Estate Planning Pitfalls

Advisors often encounter clients who believe their estate plan is “done” once documents are signed. In reality, small oversights and missteps can weaken a plan over time. The webinar highlighted ten common pitfalls that frequently disrupt client intentions:

  1. Outdated Beneficiary Designations
    Beneficiary forms on retirement accounts, life insurance, and annuities override wills or trusts. If they aren’t updated after a marriage, divorce, birth, or death, assets may go to unintended beneficiaries. Advisors should help clients review these designations regularly.
  2. Inconsistent Asset Titling
    Improper titling, such as holding property outside of a trust or incorrectly naming joint owners, can trigger probate, tax issues, or unintentional disinheritance. Confirming that account titles and deeds align with the estate plan helps avoid unnecessary complications.
  3. Unfunded or Improperly Funded Trusts
    A trust only works if assets are properly transferred into it. Too often, real estate, brokerage accounts, or business interests are left outside, leaving the trust ineffective. Advisors can add value by helping ensure trust funding is completed and maintained.
  4. DIY Wills or Incomplete Documents
    Online forms and generic templates rarely meet state-specific requirements and often omit critical provisions. This can leave families vulnerable or even invalidate parts of a plan. Professional drafting and review are essential for long-term effectiveness.
  5. Joint Accounts with Unintended Consequences
    Joint ownership may seem simple, but it can expose assets to the co-owner’s creditors, override other planning documents, or disinherit heirs. Alternatives such as payable-on-death (POD), transfer-on-death (TOD) designations, or trusts often provide more secure solutions.
  6. No Guardianship Nominations for Minor Children
    Without guardianship instructions in a will, courts determine who will raise children– sometimes against family wishes. Advisors should encourage clients with young children to make these nominations early, and review them as children grow.
  7. Naming Minors or Special Needs Beneficiaries Outright
    Direct transfers to minors or individuals with special needs can cause legal challenges or loss of benefits. Using trusts provides proper management, protection, and preservation of eligibility for assistance programs.
  8. Lack of Incapacity Planning
    Without financial and healthcare powers of attorney, families may face lengthy court processes if a client becomes incapacitated. Incapacity planning ensures someone trusted can act quickly and effectively on the client’s behalf.
  9. Estate Plans Not Coordinated with Financial Strategies
    Legal documents alone are not enough. Estate plans must align with investment strategies, liquidity needs, and tax efficiency. Advisors and attorneys working together create comprehensive solutions that are both legally sound and financially sustainable.
  10. No Periodic Updates
    Estate planning is not “set it and forget it.” Life changes such as marriage, divorce, relocation, or tax law updates can quickly make an old plan obsolete. Advisors should encourage clients to review their plans every 3–5 years, or after major life events, to ensure goals remain current.

 

Advisors and Attorneys: Stronger Together

Estate planning is most effective when financial advisors and attorneys work in partnership. Advisors often have the earliest visibility into client life changes such as new accounts, marriages, business ventures, or relocations that can directly impact an estate plan. Attorneys, meanwhile, provide the legal framework that ensures those changes are translated into durable, enforceable planning structures. When these perspectives are combined, gaps are closed and clients enjoy greater confidence that their goals will be achieved.

Hargrove Firm is structured to make this collaboration seamless. Our attorneys are available to work directly with advisors whenever estate planning questions arise, ensuring that client concerns are addressed promptly and with the appropriate legal guidance. Through NetLaw’s technology, advisors and attorneys can streamline plan creation and document management, giving both professionals and clients greater transparency and efficiency in the process.

For advisors who are new to this model, our team provides the opportunity to meet directly with us and learn how the platform supports collaboration among advisors, clients, and attorneys. And when an advisor is ready to introduce their first client, the process is designed to be straightforward, collaborative, and impactful, allowing everyone involved to experience the benefits of coordinated estate planning in action. Learn more about how this process works and how Hargrove Firm collaborates with NetLaw to provide seamless online estate planning here.

This collaborative approach ensures estate plans are not only designed with care, but also implemented in a way that protects client legacies for years to come.

 

Watch the Recording

For a deeper dive, including case studies and practical strategies, you can watch the full webinar recording.

Next Steps

If you have questions about Hargrove Firm’s estate planning process or would like to refer a client who may benefit from estate planning support, we encourage you to reach out. Contact us or schedule a demo. 

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