A guide from Andy L. Gitkind, Estate Planning Attorney — Gitkind Law Firm, Boulder County
Estate planning isn’t complicated — but it is easy to get wrong. The mistakes below are common, often invisible until it’s too late to fix them, and almost always avoidable with a little guidance. If any of these sound familiar, it may be time to take a closer look at your plan.
Mistake 1: Waiting Until “The Right Time”
Most people intend to get their estate plan in place — eventually. After the busy season at work. After the kids are a little older. After things settle down. The problem is that the need for a plan doesn’t wait for a convenient moment. Accidents, illness, and unexpected events don’t announce themselves in advance. The best time to put a plan in place is before you need one.
Mistake 2: Assuming a Will Is All You Need
A will is an important document, but it has limits. It doesn’t help if you become incapacitated — only a revocable living trust or powers of attorney can do that. It doesn’t automatically avoid probate. And it can’t control assets that pass by beneficiary designation or joint ownership. A complete estate plan typically includes a will, powers of attorney, medical directives, and sometimes a trust — working together as a system, not as isolated documents.
Mistake 3: Forgetting to Name — or Update — Beneficiaries
Retirement accounts, life insurance policies, and certain financial accounts pass directly to named beneficiaries, without regard to what your will says. That means an outdated beneficiary designation — a former spouse, a deceased parent, or simply a blank — can override your intentions entirely. Reviewing beneficiary designations regularly is one of the simplest and most important things you can do.
Mistake 4: Not Planning for Incapacity
Many people focus on what happens after they die and overlook what happens if they become unable to manage their affairs while still living. Without a financial power of attorney, or perhaps a revocable living trust, your family may need to go to court to obtain a conservatorship just to pay your bills or manage your accounts. Without a medical power of attorney and advance directive, critical healthcare decisions may be made without your input. These documents are not optional extras — they are essential.
Mistake 5: Creating a Trust but Never Funding It
A revocable living trust is only as useful as the assets inside it. If your real estate, bank accounts, and investments are never transferred into the trust’s name — a process called “funding” — those assets may still go through probate when you pass away, defeating one of the primary reasons for having a trust in the first place. Creating the document is step one. Making sure it’s properly funded is step two, and it’s just as important.
Mistake 6: Choosing the Wrong People for Key Roles
The people you name as your personal representative, trustee, or agent under a power of attorney will have real authority and real responsibilities. Choosing someone out of obligation, habit, or a desire to avoid hurt feelings — rather than genuine suitability — can create problems for your family later. The right person is organized, trustworthy, willing to serve, and capable of handling the responsibilities involved. It’s worth thinking carefully and seeking counsel about this choice.
Mistake 7: Using Online Templates Without Understanding Them
DIY estate planning tools have made it easier than ever to produce documents that look official. The problem is that a document can be technically valid and still fail to accomplish what you intended. Colorado has specific requirements, and the interaction between documents — your will, your trust, your beneficiary designations, your account titling — matters enormously. A mistake buried in boilerplate language may not surface until your family is trying to sort things out without you.
Mistake 8: Never Reviewing the Plan After Major Life Changes
An estate plan reflects your life at the moment it was created. Marriage, divorce, the birth of a child, a move, a significant change in assets, or the death of someone named in your plan can all make existing documents incomplete or outdated. What made sense five or ten years ago may not reflect your current wishes or circumstances. A periodic review — especially after major life events — is a simple way to keep your plan current.
Mistake 9: Not Coordinating the Plan with Your Financial Picture
Your estate plan and your financial life need to work together. How accounts are titled, which assets are in a trust, how retirement accounts are structured, and what your beneficiary designations say all affect the outcome for your family. A will alone can’t fix a misaligned beneficiary designation or an account titled in a way that contradicts your intentions. When your lawyer, financial advisor, and CPA are working from the same page, the results are far better.
Mistake 10: Thinking Estate Planning Is Only for the Wealthy
This may be the most common misconception of all. Estate planning isn’t about how much you have — it’s about making sure the people you love are protected and that your wishes are followed. A young family with modest assets needs a guardian nomination for their children. A homeowner needs to think about what happens to the property. Anyone with a bank account, a retirement plan, or people who depend on them has reasons to have a plan in place.
Where to Start
If any of these mistakes apply to your current situation — or if you simply don’t have a plan in place yet — the best next step is a conversation. At Gitkind Law Firm, the initial consultation is at no charge, and there’s no pressure or obligation. We’ll listen to your situation, answer your questions, and give you a clear picture of what a well-built plan would cost and look like for your family.
Gitkind Law Firm, P.C. Andy L. Gitkind, Estate Planning Attorney 801 Main St., Suite 230, Louisville, CO 80027 303-960-6628 · gitkindlaw.com
Serving families throughout Boulder County, including Boulder, Louisville, and Lafayette.