Common Areas of Oversight to Consider When Creating a Will or Trust
Creating a will or trust is a critical step to ensuring that your assets are distributed according to your wishes. However, there are a few areas that are often overlooked when creating an estate plan that can lead to confusion or disputes between family members. Here are a few areas of common oversight to consider when creating your will or trust. This list is not comprehensive, and we recommend that you work with an estate planning attorney to fully and properly address your situation.
areas of oversight:
Naming and updating beneficiaries on every asset:
Beneficiary designations often override estate planning documents. Regularly revisiting your beneficiaries (including contingent beneficiaries) is critical, especially after major life events. Consider all financial accounts as well as any insurance policies.
Naming successor trustees or executors:
Unfortunately, sometimes a chosen trustee or executor can become unable to serve whether due to illness, becoming incapacitated, or other personal reasons. Naming a successor trustee or executor can provide an additional layer of peace of mind.
Overlooking digital assets:
Digital assets include, but are not limited to, email accounts, social media accounts, domain names, digital photos, assets in the cloud, cryptocurrency, transferable rewards programs (airline miles, hotel points, etc.), subscriptions, and online banking/financial accounts. The 2024 Bryn Mawr Trust Digital Assets Survey found that Americans estimate the value of their digital assets at $191,516 on average, yet 76% reported having little or no knowledge of digital estate planning.¹ In addition, accessing the deceased’s online accounts without proper consent or permission (not just sharing a password) could have potential legal ramifications. An estate planning attorney can help you address digital assets appropriately while also protecting your privacy.
Specific bequests for heirlooms/sentimental items:
Including the items that you wish to bequeath to specific family members can help reduce any discomfort or disagreements between family members and ensure your wishes are followed.
Including any pets:
Per the 2024 AARP End of Life Survey, 50% of adults ages 45 and over worry about what would happen to their pets if they were to die.² If you have a pet, you may want to consider designating a caretaker, including instructions, and providing financial resources. A Pet Trust can further ensure that your wishes will be followed.
Not planning for incapacity or disability:
It is important to consider situations in which you become incapacitated or unable to manage your affairs during your lifetime. A living will lets you to set forth your wishes, and designating Power of Attorneys allows a specified individual to step in if necessary. Per the 2024 AARP End of Life Survey, only 33% of respondents aged 45 and over had created a living will.²
Not updating your will or trust after moving to a different state:
89% of respondents in the Caring.com 2025 Wills and Estates Survey no longer lived in the state where they created their estate plan.³ As each state has different laws related to estates and inheritance, updating your plan after a move is critical.
Conclusion
An estate planning attorney can help ensure that your estate plan complies with applicable laws, aligns with your goals, protects your loved ones, and avoids common mistakes. Reach out to your Wealth Management Advisor with any questions.
¹ 2024 Bryn Mawr Trust Survey Digital Assets Survey (click here to view Bryn Mawr Trust survey)
² 2024 AARP Research End of Life Survey: Thoughts and Attitudes on Death and Dying. (click here to view AARP survey)
³ 2025 Caring.com Wills and Estates Survey (cclick here to view Caring.com survey) https://www.caring.com/caregivers/estate-planning/wills-survey/
Written: April 30, 2025