Estate planning is one of the most important financial decisions you’ll ever make — and one of the most avoided.

Most retirees assume they “have a plan” because they have a will, a trust, or a life insurance policy. But estate planning mistakes are often invisible until it’s too late to fix them.

Here are the three biggest mistakes Leibel Sternbach sees retirees make — and how you can avoid them.

Mistake #1: Not Updating Beneficiaries

This is the most common — and the most dangerous — error.

Your beneficiary designations override your will.

It doesn’t matter what your estate documents say. If you signed a beneficiary form with your brokerage firm, insurance company, or retirement account custodian, that document controls where the money goes.

Outdated beneficiary forms are shockingly common. Divorce, remarriage, births, deaths — life changes, but paperwork often doesn’t.

If beneficiaries aren’t listed or updated properly, your assets may go to the wrong person — or be tied up in probate. In some cases, a current spouse can be left with nothing simply because a form was never filed.

The fix is simple: review every account and confirm beneficiaries are current and properly structured.

Mistake #2: Trying to Control Beyond the Grave

Many retirees want to control how their money is used long after they’re gone.

They create complicated trusts with detailed instructions about who gets what, when, and how it can be spent. On paper, it looks powerful.

In reality, overly complicated estate plans often create family conflict and legal battles.

Trusts are administered by trustees — and trustees have discretion. If they act differently than you intended, enforcement requires beneficiaries to sue. That rarely ends well.

The more control you attempt to exert beyond your lifetime, the more complexity and tension you introduce.

A clean, simple, intentional estate plan typically creates far better outcomes than a complicated one built on control.

Mistake #3: Ignoring the Tax Bomb on Retirement Accounts

The SECURE Act changed everything.

Most non-spouse beneficiaries must now empty inherited retirement accounts within 10 years. That means your children or grandchildren could be forced to withdraw large sums in a short time frame — potentially pushing them into higher tax brackets.

In many cases, the IRS becomes the largest beneficiary of your retirement accounts.

Even trusts can be problematic, as they often reach the highest tax bracket quickly.

This is where proactive retirement tax planning becomes essential. Strategic Roth conversions, distribution timing, and beneficiary structuring can dramatically reduce the long-term tax impact on your heirs.

Estate planning is not just about who gets the money. It’s about how much they actually keep.

Estate Planning Doesn’t Have to Be Complicated — But It Must Be Intentional

Whether you are decades away from passing assets or facing serious health concerns, planning changes based on your time horizon.

A strategy for assets that may transfer in 20 years is very different from one that may transfer in two.

That’s why Leibel offers a free retirement tax analysis — to help you understand:

• Are your beneficiaries properly structured?
• Are you exposed to unnecessary taxes?
• Is your estate plan simple, intentional, and efficient?
• Are you protecting your spouse and heirs from avoidable mistakes?

If you want clarity and confidence in your retirement and estate plan, schedule your consultation today:

https://www.yields4u.com/pages/book 

The right planning today can protect your legacy, your family, and your peace of mind tomorrow.