05/27/2026
I asked AI a simple estate planning question: “What is the most common estate planning mistake?”
The answer surprised me.
I expected it to say not having an estate plan in place. But the response was failing to update beneficiary designations on retirement accounts, life insurance policies, and other financial accounts. If AI is correct, that is.
This is a great opportunity to explain why this matters in estate planning. It's because beneficiary designations can override what is written in a will or trust. If they are outdated after a divorce, death, marriage, birth, or other major life change, assets may go to someone you no longer intended.
Your estate plan is not just your documents. It is also the accounts attached to them.
If it has been a while since you reviewed your beneficiary designations, now is a good time to take another look.