There are a number of common estate planning mistakes that many people may encounter. The first is the failure to do anything at all. Everyone eventually dies, but statistics show that over 50 percent of everyone in the U.S. lacks even a basic will. When this is neglected, an individual's assets may not go where they really wanted them to.

A second problem some encounter is that they select someone as the executor of their estate, the guardian of their minor children, or the trustee for a trust they are establishing without definitely determining whether the individual selected is willing and able to serve. Another factor contributing to this is whether they have a good relationship with other beneficiaries, enabling them to easily carry out the planned distribution of the decedent's property. A direct and frank discussion with the person to be designated may be helpful.

A third issue that sometimes comes up for those who have engaged in estate planning and who do have a will and other needed legal documents is that they may have neglected to review and modify them after the passage of time has altered the personal circumstances which made the estate plan appropriate. Divorces and remarriages happen, individual relatives die or become estranged, minor children grow up, and some formerly independent relatives and friends become disabled. Wills, trusts and other estate planning documents should be periodically reviewed and modified if necessary to account for such changes.

It may be helpful to name specific beneficiaries to receive particular family heirlooms and items of sentimental value. It may also be a good idea to name contingent beneficiaries and executors or trustees in case a first choice themselves dies or is otherwise unavailable. Finally, a power of attorney can be a valuable document to have in case of disability.

Source: Online Athens "Hewitt: Avoid common estate planning mistakes," Webster Hewitt, Nov. 13, 2011