Mistake 3: Negligence/Being Out-of-Date
Once you've crafted your plan, failure to keep the estate current is another dangerous mistake.
"Almost as important as actually having a plan is making sure that you periodically review and update your plan," Hart said. "It should be reviewed every time a major life event occurs, such as a divorce, a death in the family or the birth of a new child."
She said there are dozens of scenarios that may warrant an update to a plan, such as an out-of-state move.
"Especially in case of a divorce, you want to make sure that your former spouse is not still listed as a primary beneficiary," Wibberly added.