The Top Three Estate Planning-Administration Blunders We Encounter

Originally Published 09/30/2025

At a recent seminar we were asked to identify the most frequent estate planning and administration blunders we encounter in our estate and trust management and planning practice.

There are three that stand out:

1.      Not having a plan or not documenting it

2.      Not having an estate inventory

3.      Having a plan and inventory but storing it in your safe deposit box.

Not having a plan or documents.

Estate planning is uncomfortable to think about and even harder to talk about. So, fifty five percent of U.S. adults take a pass on the subject – they have no plan or documents. Sixty percent of those say they haven’t tried to plan. Fifty six percent of Americans feel they don’t have enough assets to justify creating an estate plan, or stress that creating one is low on their priority list.[1]

These are not majorities that anyone should aspire to join. In the absence of marriage, dispository instruments, joint or tenancies in common, or beneficiary designations most state’s intestate succession rules determine who receives a decedent’s estate. I sincerely doubt that you or your beneficiaries will like the state’s plan.

Don’t worry about “the state taking everything.” That is the least of your estate issues. States rarely get to escheat your property, but they do get to decide who gets it – unless you decide otherwise.

We would tell you lots of sad stories if we thought they would convince you to talk to us (Cambyses) or some other qualified estate advisor, accountant, or attorney. But there is one scenario that breaks our heart every time we see it – “we lived together for 20 years, surely I have some rights.” To which we are forced to reply – Not necessarily!

It is never too early to make an estate plan!

Not having an estate inventory.

It is an American Tradition: Tell no one about your assets, liabilities, and financial status unless they are going to loan you money… and tell lenders grudgingly.

The idea of preparing a personal balance sheet and sharing it with your future beneficiaries and executor[2] is an anathema for most of us. Nevertheless, it is a good idea (most of the time). One question sets out the reasons pretty clearly: If you don’t tell them what to look for and where to find it, who will?

If you don’t tell your future executor and beneficiaries where to look, they get to play endless rounds of not-very-fun games like: “Go Fetch,”  “I sure hope they send a statement,” or our personal favorite, “Do we have everything yet?”

Your Inventory need not adhere to any known accounting standard – that’s not what it’s for. However, it should clearly identify what you own (e.g., real estate, bank accounts, investment accounts, retirement plans, vehicles, personal property, insurance policies, business interests, and collectibles), where to locate it, account numbers, its approximate value, and any liabilities or other ownership or beneficiary interest that is relevant.

If necessary, engage legal, tax, and sales professionals as needed for simple or complex estates or assets.

Do it Now! Just sayin’ -- Ya’ never know,,,

Storing the documents in your safe deposit box.

Fifty-two percent of people don't know where their parents store their estate planning documents.

Ten to Twenty percent of their parents store their estate planning documents with other “important papers” in their safe deposit box.

Bad News: Most banks freeze access to the box as soon as they find out the owner is deceased. You often have to get a court order to gain access.

Which begs the question: How do you prove you are the executor when the document that entitles you can’t be produced?

Answer: You will probably have to spend a whole bunch of Paper Chase time or hire an attorney.

Fortunately, this one is a bit of a no-brainer with several easy solutions: 1) make your executor a co-owner of the safe box (This doesn’t always work – banks like to make up their own rules). Or 2) Place the documents in a home fire safe and give your  executor the combination (or key). Or 3) Put the documents in an inconspicuous folder, hide the folder “Purloined Letter” style  in a bookshelf or file drawer… tell your executor where to find it. Or 4) Leave your documents with a trusted professional or (less securely) your executor. Or 5) If you happen to live in a jurisdiction where estate documents can (or must) be registered – do it!

Cambyses Financial Advisors  offers Business, Estate, Trust, and Legacy Management and Planning services, for Businesses, their Retirement Plans, and their Owner’s Succession and Retirement. For more information, contact us at : +1 (818) 489-4228 or steven@cambysesadvisors.com

The Article is not an endorsement of any product or producer we mention. It is not an offer to buy or sell any security. Investments in seuritiess may be risky and speculative. Consult your financial advisor for additional information. 

The information in this article has been included in good faith for general information purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our articles.

[1] Most of these statistics come from Cambridge Trust or Caring.com. We haven’t validated the exact numbers, but they seem consistent with our practice experience.

[2] We use “executor” as convenient shorthand for “executor, administrator, or successor trustee.”