Estate Planning in Your 50s & 60s: The Most Common Mistakes to Avoid

A helpful guide to what to avoid—like outdated beneficiaries, missing documents, or relying solely on a will.

As you move through your 50s and 60s, estate planning becomes more important than ever. These are the years when your financial picture is clearer, your priorities are shifting toward retirement, and you’ve likely accumulated enough assets that leaving things to chance could cause real problems for your loved ones.

Yet, even with the best intentions, many people make avoidable mistakes that can lead to confusion, delays, or unintended consequences down the road.

Here are some of the most common estate planning mistakes people make in their 50s and 60s—and how you can avoid them:

Mistake #1: Thinking a Will Is Enough

A will is a critical part of an estate plan, but it’s not a complete plan on its own. A will doesn’t avoid probate, and it won’t help if you become incapacitated.

What to do instead: Complement your will with a financial power of attorney, a healthcare directive, and (depending on your needs) possibly a trust. These documents work together to protect you and your loved ones while you’re living—and after you’re gone.

Mistake #2: Not Updating Beneficiaries

One of the most common—and costly—mistakes is forgetting to update beneficiary designations on retirement accounts, life insurance policies, or bank accounts after major life events like divorce, marriage, or the birth of a child.

Why it matters: These designations override your will. If they’re outdated, your assets could end up in the wrong hands.

What to do instead: Review and update all beneficiaries regularly, especially after life changes.

Mistake #3: Leaving Out Powers of Attorney

Without a durable power of attorney (for finances) and a healthcare power of attorney, no one can legally make decisions for you if you become incapacitated.

What to do instead: Name trusted individuals to handle your affairs if needed. It could save your family time, money, and stress.

Mistake #4: Forgetting Digital Assets

In today’s world, your digital presence—emails, online accounts, social media, and digital banking—is just as important as physical documents.

What to do instead: Keep a secure, updated list of your digital logins and passwords. Decide what should happen to these accounts and who should have access.

Mistake #5: Not Planning for Long-Term Care

Health changes in your 60s and beyond can quickly affect your finances. Yet many people haven’t planned for how they’ll pay for assisted living, in-home care, or nursing care if the need arises.

What to do instead: Talk to a financial or estate planning professional about your options. Long-term care insurance, savings strategies, or certain types of trusts may help.

Mistake #6: Keeping Loved Ones in the Dark

Too often, families are left with no idea where documents are stored, who’s in charge, or what their loved one actually wanted.

What to do instead: Communicate. Even just letting a trusted person know where to find your documents and your key contacts can make all the difference.

Mistake #7: “Set It and Forget It”

An estate plan isn’t a one-and-done project. Laws change, family situations evolve, and so does your financial life.

What to do instead: Review your estate plan every few years—or sooner after a major life event—to make sure it still reflects your wishes.

The Bottom Line

Your 50s and 60s are an ideal time to strengthen your estate plan. You likely have more clarity, more resources, and a better sense of what matters most to you and your family.

Avoiding these common mistakes now can make things significantly easier for your loved ones later—and give you confidence knowing that your plan is clear, current, and complete.