# Estate Planning Mistakes to Avoid

> Five estate planning errors could cost you your wealth transfer.
- Title: Estate Planning Mistakes to Avoid · Kiplinger | Shortify
- Summary: Five estate planning errors could cost you your wealth transfer. Most Americans neglect estate planning, risking family disputes and lost wealth by the third…
- Keywords: estate planning, wealth transfer, family disputes, trust, asset protection, irrevocable trusts, financial adviser, Estate, Planning, Mistakes, Avoid, Kiplinger
- Source: Kiplinger — https://kiplinger.com/retirement/estate-planning/wealth-transfer-mistakes-to-avoid
- Published: 2026-10-07T14:00:00+00:00
- Read time: 1 min
- Topics: estate planning, wealth transfer, family disputes, will, trust, asset protection, irrevocable trusts, financial adviser
## Wealth Transfer Is Already Happening
Trillions of dollars are expected to pass from one generation to the next over coming decades.
## Most Americans Ignore Wealth Planning
Most Americans spend more time planning family vacations than their personal finances.
## 70% of Wealth Lost by Second Generation
Research from the Williams Group shows 70% of wealthy families lose wealth by the second generation.
## 90% of Wealth Lost by Third Generation
Research from the Williams Group shows 90% of wealthy families lose wealth by the third generation.
## Heirs Need Financial Confidence
Heirs are better prepared when they develop skills independent of family wealth.
## Few Discuss Money with Children
More than half of parents ages 55 and older rarely or never discuss money with their children.
## Failing to Formalize Your Plan
About half of high-net-worth individuals don't have a will or trust.
## Asset Protection Is Essential
Asset protection shields wealth from lawsuits and creditors.
## Irrevocable Trusts Reduce Tax Burden
Irrevocable trusts can shield assets from lawsuits and lower estate and income taxes.
## Waiting Until Death for Impact
Some wealth transfers happen while you're still alive to see benefits.
## Transferring Wealth While Alive
Parents can see how their money benefits offspring while alive.
## Teamwork for Successful Transfers
Financial advisers, attorneys and tax professionals should work together.
## Key takeaway

Most Americans neglect estate planning, risking family disputes and lost wealth by the third generation.