Yes! You can use AI to fill out Valuing Your Estate Worksheet (from Vanguard's 'Understanding the basics of estate planning' guide)

People often use outdated values or rough guesses for assets like real estate and investments on the 'Valuing your estate' worksheet (page 4). They also frequently forget to include all assets or omit significant debts like mortgages and loans. This results in a skewed net worth calculation, leading to flawed tax planning and potentially inequitable distributions to heirs. To avoid this, gather recent statements for all financial accounts and liabilities and get a current market appraisal for significant properties before completing the worksheet.

On the valuation worksheet, a common error is incorrectly categorizing how an asset is owned (e.g., 'In your name' vs. 'Owned jointly'). For instance, not understanding that a 'Joint Tenants with Rights of Survivorship' asset automatically passes to the surviving owner, bypassing the will, as explained on page 13. This mistake can completely derail an estate plan, as asset titling dictates its transfer method. Always verify the exact legal title on deeds and account statements to ensure your plan works as intended.

Individuals often name a primary beneficiary but neglect to designate a secondary (contingent) one, as discussed on page 20. If the primary beneficiary predeceases the account owner, the asset may default to the estate, forcing it through the lengthy and public probate process. This can also trigger unfavorable tax consequences, such as accelerated distributions from an IRA. To prevent this, always name a contingent beneficiary for every account to create a clear line of succession.

A critical and frequent mistake is failing to update beneficiary designations after major life events like marriage, divorce, or the birth of a child. As emphasized on page 20, these designations supersede instructions in a will, meaning an ex-spouse could unintentionally inherit a retirement account or a new child could be left out. To avoid this, review all beneficiary forms every few years and immediately after any significant life change. AI-powered tools like Instafill.ai can help manage and prompt reviews of these crucial details across all your accounts.

While well-intentioned, naming a minor child directly as a beneficiary on a life insurance policy or retirement account creates significant legal problems. Minors cannot legally control financial assets, forcing the court to appoint a guardian to manage the funds, which is a costly and public process that may not align with your wishes. The proper method is to name a trust for the benefit of the minor as the beneficiary and appoint a trustee you select to manage the assets according to your specific instructions.

A widespread misconception is that a will governs the distribution of all property. However, as page 13 explains, assets with beneficiary designations (like IRAs and life insurance) or specific titling (like joint tenancy with rights of survivorship) pass outside of the will. This can lead to assets going to unintended recipients and the main goals of the estate plan failing. It is vital to coordinate asset titling and beneficiary designations with the instructions in your will.

Many people create a revocable living trust to avoid probate but then fail to take the final step: retitling their assets into the trust's name. An unfunded trust is an empty legal shell; any assets still held in the individual's name will have to go through probate, defeating the trust's purpose, as hinted on page 13. After creating a trust, you must change the ownership of bank accounts, real estate, and other applicable assets to the name of the trust.

The 'Valuing your estate' worksheet on page 4 requires manual calculations to determine the total value of an estate. Simple arithmetic mistakes are common and can lead to a completely incorrect assessment of one's net worth and potential tax liability. Since the provided guide is a flat PDF, it's prone to these errors. Using a tool like Instafill.ai can convert the non-fillable PDF into an interactive form with auto-calculating fields to ensure accuracy and prevent these basic data entry mistakes.

The worksheet footnote on page 4 lists community property states, but people often apply a one-size-fits-all approach to their planning. In these states, assets acquired during a marriage are typically considered owned 50/50, regardless of whose name is on the title. Ignoring these rules can invalidate parts of an estate plan and lead to legal challenges from a surviving spouse. If you live in one of these states, consulting a local attorney is essential to ensure your plan is legally sound.

As discussed on page 19, selecting an executor, trustee, or agent is a critical decision. A common mistake is choosing someone based on emotion without considering their financial skills, integrity, or available time to handle the complex duties. An unsuitable fiduciary can mismanage assets, create family conflict, and prolong the estate settlement process. It is crucial to select individuals who are trustworthy and capable, and to always name a successor in case your first choice cannot serve.

Beneficiary forms often include a 'per stirpes' option, which is explained on page 21, but many people check the box without fully understanding its meaning. Choosing 'per stirpes' ensures that if a beneficiary dies before you, their share passes to their children. Not selecting it could mean their share is divided among your other living beneficiaries ('per capita'), unintentionally disinheriting an entire branch of your family. This choice has profound consequences for how wealth is passed to future generations and must be made carefully.