Individuals and couples often times forget that Wills and other estate planning documents are ongoing, vibrant documents that need to be updated as personal circumstances change. I emphasize to clients that they should review their estate planning documents periodically to determine if changes need to be made. Examples of personal circumstances that clients must keep in mind for estate planning purposes include, among other things, marriage and divorce, birth of children, death of a beneficiary or other loved one, starting and selling a business, the purchase or sale of significant assets like stock and real estate, and any other significant increase or decrease in the size of one’s estate.

For instance, if the person you designate in your Will as your Personal Representative dies or is no longer in position to act on your behalf, your failure to name a successor P.R. could allow someone who you did not intend act as your P.R. This circumstance also applies to the person you name as the Guardian of your minor children, any Trustee of a Trust you form, as well as other estate planning documents like the attorney-in-fact named in your Power of Attorney and the Health Care Agent named in your Advance Medical Directive.

Also be aware that if you sell stock or real estate that you specifically left in your Will to a beneficiary and then fail to change your Will to replace that gift, the beneficiary will end up with nothing, as the proceeds from such a sale will go into your residuary estate and be distributed accordingly.

My message is that you should remember to update your estate planning documents when significant life events occur. As a best practice, I recommend that my clients review their estate plan every two years in order to prevent an error which could prove extremely costly to those the clients are intending to help in their Estate Plan.