When Should You Review (and Update) Your Estate Planning Documents?

Some Basic Principles to Help You Stay Current and Avoid Problems

Although it would be nice, wills and other estate planning documents are often not a “one-and-done” exercise. The documents are signed, neatly organized, tucked away someplace secure, and then life goes on. But the one constant in life is change, and it’s important to have a grasp of some simple best practices when it comes to reviewing and updating your estate planning documents so that they can change along with you as necessary.

Review Your Estate Planning Documents Every Couple Years—Or Sooner if Life Takes a Turn

Even if nothing major has changed, I strongly suggest that you crack open your estate planning binder and flip through its pages at least once every couple of years. Remind yourself how your plan is laid out and confirm everything still aligns with your wishes. But if life has thrown major changes your way (or the way of someone close to you) then a review of your estate plan is always warranted. Common examples include:

• Substantial changes in your finances (whether positive or negative);
• Marriage or divorce;
• The addition of a new family member (whether by marriage, birth, adoption etc.);
• The death or disability of a beneficiary;
• The death, disability, or unavailability of someone you’ve named to play a role in your estate planning (such as an executor, trustee, power of attorney etc.);
• A significant change in your relationship with a beneficiary (whether positive or negative);
• A change of domicile from Washington State; or
• Acquiring real estate located outside of Washington State.

If Changes Are Needed, Consult Your Estate Planning Attorney

If your review indicates that changes are necessary (or if you are unsure), consult with your estate planning attorney before attempting to modify your estate planning documents. Estate planning documents are signed according to certain legal formalities intended to prevent forgeries. Therefore, changes cannot be validly made without following those same formalities. There may also be other specific requirements within the terms of a particular document which must be followed in order for any amendment or revocation to be effective. A best practice is not to not write on or otherwise attempt to modify your original estate planning documents. If you must make notes on the documents themselves, please ensure you are using a copy for notetaking purposes, leaving the originals unmarked. Work with your estate planning attorney to determine what changes, if any, are needed and to ensure that any such changes are validly made.

When You Update Your Estate Planning Documents, Get Rid of the Old Ones

Lastly, an estate planning housekeeping best practice is not to keep old documents floating around. If you update your estate planning documents, you should destroy all originals and copies of any documents which have been replaced by your updated planning. This not only reduces clutter and confusion when reviewing your documents in the future, it also minimizes the risk that someone will try to use an old document of yours to challenge a change made in your updated document. Although the newer document will usually be accepted over the older document, any such dispute will result in additional delays, expense, and stress. Unambiguous methods of destroying your old documents like burning or shredding are preferred (note that your estate planning attorney should also be able to handle the secure destruction of your old documents for you immediately following the signing of your updated documents).

We Are Here to Help

If you have questions about reviewing and updating your estate planning documents, or would like assistance with other estate planning matters, Carmichael Clark is here to serve you.