Louis N. Teti, LL.M.

Last month's newsletter introduced an article entitled the "Top 16" List of Common Misconceptions in Estate Planning. Each month we will explore the details of the misconceptions. Here is a further analysis of Misconceptions #14 and #13.

Misconception #14:
"I just have a minor revision to my Will, so I'll just mark the changes and initial them."
Don't do it!! Handwriting (or even typing) changes on an original (or worse yet, a copy) of the Will or Trust will only lead to confusion, misunderstanding, and/or possible litigation. Depending upon the nature of the change, the words may not be interpreted in the same fashion as intended by the person making the handwritten changes. As with any professional service, it is best to have an attorney assist you with making revisions to your estate planning documents.

Revisions made by hand without the assistance of counsel are sometimes initialed, sometimes signed, and sometimes they are neither initialed nor signed. Frequently these changes are not dated. Without observing the necessary safeguards, handwritten changes to a document can only lead to trouble, multiple interpretations and/or litigation. Also, sometimes clients will "revise" a copy of the Will, but forget to revise the original and all existing copies.

As I'll discuss in greater detail in Misconception #13, the preferred and advisable practice is to periodically review your documents, with counsel, at least every five years. You should also personally review your documents each year as an additional safeguard. If changes are necessary, then contact your lawyer to have these changes made in an appropriate fashion. Depending upon the changes, it is frequently better to simply sign an entirely new document, as opposed to having one or more Codicils (or amendments) to the document. Multiple Codicils sometimes lead to trouble if the Codicils cannot be found, or if they are not all kept together with the original Will. Again, consult your lawyer whenever you want to make changes to your existing estate planning documents.

Misconception #13:
"It's been five years since I last reviewed my Will, but my intentions are the same, so I am okay."
Preparing a Will is something which many clients prefer to put off for as long as possible. For a myriad of reasons, people consider estate planning to be a "once and done" proposition, and always procrastinate by saying that there will always be time "later" to plan their estates as they grow older. Obviously, this approach is not advisable. In today's world, we see that through illness, accident or catastrophe, someone's life can change in a matter of minutes. A sense of relief often accompanies the signing of a Will, and it is natural for clients to put that experience behind them and figure that their estate planning is now "foolproof."

However, it is wise to review your Will annually, just to be certain that your intentions have not changed since the time your current Will was signed. At least every five years, I recommend that clients schedule a comprehensive estate planning meeting with their attorney, to review how their assets are titled, the current value of those assets, the beneficiary designations on all life insurance and retirement benefits, and/or any changes in the federal and/or state tax laws that may have occurred. In most cases, there is no need to update the Will (and Trust, if applicable) as a result of this meeting.

However, clients are frequently surprised to discover that their "current" Will does not reflect their current intentions, whether it be a specific bequest, a residuary distribution, or the appointment of an executor, trustee and/or guardian. Be cautious and sensitive to changes that have occurred since your estate planning was last reviewed. Do you have an updated Durable Power of Attorney? Health Care Directive and/or Living Will? Are the persons whom you appointed as fiduciaries still the people that you want today? Has there been a "falling out" with a key family member who is named in a key fiduciary position?

Don't assume that your "current" Will reflects your current intentions. As time passes, circumstances change. Estate planning is a life-long process, which requires periodic tune-ups from time to time. Investment in a few hours of an estate planner's time and expertise goes a long way in avoiding unnecessary pain, emotional stress, legal expenses, and possibly an undesired result down the road.

Check back next month for further discussion of the "Top 16" List of Common Misconceptions in Estate Planning.

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