Many people believe legal documents for estate planning are a once-and-done deal. Experts advise that it is a mistake to make a will, lock it up and forget about it. Choosing a beneficiary in Florida or throughout the United States without ever reviewing the choice also may produce adverse consequences for heirs and beneficiaries.

Choosing a guardian for children is better than selecting no guardian at all since courts have control of custody when parents fail to designate a preferred guardian. However, advisors say parents frequently do not remember to update a guardianship choice in wills.

It is easy to forget that guardians have changing lives. Guardians who initially agree to take on the responsibility of child rearing may become unqualified over time to fulfill the obligation. Relocation, financial loss, divorce, illness, disability or death could change the ability or desire of a guardian to do an adequate parenting job.

Wills and guardianships may be contested, which makes a court-convincing guardianship choice even more crucial. Courts decide custody based on what is best for children, including how children feel about a proposed guardian. Guardianship is approved for the person who is fit and ready to take on the added obligation of raising a child.

Another thorn in the side of intended heirs is outdated beneficiary designations. IRAs, 401(k)'s and life insurance payouts generally are not subject to probate, but an incorrect name on a beneficiary form means trouble. Havoc will more than likely ensue if a spouse forgets to change a beneficiary after divorce or a parent does not update beneficiaries as children become adults.

Reviewing estate plan documents with an attorney on a periodic basis, especially after life-altering events, keeps choices of guardians, trustees and beneficiaries current. Experts also advise regularly taking an updated look at living wills and medical powers of attorney to reflect changing needs and desires.

Source: Forbes, "Five Crucial Estate Planning Mistakes You are Making," Nancy Anderson, Dec. 15, 2011