When Should I Update My Estate Plan?

An estate plan is a snapshot of your life, your family, and the law on the day you sign it. As those change, your documents can drift out of date, sometimes in ways that produce the opposite of what you intended. A regular review keeps the plan working.

Life Events That Should Trigger a Review

• Marriage or remarriage
• Divorce or separation
• Birth or adoption of a child or grandchild
• Death or incapacity of a beneficiary, executor, trustee, or agent
• A large change in your assets, such as an inheritance, a business sale, or new property
• Starting or buying a business
• A serious diagnosis for you or a close family member
• A child reaching adulthood, or a family member developing special needs
• A falling-out with someone named in your documents

What New York Law Does Automatically, and What It Doesn’t

Some changes happen by operation of law, but they are incomplete and easy to misunderstand.

Divorce. A divorce revokes will provisions in favor of a former spouse, along with many revocable dispositions and beneficiary designations that name that spouse (EPTL § 5-1.4). But employer retirement plans governed by the federal ERISA law may still pay the former spouse named on the form. Update those beneficiary forms directly rather than relying on state law.

Marriage. Marriage does not revoke an existing will. Instead, your new spouse gains a right of election: the right to claim the greater of $50,000 or one-third of your net estate, no matter what your will says (EPTL § 5-1.1-A). If you want a different arrangement, you need new documents, and possibly a prenuptial or postnuptial agreement.

New children. A child born or adopted after you sign your will has some statutory protection (EPTL § 5-3.2), but the result may not match your wishes, and it does nothing to name a guardian or set up a trust for that child.

Law Changes That Matter

New York overhauled its power of attorney law effective June 13, 2021. Older powers of attorney remain valid, but the current form is easier to use with banks, and banks now face consequences for unreasonably refusing one. If yours predates the change, ask whether a new one makes sense. Our power of attorney page explains the current form.

Tax rules move too. New York’s estate tax exclusion is adjusted for inflation every year, so a plan built around old numbers may deserve a fresh look, especially if your estate is close to the threshold.

Moving Into or Out of New York

Every state has its own signing rules, tax rules, and health care forms. If you move to New York, have your documents reviewed. A will that was valid where it was signed is generally recognized here, but powers of attorney and health care directives from other states may not work as smoothly. If you move away, your New York documents may need replacing. Owning real estate in more than one state can also mean a separate court proceeding in each state unless the property is held in a trust.

The 3-to-5-Year Review

Even if nothing major has happened, review your plan every 3 to 5 years. Confirm that your executor, trustee, and agents are still the right people, check every beneficiary designation, and make sure any trust is fully funded. Small, regular updates are simpler and less expensive than rebuilding an outdated plan.

How Seraj Law Can Help

We review existing plans, including ones prepared elsewhere, and recommend only the changes you actually need. Start with our estate planning guide, then contact us to schedule a review.