A will or trust isn’t a one-time task—it’s a living document that should evolve as your life does. If you’re wondering how often you should update your will in NY, the short answer is every 3–5 years or whenever a major life, financial, or legal change occurs. Regular reviews ensure your estate plan continues to reflect your wishes, your family’s needs, and New York’s current laws.
At The Village Law Firm, we often meet clients who haven’t looked at their estate documents in years—sometimes since before they had children or bought a home. This blog explains when and why to update your plan, how long the process takes, and what can happen if you wait too long.
When Should You Update Your Will or Trust in New York?
Life doesn’t stand still, and neither should your estate plan. You should revisit your documents every 3–5 years, or sooner if any of the following changes apply to you.
Major Family Changes
- Marriage or divorce: In New York, marriage and divorce automatically affect inheritance rights. Update your documents to reflect your current relationship and intentions.
- Birth or adoption: Add new children or grandchildren as beneficiaries and update guardianship designations.
- Death in the family: If a named executor, trustee, or beneficiary has passed away, designate replacements to keep your plan functional.
- Blended families: When remarriage brings stepchildren into the picture, clarify asset division to prevent disputes later on.
As you age or navigate new family dynamics, reviewing your estate plan becomes even more important to ensure everyone you love is protected.
Financial and Property Changes
- Buying or selling real estate: Whether you’ve purchased a new home or sold an old one, update your will or trust to reflect accurate ownership and avoid probate complications.
- Business updates: Starting, selling, or restructuring a business should trigger an immediate estate plan review to align with shareholder or operating agreements.
- Significant wealth changes: Inheritances, market growth, or new investments can shift your tax exposure or estate structure.
Health and Care Considerations
- Health changes: A new diagnosis or change in capacity means revisiting your health care proxy and power of attorney to ensure you trust the right people with decisions.
- Aging parents: As parents require more care, your plan may need to integrate Medicaid planning or financial provisions for intergenerational support.
Legal or Tax Updates
- Federal estate tax changes: The 2026 reduction in the federal exemption could impact many New York families who were previously below the tax threshold.
- State law updates: New York regularly revises laws governing trusts, probate, and executor duties. Even without personal changes, a legal check every few years keeps your plan current.
How Long Does It Take to Update an Estate Plan?
Updating your will or trust doesn’t always mean starting over. The process can be straightforward—especially if you act before issues arise.
Typical timelines:
- Simple updates (executor or guardian changes): 1–2 weeks
- Moderate updates (adding assets, adjusting trusts): 2–4 weeks
- Complex revisions (tax, business, or Medicaid planning): 4–8 weeks
During the update process, your attorney will:
- Review your existing documents.
- Identify outdated or conflicting provisions.
- Draft amendments or create new versions as needed.
- Ensure everything is properly executed under New York law.
If you haven’t reviewed your estate plan in five years or more, expect a comprehensive review to confirm that your documents still align with your goals and current regulations.
What Happens If You Never Update Your Will or Trust?
Failing to revise your estate plan can have serious consequences—many of which are expensive or irreversible.
1. Outdated Beneficiaries
Your assets could unintentionally go to an ex-spouse, estranged relative, or even a deceased person. Conflicting beneficiary designations between your will and financial accounts can also trigger probate disputes.
2. Unintended Disinheritance
New family members—like stepchildren or grandchildren—may be left out if they weren’t added to your documents. Generic “equal share” language doesn’t always cover new relationships.
3. Executor or Trustee Problems
If your chosen representative has moved, passed away, or is no longer willing to serve, the court may appoint someone you never intended.
4. Legal Delays and Higher Costs
An outdated will can raise red flags for the court. Conflicting dates, missing signatures, or unclear language can delay probate and lead to costly litigation—issues often seen when people neglect updates.
5. Missed Tax or Legal Opportunities
Laws evolve. A trust or estate plan that once minimized taxes may now leave your heirs exposed to unnecessary costs. Understanding how estate planning laws change can help prevent future financial strain on your family.
How to Keep Your Estate Plan Current
Think of your estate plan like a routine health check—it works best when you maintain it consistently.
- Set a review reminder: Every 3–5 years or after any major life event.
- Coordinate all documents: Your will, trust, powers of attorney, and beneficiary designations should tell the same story.
- Schedule a legal checkup: Regular consultations ensure your plan reflects your current wishes and complies with state law.
Keeping your plan current means your family won’t face confusion or conflict when carrying out your wishes.
Frequently Asked Questions
1. How do I know if my will is still valid in New York?
If it was properly executed under New York law, it remains valid—but “valid” doesn’t always mean “effective.” Outdated details, missing beneficiaries, or old executors can make it legally sound but practically unhelpful.
2. Can I make handwritten changes to my will?
No. In New York, handwritten edits (called holographic wills) are generally invalid unless executed under strict emergency conditions. Always work with an attorney to ensure changes are properly witnessed and notarized.
3. What if I have a trust instead of a will?
Trusts also need updates when assets, beneficiaries, or tax laws change. A trust can only protect what’s titled in its name—so if you acquire new property or accounts, they must be added formally.
Next Step
Your life changes, and your estate plan should change with it. Schedule an estate plan review with The Village Law Firm to ensure your will or trust reflects your current family, finances, and New York law. A quick update today can save your loved ones from confusion and conflict tomorrow.
