If you think your estate plan is “done,” this article is for you.
At The Village Law Firm, we routinely meet families who’ve gone through the effort to create wills, trusts, and power of attorney documents—then never looked at them again. Years later, life has changed dramatically, but their estate plan hasn’t. That’s the #1 estate planning mistake we see in New York, and it can have real legal and emotional consequences.
This blog is for New York families, professionals, and parents who already have a plan—or think they do—but haven’t reviewed it in years. By the end, you’ll understand why updating your estate plan is critical, what to look out for, and how to take the next simple step toward real protection.
Why “Set It and Forget It” Doesn’t Work for Estate Planning
Estate plans aren’t time capsules—they’re living documents. And yet, many people treat them like a one-and-done task. That approach is risky.
Here’s why estate plans quickly become outdated:
- Life changes: Marriage, divorce, having children, buying property, or losing a loved one all impact your wishes.
- People change: The executor or guardian you trusted five years ago may have moved, passed away, or no longer be the right choice.
- Laws change: Estate tax thresholds, Medicaid eligibility rules, and probate procedures evolve. What worked in 2017 may cause complications today.
We’ve seen cases where:
- An ex-spouse was still listed as a beneficiary.
- A second child was completely left out of the will.
- A deceased relative was still named as a healthcare proxy—with no backup.
Each of these oversights could have been prevented with a simple review.
How Often Should You Update Your Estate Plan?
As a general rule, we recommend reviewing your plan every three years—or immediately after a major life event. This is especially important if you live in New York City, where complex property laws and estate taxes can make mistakes costlier.
Life events that should trigger a review include:
- Marriage or divorce
- Birth or adoption of a child
- Buying or selling a home
- Moving to or from New York
- Death or incapacity of someone named in your plan
Not sure where to start? This blog on reviewing estate plans breaks down key documents to check.
Even if you think nothing’s changed, take 30 minutes to confirm. You may be surprised by what needs an update.
The Power of a Trust—and Why It’s Often Missing
One of the most effective updates we recommend for NYC families is setting up or funding a revocable living trust. If your current plan relies solely on a will, your assets will likely go through probate—a public, often lengthy court process.
Here’s what a trust can do:
- Avoid probate court entirely
- Streamline the transfer of property (especially valuable NYC real estate)
- Keep your family’s financial matters private
- Provide clearer instructions for managing assets if you become incapacitated
We’ve helped families who thought their wills covered everything—only to learn their property would still be tied up in court without a trust.
If you’re not sure how trusts work or whether you need one, this post on avoiding probate is a great place to start.
The Simple Fix That Can Prevent Years of Trouble
The easiest and most effective step? Schedule a comprehensive estate plan review. It’s relatively quick, doesn’t require starting from scratch, and can uncover hidden issues before they become major problems.
A review typically includes:
- Checking that all beneficiaries and guardians are current
- Reviewing power of attorney and healthcare proxy documents
- Confirming your assets are titled properly and trusts are funded
- Making sure your wishes align with current laws and tax thresholds
At The Village Law Firm, we guide you through this process with compassion and clarity. We don’t just update paperwork—we build a legacy strategy that grows with your life.
FAQs
How do I know if my estate plan is outdated?
If you haven’t looked at it in three years—or if your family, finances, or living situation has changed—there’s a good chance it needs a refresh.
Do I need to update my plan if I move within New York City?
You generally don’t need to update your plan if you move within New York City. However, be aware that the courts in different boroughs can have different requirements and different timelines.
Is updating my estate plan expensive?
Not necessarily. In many cases, it’s a fraction of the cost—and emotional burden—of going through probate or dealing with unclear documents after a crisis.
Let’s Make Sure Your Plan Still Protects What Matters
If it’s been a few years, or if you’re not sure where your documents even are, it’s time. Schedule a legal planning session with The Village Law Firm and get clarity on how to update your estate plan NYC style—thoroughly, thoughtfully, and with your future in mind.
