Why This Blog Matters
If you’ve ever asked yourself, “Do I need to update my estate plan?”—the answer is probably yes. Estate planning isn’t something you do once and forget. It’s a living, evolving process that should grow with your life.
This blog is for New York families, professionals, and global citizens navigating major life changes—from getting married to buying property or becoming a parent. You’ll walk away knowing exactly when to update your estate plan, what can happen if you don’t, and how to avoid costly legal complications down the line.
What Life Events Should Trigger an Estate Plan Update?
Life moves fast—and your estate plan needs to keep up. Some of the most important moments that should trigger a review include:
- You have or adopt a child.
It’s essential to name legal guardians and consider a trust to manage your child’s inheritance. - You get married, divorced, or remarried.
Any change in your marital status can impact your beneficiaries, executors, and medical decision-makers. - You buy or sell real estate.
Especially in New York City, property can affect probate in major ways. - Your financial situation changes.
A windfall, new business, or financial loss may require updates to your asset distribution or trust structures. - Purchasing life insurance. A new life insurance can create a taxable estate.
- You move to or from New York.
State laws vary. If you move across state lines or internationally, your documents may need legal adjustment. - Someone in your plan dies or becomes incapacitated.
If an executor, trustee, or healthcare proxy can no longer serve, your plan should be updated right away. - You acquire cross-border assets or open international accounts.
These require specialized planning to avoid dual taxation and international probate complications.
As your life evolves, your estate plan should evolve with it—something many people forget until it’s too late.
What Happens If You Don’t Update Your Estate Plan?
Even the most carefully crafted plans can create problems if they’re out of date. We’ve seen it happen:
- Going through a divorce without updating a power of attorney. This left the woman’s soon-to-be ex in charge of her financial affairs.
- Opening a new business without ensuring that it would avoid probate. Upon the business owner’s death, the business operations were frozen, and the value of the business – and the owner’s legacy – plummeted.
- A new life insurance policy resulted in a big estate tax bill.
One client purchased a large life insurance policy without consulting an estate planning lawyer. The proceeds resulted in a large tax bill for the heirs – which could have easily been avoided with an Irrevocable Life Insurance Trust. - A deceased executor led to court delays.
A client’s named executor had passed away. The family had trouble getting the deceased death certificate so that an alternate could be appointed.
Situations like these are more common than most people expect, especially when outdated documents name former spouses, deceased executors, or fail to reflect major asset changes. Poor communication, missing backups, and forgotten designations are just a few of the common reasons estate planning documents fail, often creating legal headaches for the families left behind.
How Often Should You Review Your Estate Plan in NYC?
Even if your life feels steady, your estate plan still needs regular attention. At minimum, we recommend a full review every three years.
Here’s why that matters in New York:
- Estate tax laws change frequently.
The NY estate tax exemption is lower than the federal level—and failing to plan for that can cost your heirs significantly. - Moving boroughs or acquiring new property can impact probate.
Local differences can affect how and where your estate is settled. - For cross-border families, treaties and rules evolve fast.
If you or your assets span countries, annual reviews can help you stay compliant—and save your heirs stress later.
Reviewing your plan regularly is like routine healthcare. It may not seem urgent, but it can prevent far more serious issues later.
Estate Planning Is Not a One-and-Done Process
We understand the temptation to finish your plan and forget it. But the truth is, static estate plans don’t work for dynamic lives. And if you’re a parent, a property owner, or someone with global responsibilities—life is dynamic.
Even something as routine as a divorce requires full review of your documents. Naming the wrong beneficiaries, trustees, or guardians after a split can lead to confusion and conflict. Steps for updating your estate plan after divorce include reevaluating who you trust with your finances, healthcare, and children’s care going forward.
The Village Law Firm takes a long-term view of estate planning. We partner with clients over years and decades—not just to create legal protections, but to keep them current as life changes.
FAQs
How do I know if my estate plan is out of date?
Start by checking whether the people you’ve named (like executors or guardians) are still able and willing to serve. Then look at your assets—if your financial picture has changed significantly, it’s time to review.
Can I update my estate plan without starting from scratch?
In many cases, yes. Minor changes can be made with amendments or codicils. But if your situation has changed significantly, a full redraft may be best.
What happens if I move out of New York?
Your documents may still be legally valid, but they might not follow the rules in your new state or country. It’s best to consult an attorney in your new location.
Ready to Update Your Estate Plan?
If your life has changed, your estate plan should too. Schedule a legal planning session with The Village Law Firm and let’s make sure your plan still works for your current goals, assets, and responsibilities.
