By Robert Howe
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June 3, 2025
When Should You Update Your Will in New York? Creating a will is a crucial step in ensuring your assets are distributed according to your wishes. However, life is dynamic, and circumstances change. In New York, it's essential to review and update your will periodically to reflect these changes and ensure it remains legally valid and aligned with your current intentions. Key Reasons to Update Your Will: 1) Major Life Events: -Marriage or Divorce: Entering into or dissolving a marriage can significantly impact your estate plan. New York law may automatically revoke certain provisions in your will upon divorce, but it's prudent to review and update your will to reflect your current marital status and intentions. -Birth or Adoption of Children: Welcoming a new child into your family necessitates updating your will to include guardianship designations and provisions for their inheritance. -Death of a Beneficiary or Executor: If someone named in your will passes away, you'll need to appoint new individuals to those roles. 2) Significant Financial Changes: -Acquisition or Sale of Assets: Buying or selling substantial assets like real estate or businesses should prompt a review of your will to ensure these changes are accounted for. -Inheritance or Windfalls: Receiving a significant inheritance or financial windfall may require adjustments to your estate plan to address tax implications and distribution preferences. 3) Relocation: -Moving to or from New York: Estate laws vary by state. If you relocate, it's essential to ensure your will complies with the laws of your new residence. 4) Changes in Relationships: -Estrangement or Reconciliation: Shifts in personal relationships may influence your decisions regarding beneficiaries and executors. 5) Legal and Tax Law Changes: -Updates in State or Federal Laws: Changes in estate tax laws or other relevant legislation can affect your estate plan. Regular reviews help ensure compliance and optimal tax planning. aminovlaw.com How Often Should You Review Your Will? Even absent major life events, it's advisable to review your will every three to five years. Regular reviews help ensure your estate plan remains current with your wishes and any changes in laws or personal circumstances. Updating Your Will: In New York, you can update your will by: - Creating a Codicil: This is an amendment to your existing will, suitable for minor changes. - Drafting a New Will : For substantial changes, it's often best to create a new will and revoke the old one to avoid confusion. Both methods require adherence to legal formalities, including proper witnessing. Consulting with an experienced estate planning attorney ensures your updates are valid and reflect your current intentions. Regularly updating your will is a vital aspect of estate planning. By keeping your will current, you ensure that your assets are distributed according to your wishes and reduce the potential for disputes among beneficiaries. Consult with a qualified estate planning attorney in New York to assist you in reviewing and updating your will as needed. If you have any questions you can always contact us at the Law Office Of Robert Howe. Note: This blog post is for informational purposes only and does not constitute legal advice. Consult with a licensed attorney for advice specific to your situation.