Major life changes can affect how your property passes after death. Marriage, divorce, having a child or acquiring new assets may change your estate planning needs. If your will no longer reflects your wishes, your loved ones may face confusion or disputes during probate. Reviewing your will after important life events helps keep your plans current.
Marriage and divorce require a will review
New York law generally revokes provisions in a will that benefit a former spouse after divorce. Under New York Estates, Powers and Trusts Law § 5-1.4, divorce generally revokes revocable provisions benefiting a former spouse, including certain fiduciary appointments and beneficiary designations, subject to statutory exceptions. However, the law does not automatically update every estate planning document.
Marriage can also affect inheritance rights. Under New York law, a surviving spouse may claim an elective share of the estate, even if the will leaves that spouse less. Reviewing your will and related documents after marriage or divorce helps ensure they reflect your current wishes.
Birth or adoption of a child requires attention
Having or adopting a child changes your estate planning priorities. Your will should name a guardian to care for your minor children if you cannot. You may also want to create a trust to manage their inheritance until they reach a suitable age.
Under New York law, adopted children generally have the same inheritance rights as biological children. Reviewing your will after a birth or adoption helps ensure your estate plan accounts for every child.
Major financial changes call for updates
Buying real estate, selling a business or receiving a large inheritance can change how you want to distribute your assets. Review your estate planning documents when your financial circumstances change significantly. This can help prevent outdated instructions from creating confusion or disputes among beneficiaries.
Regular reviews help protect your wishes
Review your will every three to five years, even if your circumstances remain the same. Pay attention to changes involving:
- Your named executor or guardian
- Beneficiaries and their circumstances
- Property, savings and other assets
- Your distribution preferences
An outdated will may not reflect your current intentions. Regular reviews can help ensure your estate plan continues to meet your needs.
