Common Reasons to Update Your New York Will

A will is a critical legal document that ensures a person’s wishes regarding how their assets are distributed after they pass away are honored. However, a common mistake people make is drafting a will and then storing it away, never to think about it again. This can be problematic. In New York, like in other states, things can unexpectedly change. When changes occur, reviewing and updating your will may be necessary. Below are some common reasons for considering updating your New York will.

1. Marriage or Divorce

Marriage or divorce is one of the most significant life changes that warrants changing a New York will. If you recently got married or divorced, it is advisable to review your will and update it to avoid problems in the future. For example, in New York, divorce automatically impacts an existing will. Under New York Estates, Powers, and Trusts (EPT) Law section 5-1.4, a divorce revokes any revocable disposition or appointment of property made to or for the benefit of a former spouse unless a will specifically states otherwise. You must amend your will if you want to keep your former spouse in the will.

2. Birth or Adoption

The birth or adoption of a child is another significant life change that warrants changing your New York will. Your will should clearly specify how you wish your assets distributed to your children and, if necessary, who will serve as your children’s legal guardian when you are no longer there. While New York’s EPT Law section 5-3.2 provides protection for children born after a will has been executed, it is safer to add your new children to the will.

3. Changes in Assets

Over time, a testator’s assets might change. Your will should accurately reflect your financial situation. If you experience a significant gain or loss in wealth, you should update your will accordingly. If, for example, you acquire significant assets, such as investments, business interests, or real estate, include these in your will to ensure they are distributed as per your wishes. Likewise, if, for example, you sell a property, update your will to avoid confusion or unintended bequests.

4. Beneficiary Changes

For example, if a named beneficiary dies before the testator, it may be necessary for the testator to revise their will. You may consider adding a new beneficiary or distributing inheritances amongst existing beneficiaries. Changes in relationships, such as estrangement from a family member or reconciling with a loved one, may also necessitate amending a will.

5. New Laws

New laws that affect things like state and federal tax laws may be passed. When new laws that affect your estate are passed, it is crucial that you update your will. For instance, changes in tax laws can affect how much of your estate is subject to taxes or the distribution of assets.

Contact A Pleasantville or Mahopac Estate Planning Attorney

If you need to update your will because of any of the above reasons or for any other reason not discussed here, it is crucial that you seek legal help. A Westchester County estate planning attorney from Meyer & Spencer, PC, can help you review your will and address any necessary changes. Contact us today at (914) 741-2288 to schedule a consultation in our Westchester County or Putnam County offices.

Source:

nysenate.gov/legislation/laws/EPT/5-1.4