📌 Estate Planning Isn’t “Set It and Forget It”
Many people think estate planning is a one-time task—draft a will or trust, sign a few papers, and you’re done.
But your life, your finances, and even the law can change. When they do, your estate plan must evolve too. At Alatsas Law Firm, we help Brooklyn families maintain plans that stay valid, effective, and aligned with their wishes—no matter what life throws their way.
In this article, we’ll explore the most important times to update your estate plan and how New York laws make regular reviews especially important.
🔁 Why Updating Your Estate Plan Matters
Without regular updates, your estate plan may:
- Leave out new beneficiaries (like grandchildren)
- Include people you no longer trust (like ex-spouses)
- Fail to protect assets acquired after the plan was created
- Conflict with New York’s evolving probate and tax laws
A well-maintained estate plan avoids confusion, reduces court costs, and ensures your family is taken care of when it matters most.
📅 12 Times You Should Update Your Estate Plan
Let’s break down the most critical life events and milestones that should trigger a review:
1. You Got Married (or Remarried)
Marriage affects spousal inheritance rights, elective share rules, and default probate laws. If you got married since your last plan:
- Update your will to include (or exclude) your spouse
- Consider creating a joint trust
- Update beneficiary designations
📌 Second marriages often require even more careful planning—especially if you have children from a prior relationship.
🔗 Learn about blended family estate planning »
2. You Got Divorced
After divorce, your estate plan must reflect your new situation. You may want to:
- Revoke power of attorney or health care proxy appointments
- Remove your ex from your will or trust
- Update life insurance and retirement account beneficiaries
In New York, divorce automatically revokes certain provisions—but not all.
🔗 See how to update your plan after divorce »
3. You Had a Child or Grandchild
Adding a new family member is one of the most common reasons to revise your estate plan. You may wish to:
- Add the child as a beneficiary
- Create a minor’s trust
- Appoint a legal guardian in your will
- Plan for special needs, if applicable
If you don’t update your documents, your new child may be unintentionally left out.
4. A Loved One Passed Away
If someone named in your plan has died, update it to:
- Remove them as a beneficiary or executor
- Reallocate their share
- Appoint alternates for roles like trustee or power of attorney
5. You Moved to a New State (Like New York)
Every state has different probate and tax laws. If you recently moved to New York, it’s vital to have a local estate planning attorney review your documents.
For example:
- New York does not recognize TOD deeds for real estate
- The NY estate tax “cliff” can create unexpected tax bills
- Health care proxy and POA forms vary by state
📌 Even if your documents are legally valid, they may not be ideal for New York law.
6. Your Financial Situation Changed
Bought a house? Sold a business? Received an inheritance?
Significant financial changes require estate plan updates to:
- Add new assets to your trust
- Adjust tax strategies
- Modify how assets are distributed
- Update your executor or trustee if wealth has increased significantly
7. You Became a Caregiver for Someone Else
If you’re now caring for a parent or child with special needs, your estate plan should include:
- Special needs trusts
- Powers of attorney
- Long-term care planning
- Medicaid protection strategies
🔗 Explore planning for loved ones with dementia »
8. You Want to Avoid Probate
You may have started with a simple will, but now want to avoid New York probate delays and court costs.
Updating your plan to include a revocable living trust can:
- Avoid probate for most assets
- Ensure faster, private distribution
- Protect real estate in multiple states
📌 This is especially helpful for Brooklyn homeowners with growing equity.
9. You’re Nearing Retirement
Retirement is a key time to revisit your plan:
- Coordinate with Social Security and pension options
- Evaluate long-term care needs
- Set up asset protection strategies
- Ensure beneficiary designations are updated
A trust may become more appropriate than a will at this stage.
10. It’s Been 3–5 Years Since Your Last Review
Even if nothing big has changed, estate planning professionals recommend reviewing your documents every 3 to 5 years.
Why?
- Tax laws change
- New planning tools become available
- Your relationships may evolve
Let our Brooklyn-based estate planning firm review your current plan for free.
📞 Schedule a complimentary estate plan review »
11. You Started or Sold a Business
Business interests require careful planning to:
- Minimize estate taxes
- Ensure business continuity
- Provide for family members not involved in the business
- Avoid disputes among heirs
📌 A business succession plan should be integrated with your estate documents.
🔗 Read about estate planning for business owners »
12. You Want to Make a Charitable Gift
Many Brooklyn residents want to leave a legacy by donating to a cause they care about. A well-structured estate plan can include:
- Charitable remainder trusts
- Donor-advised funds
- Specific bequests in your will
- Tax-efficient strategies to reduce estate taxes
🛑 What Happens If You Don’t Update?
Without an update, you risk:
- Disinheriting children or grandchildren
- Leaving money to an ex-spouse
- Having an outdated executor handle your estate
- Subjecting your family to unnecessary taxes or court fees
An outdated estate plan is almost as dangerous as having no plan at all.
⚖️ Work With a Brooklyn Estate Planning Attorney You Can Trust
At Alatsas Law Firm, we’ve helped families across Kings County:
- Create estate plans from scratch
- Review and revise outdated wills and trusts
- Protect homes from Medicaid recovery
- Minimize estate taxes
- Plan for blended families, business succession, and more
We offer:
✅ Free document review
✅ Flat-fee planning packages
✅ Medicaid and long-term care protection
✅ Local knowledge of Brooklyn Surrogate’s Court procedures
🏁 Next Step: Keep Your Estate Plan Current
Your life doesn’t stand still. Neither should your estate plan.
📍 Serving Brooklyn neighborhoods including Bay Ridge, Park Slope, Gravesend, Sheepshead Bay, and Midwood.
📞 Call (718) 233-2903 or
🔗 Schedule your estate plan review »
