As a general rule, you should review your New York estate plan every three to five years, and update it immediately after any major life event or change in the law. An estate plan is not a “set it and forget it” document. It is a snapshot of your wishes, your family, your assets, and the law as they exist on the day you sign it. When any of those things change, your plan can fall out of date and stop doing the job you intended. This 101 guide walks you through the basics: what an estate plan is, why it drifts out of date, and exactly when you should revisit it.
Estate Planning 101: What Are You Actually Updating?
Before we talk about timing, let’s define the terms. A comprehensive New York estate plan is not one document. It is a coordinated set of four core documents that work together:
- Will — directs who receives your property after death and names guardians for minor children. Under New York’s EPTL §3-2.1, a will must be signed at the end by the testator, witnessed by two attesting witnesses, and “published” (you must tell the witnesses the document is your will). If you die without a valid will (called intestacy), New York’s default rules under EPTL Article 4 decide who inherits — not you.
- Trust(s) — legal arrangements under EPTL Article 7 that hold assets for beneficiaries. A revocable living trust lets your estate avoid the public, time-consuming probate process (but offers no estate-tax savings). An irrevocable trust is used for tax reduction, asset protection, and Medicaid planning (which has a 5-year look-back). A Supplemental Needs Trust (EPTL 7-1.12) preserves a disabled beneficiary’s government benefits.
- Durable Power of Attorney — lets someone you trust handle your financial matters if you cannot. Under GOL §5-1513, New York’s power of attorney is durable by default and uses the 2021 statutory short form.
- Health Care Proxy — appoints an agent to make your medical decisions if you are unable to. This is governed by New York Public Health Law Article 29-C and is entirely separate from your financial power of attorney.
Learn more on our Estate Planning Overview page. When we talk about “updating your estate plan,” we mean reviewing all four of these documents — not just the will.
The Baseline: Review Every 3 to 5 Years
Even if nothing dramatic has happened in your life, schedule a review every three to five years. Over that span, your assets typically grow, your beneficiaries age, the people you named as executor or agent may move or pass away, and New York law evolves. A periodic check-in catches small problems before they become expensive ones for your family.
Think of this like a routine physical. You may feel fine, but a regular look-over confirms everything still works as intended — or flags a fixable issue early.
Update Immediately After These Life Events
Certain events should trigger an update right away, regardless of how recently you reviewed your plan. Do not wait for the next scheduled review.
| Trigger Event | Why It Matters |
|---|---|
| Marriage or remarriage | A new spouse has automatic inheritance rights in NY; your prior plan may not reflect your wishes. |
| Divorce | New York law revokes some — but not all — provisions favoring a former spouse. Confirm beneficiaries and agents. |
| Birth or adoption of a child | You need to name a guardian and provide for the new child in your will. |
| Death of a beneficiary, executor, or agent | Named roles must be filled by people who are alive and willing to serve. |
| Significant change in assets | Buying a home, selling a business, or an inheritance can change tax exposure and probate strategy. |
| Moving to or from New York | Each state has its own laws; an out-of-state document may not work cleanly here. |
| A child reaches adulthood | Guardianship provisions may no longer be needed; consider a trust structure instead. |
| Serious illness or disability | Your power of attorney and health care proxy become urgently important. |
Update When the Law Changes — Especially the NY Estate Tax
New York’s estate tax is one of the most important reasons to keep your plan current, because the numbers move and the rules are unforgiving.
For deaths on or after January 1, 2026 (through December 31, 2026), the New York basic exclusion amount is $7,350,000. Estates below that amount generally owe no New York estate tax.
But New York has a feature most people have never heard of: the “cliff.” If your taxable estate exceeds 105% of the exclusion — $7,717,500 in 2026 — you lose the entire exemption. The estate is taxed from the first dollar, not just the amount over the threshold. The estate tax rates are progressive, ranging from 3% to 16%. Falling just over the cliff can cost a family hundreds of thousands of dollars, which is why plans near the threshold need regular review.
A few more New York-specific points worth knowing:
- New York has no gift tax, so lifetime gifting can be a powerful planning tool.
- However, gifts made within 3 years of death are added back into your taxable estate. Timing matters.
- A revocable living trust avoids probate but does not reduce estate tax. For tax reduction you generally need an irrevocable strategy.
See our NY Estate Tax Guide for a deeper look at how the cliff works.
A Simple Update Checklist
When you sit down to review, ask yourself:
- Are the people named as executor, trustee, agent under my power of attorney, and health care proxy still the right choices — and still able to serve?
- Do my beneficiaries still reflect my wishes?
- Has my net worth moved closer to (or over) the $7,717,500 cliff?
- Have I bought or sold major assets that should be retitled into a trust?
- Are my documents signed under current New York formalities?
- Has my family changed through marriage, divorce, birth, or death?
If you answer “I’m not sure” to any of these, it’s time for a review.
Frequently Asked Questions
Q: Is it enough to just update my will?
A: No. A will is only one of four core documents. Your trusts, durable power of attorney, and health care proxy also need to stay current. They work as a coordinated set, and updating only the will can leave dangerous gaps — especially for incapacity, which a will does nothing to address.
Q: Does moving to New York require a new estate plan?
A: Often, yes. New York has its own signing formalities under EPTL §3-2.1 and its own estate-tax rules, including the cliff. An out-of-state will or power of attorney may technically be valid but can create friction. It’s wise to have a New York attorney review documents after a move.
Q: I’m well under the estate-tax exclusion. Do I still need to update my plan?
A: Yes. Updating is about far more than taxes. Naming the right guardians, executors, and agents, avoiding probate, and protecting against incapacity matter at every asset level. The 3-to-5-year review and the life-event triggers apply to everyone.
Q: What happens if I never update my plan?
A: Outdated documents can name deceased agents, omit new children, send assets to a former spouse, or expose your estate to the tax cliff. In the worst case — an invalid or missing will — New York’s intestacy rules under EPTL Article 4 decide who inherits, which may not match your wishes at all.
Talk to a New York Estate Planning Attorney
Your estate plan should grow and change right alongside your life. If it’s been more than a few years — or if you’ve had a major life event or your assets are approaching the New York estate-tax thresholds — now is the time for a review.
Russel Morgan, Esq. and the team at Morgan Legal Group help families across New York State keep their plans current, coordinated, and effective. Visit our statewide guide to learn how we serve clients throughout New York.
Schedule your 30-minute consultation with Russel Morgan, Esq. →
Further reading from Morgan Legal Group: estate planning in New York.