When Should I Update My New York Will?

A common misconception people in Westchester County have about making a will is that it is a static event, done once, never to be taken out again during one’s lifetime. In reality, a will can be updated whenever the testator (the person whose assets are being disposed of in the will) desires; in some cases, state law will force an update even if the testator does not intend it. Consulting an attorney on the subject can help clear up any issues.

Major Life Events

In general, an attorney will recommend that a person update their will in two situations: either when a major life event has occurred, or when there has been a change in familial relationships. A common example is when the testator gets married or remarried, or when a child or grandchild is born. Another often-seen scenario that may require a will update is the acquisition (or sale) of property or major assets like a car.

It is important to keep in mind that a person is not generally required to include new family members in their will  but if they choose to do so, they have to do it affirmatively. In addition, there are some situations where state law automatically disinherits a potential beneficiary – the most common instance is after a divorce. New York law holds that unless the will expressly states otherwise, an ex-spouse is removed from any beneficial position or bequest they had been in line to receive.

Two Ways To Make Changes

If a person determines that they need to make changes to their will, there are two ways one can do it so that the changes are legally valid. The first is known as a codicil, and it is best used when only minor changes are required. A codicil is essentially a supplement to a valid will, and has to be executed with the same formalities as the will itself (for example, two witnesses are required). It does not invalidate the initial document.

If major changes have occurred in a person’s life, then it may be most beneficial to simply invalidate the previous will and make a new one. If they choose to do this, it is crucial that they explicitly invalidate the previous will, either in the new will or in a separate document. Failure to do this can result in ambiguities that cause problems for a person’s beneficiaries. Reviewing and updating your will every few years can smooth the eventual probate process for all involved.

Contact A Pleasantville Estate Planning Attorney

Estate planning can be complex, and it is easy for the average person to get confused. A Pleasantville estate planning attorney from Meyer & Spencer, PC can help to answer your questions about the process and ensure that your wishes are properly noted, so they can be properly respected. Contact our office today to schedule a consultation.

Source:

newyork.public.law/laws/n.y._estates,_powers_and_trusts_law_section_5-1.4