Creating a will is an important part of ensuring that your wishes are carried out after your passing. However, it’s equally important to update your will periodically to reflect any changes in your life circumstances or the laws of your state. This is especially true in New York State, where laws related to estate planning have undergone significant changes in recent years. In this blog post, we’ll explore the importance of updating your will in New York State.
First and foremost, it’s important to understand what a will is and what it does. A will is a legal document that outlines your wishes for the distribution of your assets after your death. It allows you to name an executor who will be responsible for carrying out your wishes and ensures that your assets are distributed according to your wishes.
In New York State, there are several reasons why you may need to update your will. For example, if you’ve had a significant change in your life circumstances, such as getting married, divorced, or having a child, you may need to update your will to reflect these changes. If you’ve acquired new assets or sold assets, you may also need to update your will to ensure that your wishes are accurately reflected.
Additionally, there have been significant changes to New York State’s estate planning laws in recent years. For example, in 2014, New York State enacted the New York State Estate Tax Repeal and Decoupling Act, which phased out the state’s estate tax over a five-year period. However, in 2019, the law was amended to include a “clawback” provision, which could result in some estates being subject to the estate tax even if the decedent died after the tax was repealed.
Another significant change to New York State’s estate planning laws was the introduction of the New York State Secure Choice Savings Program, which requires certain employers to provide employees with access to a retirement savings plan. If you’re a business owner or employee in New York State, you may need to update your will to reflect these changes.
Updating your will in New York State is a relatively straightforward process. You’ll need to create a new will that reflects your current wishes and has it witnessed and notarized according to New York State law. It’s important to work with an experienced estate planning attorney to ensure that your will is properly drafted and executed.
Another reason why updating your will in New York State is important is to ensure that your estate plan aligns with your overall financial plan. Estate planning is an integral part of your overall financial plan, and it’s important to ensure that your estate plan is up-to-date and aligned with your current financial goals. Your estate planning attorney can work with your financial advisor to ensure that your estate plan is optimized to meet your current financial objectives.
It’s also important to note that updating your will is not a one-time event. Life is unpredictable, and changes may occur at any time that may require updates to your will. It’s a good idea to review your will periodically, at least every few years, to ensure that it still accurately reflects your wishes.
In addition to updating your will, it’s also important to ensure that other estate planning documents are up to date. For example, you may need to update your power of attorney, healthcare proxy, or living will to reflect changes in your life circumstances or the laws of New York State.
Updating your will in New York State is an essential part of ensuring that your wishes are carried out after your passing. There are many reasons why you may need to update your will, including changes in your life circumstances, changes to New York State’s estate planning laws, or changes to your overall financial plan. Working with an experienced estate planning attorney can help ensure that your will accurately reflects your wishes and complies with New York State law. Remember to review your estate planning documents periodically to ensure that they are still up to date and accurately reflect your wishes.
As a law firm specializing in estate planning, we can provide valuable assistance with updating your will in New York State. Our experienced attorneys can offer legal expertise to ensure that your will accurately reflects your wishes and complies with New York State law. We work closely with our clients to create customized estate planning solutions that meet their specific needs and goals, and we provide regular reviews and updates to ensure that their estate plans remain up to date.
At our firm, we stay up to date on changes to New York State estate planning laws and can provide valuable advice on any changes that may impact your estate plan. We also work closely with our client’s financial advisors to ensure that their estate plans align with their overall financial plans.
We are committed to providing our clients with the highest level of service and expertise when it comes to updating their will in New York State. Contact us today to schedule a consultation and learn more about how we can help you update your will.