When Should You Update Your Estate Plan?

Estate Planning Isn't "Set It and Forget It”

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

12 Times You Should Update Your Estate Plan:

1. You got Married (or Remarried) 

• 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.

2. You Got Divorced 

• Revoke power of attorney or health care proxy appointments 

• Remove your ex from your will or trust 

• Update life insurance and retirement account beneficiaries
   

3. You Had a Child or Grandchild 

• Add the child as a beneficiary 

• Create a minor's trust 

• Appoint a legal guardian in your will 

• Plan for special needs, if applicable
  
  

4. A Loved One Passed Away 

• 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

• Every state has different probate and tax laws.
  
  

6. Your Financial Situation Changed

7. You Became a Caregiver for Someone Else

8. You Want to Avoid Probate

9. You're Nearing Retirement

10. It's Been 3-5 Years Since Your Last Review

11. You Started or Sold a Business 

12. You Want to Make a Charitable Gift

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This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007