Creating a will is one of the most important steps in securing your legacy and protecting your loved ones. But drafting your will isn’t a “set it and forget it” forever task. Life is constantly changing, and your estate plan should evolve along with it. At Katzner Law Group, we emphasize the importance of keeping your will current so that it reflects your wishes, accounts for life events, and complies with the latest laws.

Please note that although this article is tailored to a will based estate plan, a Last Will and Testament, the same concepts apply to a Revocable Living Trust based estate plan. 

So, how often should you update your will? Experts recommend reviewing it at least every three to five years, or sooner if significant life changes occur. This article explores why regular updates are essential, when you should revisit your will, and the risks of letting it become outdated.

Why It’s Important to Keep Your Will Up to Date

Your will serves as the legal foundation for how your property and assets will be distributed after your passing. It names guardians for minor children, appoints executors to manage your estate, and outlines who receives your assets. If the will no longer reflects your true intentions or current life circumstances, it can lead to confusion, conflict, or even court battles.

Reasons Why Updating Your Will Is Essential:

• Ensures your beneficiaries and heirs are current 
• Keeps up with changes in tax and estate laws 
• Reflects shifts in relationships and family dynamics 
• Prevents unintended disinheritance 
• Reduces the risk of probate disputes 

Without updates, your assets could end up being distributed in ways that no longer make sense, potentially harming the people you care about most.

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How Often Should You Update Your Will?

A will should be reviewed and potentially updated at least every three to five years, or more frequently when significant life events occur. Think of your will as a living document that grows and changes with your personal circumstances.

General Guidelines for Reviewing Your Will:

1. Every 3–5 years: Periodic reviews help ensure your will remains aligned with your financial situation and the current law. 
2. After major life changes: Any event that significantly alters your life, finances, or relationships should prompt a review. 
3. When laws change: Federal or state law changes can impact estate planning tools and tax strategies. 

For example, updates in New York’s estate tax exemption or changes in federal inheritance tax laws may necessitate revisions to protect your estate’s value. Visit the New York State Department of Taxation and Finance for more on estate taxes in New York.

Life Events That Should Trigger a Will Update

Certain events warrant immediate attention to your will. These changes often affect your list of beneficiaries, named guardians, executors, and how your assets should be distributed.

Events That May Require You to Update Your Will:

1. Marriage or Divorce 
   • A new spouse may not automatically inherit everything unless clearly stated in your will. 
   • Divorce may revoke your former spouse’s role as executor or beneficiary. 
2. Birth or Adoption of a Child or Grandchild 
   • Ensure that new family members are added as beneficiaries or guardians. 
3. Death of a Beneficiary or Executor 
   • If someone named in your will passes away, the document may need to be revised to designate replacements. 
4. Change in Financial Status 
   • Significant increases or decreases in assets (e.g., business sale, inheritance) can affect how your estate should be managed. 
5. Relocation to a New State 
   • Each state has its own laws regarding wills, probate, and estate taxes. A move to or from New York can require legal updates. Questions often arise, like Can You Have Medicaid in Two States? Why Legal Help Matters, and the truth is that residency and state-specific rules can significantly impact your estate plan when relocating. 
6. Change in Wishes 
   • Over time, your personal values and relationships may change. You may wish to revise who receives what or remove someone as a beneficiary. 
7. Major Health Events 
   • A diagnosis or medical change may prompt a reevaluation of your estate plan, especially if long-term care planning is needed. 
8. Legal Changes Affecting Estate Planning 
   • New federal laws (like changes to the estate tax threshold) or state statutes may impact your existing plan. 

Proactively updating your will during or shortly after these events helps ensure your estate plan continues to reflect your true intentions.

What Happens If You Don’t Update Your Will?

Failing to update your will can lead to serious legal and emotional consequences for your loved ones.

Risks of an Outdated Will:

1. Unintended Beneficiaries 
   • If you remarry and don’t update your will, your former spouse may still inherit certain assets. 
2. Disinheriting Loved Ones 
   • Children or grandchildren born after your last will update may receive nothing unless named. 
3. Executor or Guardian Problems 
   • If your chosen executor or guardian is no longer alive or capable, the court must appoint a substitute. 
4. Legal Disputes 
   • Conflicting or outdated language in your will can lead to contested probate and family strife. 
5. Increased Estate Taxes 
   • Your estate may not take full advantage of updated tax strategies or exemptions. 
6. Probate Delays and Costs 
   • Courts may face complications interpreting or enforcing an old will, slowing down the process and increasing legal fees. 

In short, outdated wills increase the likelihood of delays, disputes, and outcomes that do not reflect your final wishes.

How to Update Your Will

Making changes to your will is easier than many people think. There are two main ways to revise a will:

1. Add a Codicil

• A codicil is a legal document that adds to or changes part of your existing will. 
• Suitable for minor changes (e.g., updating a name, changing an executor).
• More often subject to litigation, so not typically the ideal way to proceed. 

2. Draft a New Will

• Recommended for major life changes or when several changes are needed. 
• The new will should clearly state that it revokes all previous versions. 

In either case, updates must meet the same legal formalities as the original will, including:

• Being in writing 
• Signed by the testator 
• Witnessed by two disinterested parties 

A qualified estate planning attorney can ensure that your revisions are valid under New York law and won’t be challenged in court.

For more on the legal requirements of wills in New York, visit the New York Courts Guide to Making a Will.

Final Thoughts: Don’t Let Your Will Go Out of Date

Life changes, and your will should change with it. Regular updates help protect your legacy, provide for your loved ones, and ensure your final wishes are respected. Whether you’re experiencing a major life event or it’s just been a few years since your last review, now is the time to take a fresh look at your estate plan.

Talk to Katzner Law Group About Updating Your Will

At Katzner Law Group, we help individuals and families across New York ensure their wills and estate plans are current, enforceable, and tailored to their goals. Whether you’re making small changes or need a full overhaul, we’re here to help you do it right.

Visit our Contact Page or call us at 855-528-9637 to schedule a consultation. Let us help you keep your estate plan as up-to-date as your life.