How Should You Update Your Estate Plan Following Major Life Events?

Life in New Hyde Park, like anywhere else, moves fast. One day you are single, and the next you are married with a child and a home. These significant milestones are moments of joy, but they also bring a new set of responsibilities. Your life changes, and so should your legal documents. At Davidov Law Group, we often speak with clients who ask, “How should you update your estate plan following major life events?” The answer is simple: your estate plan is not a static document. It is a living guide that needs to evolve with you to protect you and the ones you love.

Marriage: New Beginnings Require New Plans

Marriage is one of the most significant life events that should trigger a review of your estate plan. Under New York law, a surviving spouse has specific rights that can impact your estate even if your will was created before you were married. New York Estates, Powers and Trusts Law (EPTL) § 5-1.1-A grants a surviving spouse a right of election, which allows them to claim a share of your estate regardless of what your will says.

Divorce: Separating Lives and Legal Documents

When a marriage ends, it is just as important to update your estate plan. New York law offers some automatic protections, but these are not comprehensive. Under EPTL § 5-1.4, a final decree of divorce automatically revokes any disposition to your ex-spouse in your will. It also revokes their appointment as an executor, trustee, or guardian.

However, this automatic revocation does not apply to all of your legal documents. It does not typically affect beneficiary designations on life insurance policies, retirement accounts, or other “testamentary substitutes.” If you do not change these designations, your ex-spouse could inherit these assets, even years after the divorce is final, which is a common and avoidable mistake. We guide our clients to change their beneficiary designations and power of attorney documents as soon as the divorce is finalized. You will want to name a new agent for your healthcare proxy and power of attorney, as well as a new executor for your will, to ensure your wishes are followed.

Welcoming a Child: Protecting the Next Generation

The birth or adoption of a child is a monumental event that completely changes your priorities. It also means you have a new person to protect. If you do not have a will, your child will be cared for by a guardian appointed by the court. With a will in place, you can name a guardian you know and trust to raise your child in the event of your death.

New York law treats adopted children the same as biological children for inheritance purposes. EPTL § 2-1.3(a) states that a disposition to “issue” or “children” in a will includes adopted children unless the document says otherwise. Even so, it is always a good practice to update your will to name and include your children specifically, which removes any ambiguity and ensures they are provided for. You will also want to name a custodian for their assets or establish a trust to manage their inheritance until they are old enough to handle it themselves.

Death of a Beneficiary or Executor

While it is difficult to think about, the passing of a beneficiary or executor is a life event that requires a review of your estate plan. New York has an “anti-lapse” statute, EPTL § 3-3.3, which states that if a beneficiary who is your child or sibling dies before you do, their share of your estate will pass to their descendants, but this rule only applies to a small group of people, and the outcome may not be what you intended.

Suppose a different type of beneficiary passes away, such as a friend or a niece. In that case, their share may go to your remaining beneficiaries, or it may pass through intestacy, which can lead to your assets being distributed in ways you never would have chosen. You should update your will or trust to name a new primary beneficiary or to add contingent beneficiaries who will inherit if the primary beneficiary dies. Similarly, if your named executor has passed away, you will want to appoint a new one to ensure the smooth administration of your estate.

Protecting Your Legacy in the Long Term

Updating your estate plan after a major life change is not just a good idea; it is an essential part of responsible legal and financial planning. We know that navigating complex legal concepts can feel overwhelming, but we are here to simplify the process. Our team of award-winning attorneys and certified financial planners works together under one roof, providing a holistic approach to your legal and financial future. We have been serving the New Hyde Park community since 2001, protecting families and providing peace of mind.

We offer flat-fee pricing for all of our services, so you know the cost upfront without any hidden surprises. We also offer our unique Pay Later Probate/Administration fees, which allow you to retain us for probate assistance without having to pay our fee until the estate funds are available. 

Do not wait for an unexpected event to force your hand. If you have questions about how a life event can impact your estate plan, or if you need to create a new one, we are here to help. Contact us today for a consultation at 516-253-1366.