An estate plan is not a “sign it and forget it” document. Life changes, New York law changes, and a plan that was perfect five years ago can quietly become a liability. Use this checklist to know exactly when to revisit your documents.
The Life-Event Triggers
Schedule a review whenever any of these happen:
- Marriage or divorce. New York law affects a former spouse’s rights, and a new spouse gains an elective share (EPTL §5-1.1-A) you must plan around.
- A birth or adoption. New children should be added; guardianship nominations should be confirmed.
- A death. If a named executor, trustee, guardian, or beneficiary dies, your backups need to be checked.
- A move into or out of New York. Domicile changes which state’s law governs and whether New York estate tax applies.
- A major change in assets. Selling a business, buying property, or a large inheritance can push you toward the estate tax threshold.
- A health decline. Confirm your power of attorney and health care proxy still reflect your wishes and the right agents.
The Legal and Tax Triggers
Even with no life changes, review the plan when the law moves. New York’s 2026 estate tax exclusion is $7,350,000, with a notorious “cliff”: estates exceeding roughly $7,717,500 (105% of the exclusion) lose the exclusion entirely and are taxed on the full amount, not just the excess. If your net worth is climbing toward that line, a review is urgent — falling off the cliff can cost hundreds of thousands.
Document-by-Document Checklist
- Will (EPTL §3-2.1): executor and beneficiaries still correct? Still properly executed?
- Revocable trust (EPTL Article 7): fully funded with current assets? Successor trustee named?
- Power of attorney (GOL §5-1513): using New York’s current statutory form? Older POAs may be rejected by banks.
- Health care proxy (PHL Article 29-C): agent still willing and available?
- Beneficiary designations: retirement and life insurance forms match the rest of your plan? These override your will.
How Often, Even With No Changes
As a baseline, give your plan a read-through every three to five years. The most common failure New York families discover is not a wrong document — it is a stale one: an ex-spouse still on a 401(k), a deceased executor, or a power of attorney on a superseded form that banks now refuse.
Watch the Probate Consequences
Outdated documents land your family in Surrogate’s Court (under the SCPA) with avoidable disputes. A quick review keeps assets flowing the way you intended and keeps your loved ones out of unnecessary litigation.
Consult a New York attorney. A periodic review is inexpensive compared to fixing an outdated plan after death. A New York estate planning attorney can audit your documents against current law and your current life.
Have a question about your estate?
Talk it through with Russel Morgan — free 30-minute consult.