In New York, you should review your estate plan at least once every three to five years, and you should update it immediately whenever a major life event, a financial change, or a change in the law affects you or your family. An estate plan is not a “sign it and forget it” document. It is a living, all-in-one system — a will, one or more trusts, a durable power of attorney, and a health care proxy — that only protects you if it still reflects your wishes, your assets, and current New York law. At Morgan Legal Group, we build every plan to cover every base from the start, and we help our clients keep it that way over time.
This guide explains exactly how often to review your plan, the events that should trigger an immediate update, and why a coordinated, comprehensive approach beats a patchwork of disconnected documents.
The Short Answer: A Tiered Review Schedule
Think of estate-plan maintenance in three tiers: a routine calendar review, event-driven updates, and law-driven updates. Each tier catches problems the others might miss.
| Review Trigger | How Often | Why It Matters |
|---|---|---|
| Routine calendar check | Every 3–5 years | Catches drift in assets, beneficiaries, and named agents |
| Major life event | Immediately | Marriage, divorce, birth, death, or a big asset change can break or distort an old plan |
| Change in the law | As it happens | NY estate-tax thresholds and statutory forms change; outdated documents can fail |
| Moving to or from New York | Before/after the move | New York has its own will, trust, POA, and proxy rules |
A routine review every three to five years is the baseline for everyone. But the most dangerous gaps come from life events and legal changes that happen between those scheduled check-ins — which is why the event-driven tier matters most.
Life Events That Should Trigger an Immediate Update
Do not wait for your next scheduled review if any of the following happen:
- Marriage or remarriage. In New York, a surviving spouse has a right of election to claim a statutory share of the estate, and an outdated will may not reflect your new family structure.
- Divorce or separation. You almost certainly want to remove an ex-spouse as a beneficiary, executor, trustee, agent under your power of attorney, and health care agent.
- Birth or adoption of a child or grandchild. New beneficiaries should be added, and you may want a trust to manage assets for minors.
- Death of a beneficiary, executor, trustee, or named agent. Every role in your plan needs a living, willing person behind it — plus a backup.
- A significant change in wealth. Selling a business, receiving an inheritance, or buying real estate can push your estate toward the New York estate-tax cliff (more on that below).
- A child reaching adulthood who can now serve as an executor, trustee, or agent.
- A serious diagnosis or declining health, which makes your power of attorney and health care proxy urgently important.
Because a comprehensive estate plan ties all of these documents together, a single life event often ripples across several of them at once. Updating only your will while ignoring your power of attorney or proxy is exactly the kind of gap an all-in-one review is designed to close.
The Four Documents to Re-Check Every Time
A total New York estate plan is built on four coordinated pillars. Here is what to verify in each during a review.
1. Your Will
Your will is governed by EPTL §3-2.1, which requires two attesting witnesses, the testator’s signature at the end of the document, and publication (declaring to the witnesses that the document is your will). When you review your will, confirm your executor and beneficiaries are current and that any new assets are addressed. If you die without a will, New York’s intestacy rules under EPTL Article 4 decide who inherits — often not as you would have chosen.
2. Your Trust(s)
Trusts are governed by EPTL Article 7. A revocable living trust lets your estate avoid probate (though it provides no estate-tax savings). An irrevocable trust is the tool for tax reduction, asset protection, and Medicaid planning — but note Medicaid’s five-year look-back period, which makes timing critical. A supplemental needs trust (EPTL 7-1.12) preserves a loved one’s eligibility for government benefits. Review your trusts to confirm they are properly funded and that the trustees and beneficiaries are still right.
3. Your Durable Power of Attorney
Your financial power of attorney is governed by GOL §5-1513. In New York it is durable by default, meaning it stays effective if you become incapacitated. The 2021 statutory short form modernized the rules, so older powers of attorney are worth re-checking with counsel. Confirm your agent and successor agent are still trustworthy and available.
4. Your Health Care Proxy
Your health care proxy is governed by NY Public Health Law Article 29-C. It appoints an agent to make medical decisions for you and is entirely distinct from your financial POA. Make sure your medical agent still reflects your wishes and that they know your preferences.
The power of an all-in-one plan is coordination: these four documents should never contradict each other. A standalone update to one can quietly create a conflict with another — another reason periodic, holistic review matters.
Law-Driven Updates: The New York Estate Tax
New York’s estate tax is a major reason to keep your plan current. For deaths on or after January 1, 2026 through December 31, 2026, the basic exclusion amount is $7,350,000. But New York has a notorious “cliff.” If your taxable estate exceeds 105% of the exclusion — $7,717,500 — you lose the entire exemption and your estate is taxed from the first dollar, at progressive rates of 3% to 16%.
A few planning notes worth a review:
- New York has no gift tax, but gifts made within three years of death are added back to your taxable estate.
- Because these thresholds adjust over time, an estate that was comfortably under the line a few years ago can drift over it.
- Crossing the cliff can cost hundreds of thousands of dollars, so estates near the threshold deserve close, ongoing attention.
If your estate is approaching these numbers, see our New York estate tax guide and revisit your plan promptly — strategies like irrevocable trusts and lifetime giving work best with lead time.
Why “Total” Matters: One Coordinated Plan Beats Piecemeal Fixes
Many New Yorkers collect documents over the years — a will from one lawyer, a power of attorney from another, a proxy from the hospital. The result is a patchwork that contradicts itself and leaves gaps. A total estate plan treats all four pillars as one system, reviewed together, so a single life event or legal change is addressed everywhere at once. That is the standard we hold at Morgan Legal Group, and it is how we serve clients across the state — see our New York statewide guide for how this applies wherever you live in New York.
Frequently Asked Questions
How often should I review my estate plan if nothing has changed?
At least every three to five years. Even with no life events, laws and asset values shift, and a periodic review confirms your named agents and beneficiaries are still appropriate.
Does getting divorced automatically remove my ex-spouse from my plan?
Not entirely. While New York law revokes certain provisions favoring a former spouse upon divorce, you should still proactively update your will, trusts, power of attorney (GOL §5-1513), and health care proxy to name new agents and beneficiaries and avoid ambiguity.
Do I need to update my plan if I move to New York from another state?
Yes. New York has its own requirements for wills (EPTL §3-2.1), trusts (EPTL Article 7), powers of attorney (GOL §5-1513), and health care proxies (PHL Article 29-C). An out-of-state plan should be reviewed by New York counsel.
What happens if my estate is just over the New York estate-tax cliff?
If your taxable estate exceeds 105% of the basic exclusion ($7,717,500 in 2026), you lose the entire exemption and the estate is taxed from the first dollar. Planning ahead is essential, so review your plan well before it approaches that threshold.
Keep Your Plan Current — Talk to Morgan Legal Group
Your estate plan should grow and change with your life. If it has been more than a few years since your last review — or if you have experienced a major life event or a change in your finances — now is the time to make sure every base is still covered.
Russel Morgan, Esq. and the team at Morgan Legal Group build comprehensive, all-in-one estate plans for clients throughout New York State and keep them up to date as life and the law change.
Schedule your consultation with Russel Morgan, Esq.
Further reading from Morgan Legal Group: how trusts fit an estate plan.