New York residents who have prepared a will may know that a divorce, a remarriage or the death of a spouse will likely necessitate an evaluation of that document. In some circumstances, a will cannot be simply changed but must be completely revoked in order to be considered valid by a probate court.
A divorce is a circumstance that necessitates a complete revocation of a person’s will. In fact, a will’s provisions are instantly revoked following the divorce of the testator in many states including New York. Additionally, the ex-spouse’s name should be removed from a living trust, a living will and durable power of attorney documents, as well as life insurance policies, an IRA and pensions.
A marriage and the birth of children can be times for estate planning updates as well. It is very important that the new spouse be named in the will. Otherwise, New York courts will only allow the surviving spouse to inherit one-third of the assets with the remaining estate going to the children or the next closest family relations. Likewise, the will should appoint a guardian who will take care of minor children in the event both parents pass away.
A will should also be updated upon retirement or if the testator moves to another state. If the will does not comply with the particular state’s laws, it may be invalid. Keeping a will updated can help to ensure that beneficiaries are not burdened with complexities that may arise upon the distribution of the testator’s assets. A New York estate planning attorney can assist in the conduct of a periodic review of a client’s will and other important documents.
Source: Kiplinger , ” Good Reasons to Change Your Will “, December 22, 2014