The following events may require you to update your New York will so that it is coordinated with your other estate planning documents and non-probate assets. This will ensure that your wishes are carried out.
- There is a major change in your assets or financial status, such as the purchase or sale of real estate.
- You adopt a child or pet or a new child or grandchild is born.
- A fiduciary, named in your will, such as the executor, trustee, custodian or guardian has died, moved, been convicted of a felony or become incapacitated.
- Your spouse dies.
- You get married which creates a whole new set of gift, Medicaid and estate tax planning opportunities.
- You get divorced which necessitates removal of your ex-spouse as a beneficiary and fiduciary and an update of the beneficiary designations in life insurance and retirement plans, including IRAs and 401(k)s.
- You start, purchase or sell a business.
- You move to another state.
- A will beneficiary or fiduciary marries or divorces. For example, if a couple named as co-guardians or trustees for your children get divorced.
- Estate, gift or income tax laws change. The New York estate tax exemption was increased to $2,062,500 for 4/1/14 to 3/31/15. It will continue to increase each year until it equals the federal estate tax exemption on January 1, 2019. The current federal exemption is $5.34 million.
- A will beneficiary becomes disabled or goes on Medicaid or SSI. Add a Supplemental Needs Trust which enables the disabled beneficiary to maintain eligibility for government benefits, primarily Medicaid and SSI.
- You create a Living (Intervivos) Trust.
- You open joint or payable on death bank or stock accounts.
- Your children reach the age of 18.
- Your beneficiaries have judgments against them.
- You wish to add a favorite charity as a will beneficiary.
- You purchase life insurance.
- You have lent money to a relative.
- Family conflict results in you disinheriting a child. An interrorem or no contest clause should be added to your will.
- You have made gifts, such as transferring your home with a life estate deed.
- You wish to leave a specific item, such as a motorcycle, real estate, guns, digital assets or jewelry to a certain individual. Leave a list of your login IDs and passwords for access to financial accounts, social media and email.
- It has been many years since your will was last prepared.
Contact New York Attorney Robert Friedman at 716.542.5444 to determine how the above events affect your estate, tax and Medicaid planning.
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