Corliss Law Group, P.C.

Do I need to update my estate plan? 3 times the answer is yes

2026-08-19T16:27:37Z

Creating an estate plan is a significant accomplishment, but it is not a one-time task. Life changes constantly, and your estate plan should evolve alongside your circumstances. Many people create their documents and then file them away, assuming the work is done. However, failing to update your estate plan and double check that the legal tools, like trusts, are set up correctly can lead to unintended consequences, family disputes and outcomes that do not reflect your current wishes. It is important to know when to revisit your estate plan to better ensure distribution of your assets in a way that protects your loved ones and meets your wishes. Three common situations when updating your estate plan is not just recommended but necessary include the following.

#1: Major life events

Significant personal changes often render your existing estate plan outdated or even counterproductive. When these milestones occur, it is important to review and revise your documents:

Marriage or divorce dramatically alters your beneficiary designations and may affect who you want to serve as executor or healthcare proxy
The birth or adoption of children creates new responsibilities and requires you to name guardians and establish trusts for minors
The death of a beneficiary, executor or trustee named in your plan necessitates selecting replacements to fulfill these roles

After experiencing any of these events, schedule a consultation with your estate planning attorney. Waiting even a few months can create complications if something unexpected happens during that window.

#2: Substantial financial changes

Your estate plan should reflect your current financial reality. Whether your wealth has grown or diminished, your documents need to account for these shifts. Examples can include:

Acquiring significant assets such as real estate, business interests or valuable collections may require new strategies for minimizing estate taxes and proper distribution
Receiving an inheritance can substantially change your net worth and may affect your charitable giving plans or tax situation
Experiencing financial hardship might mean you need to revise beneficiary distributions or reconsider expensive trust structures

Financial changes affect not only what you leave behind but also how efficiently your loved ones can settle your estate. Regular reviews help to better ensure your plan remains cost-effective and aligned with your resources.

#3: Relocating to a new state

Estate planning laws vary significantly from state to state. If you have moved across state lines, your documents may not comply with your new jurisdiction's requirements or may miss opportunities for better protection under different laws.

Bonus: A chance to make sure the tools in your estate plan are in working order

Reviewing your estate plan also offers you the chance to make sure the tools you use in your plan are in working order. A common example where issues arise involves trusts. In order to work, these legal tools must be properly funded — meaning you must title assets in the trust's name. It is common to miss this step. If left unresolved, an unfunded trust can be a very expensive mistake. This process also verifies that your trust accurately reflects your current wishes for distributing your assets, caring for your loved ones and minimizing taxes and probate costs. Think of this review as a quality check on a significant investment: you spent considerable money creating your trust, so a review helps to better ensure it will actually accomplish what you need it to do when the time comes. Many people discover during reviews that their trust remains unfunded or contains outdated provisions that no longer match their family situation or financial goals, problems that are easily fixable now but could create serious complications later.

Supporting loved ones during a difficult time

Your estate plan is a living set of documents that should grow and change with you so your estate can support loved ones as they navigate a difficult transition. By updating your plan after major life events, financial changes or relocation and making sure all the tools you have in place are in working order you protect your legacy and provide clarity for those you leave behind.

Are your powers of attorney still relevant?

2026-05-29T08:53:44Z

Life changes constantly, and the legal documents you created years ago might not reflect your current situation. Powers of attorney are essential documents that authorize a trusted individual to act for you when you cannot manage your own affairs. However, many people create these documents and then forget about them for decades. This oversight could lead to serious complications when you need them most.

Why regular updates matter

Your circumstances today are likely different from when you first signed your power of attorney documents. Perhaps you have moved to a different state, gotten married or divorced, or experienced changes in your financial situation. The person you named as your agent might have passed away, moved far away or simply may no longer be the best choice for this responsibility. Financial institutions and healthcare providers often scrutinize older documents more carefully. Some may even reject powers of attorney that are more than a few years old, questioning their validity or whether they reflect your current wishes. This scrutiny can create frustrating delays precisely when quick action is necessary. State laws governing powers of attorney also evolve. A document that was perfectly valid when you created it might not meet current legal standards. Regular reviews ensure your documents comply with the most recent requirements and provide the authority your agent actually needs to help you.

When you should consider reviewing your documents

Consider reviewing your powers of attorney every three to five years, even if nothing major has changed in your life. You may also want to revisit them after significant life events such as marriage, divorce, the birth of children, retirement or substantial changes in your assets. If you have relocated to another state, reviewing your documents becomes especially important since each state has different rules and requirements. What worked in your previous state might not be sufficient in your new home. Taking time to keep your powers of attorney current is not about expecting the worst. Rather, it is about being prepared and ensuring that your wishes can be carried out smoothly if the need arises. A periodic review can provide peace of mind and help avoid potential problems down the road.

Revocable vs. irrevocable trusts: which should I add to my plan?

2026-02-25T07:06:24Z

Planning for the unknown can feel daunting, especially when everyday responsibilities already take up much of your time. Many people understand that estate planning matters, but few really know where to begin or which tools actually fit their situation. Learning how core estate planning tools work, including different types of trusts, helps turn uncertainty into a manageable first step. With a clearer understanding, you can begin shaping a plan that reflects your priorities and prepares your family for the future.

How revocable and irrevocable trusts differ

The main difference between revocable and irrevocable trusts comes down to control and ownership. A revocable trust allows you to keep authority over the assets you place into it. You can update its terms, move property in or out, or dissolve the trust if your needs change. Many people use revocable trusts to hold a family home or investment accounts because they help avoid probate, maintain privacy and allow for flexibility during life.

An irrevocable trust works differently. Once assets are transferred, you usually give up ownership and the ability to make changes. While this loss of control can feel limiting, it also creates added protection. Assets in an irrevocable trust may sit outside your taxable estate and often receive protection from creditors or legal claims. Life insurance policies, for example, commonly belong in irrevocable trusts designed to preserve value for beneficiaries.

How taxes affect trust decisions

Tax considerations affect each type of trust in different ways. A revocable trust does not provide federal estate tax benefits for most people because the assets are still treated as personally owned. However, property held in a revocable trust often qualifies for a step-up in tax basis at death, helping reduce potential capital gains taxes for heirs who sell the asset later.

Irrevocable trusts operate under a different tax framework. Because assets placed in an irrevocable trust are no longer considered part of your estate, they may reduce future estate tax exposure. This distinction often matters for families with higher-value assets or long-term wealth preservation goals.

Choosing the right trust for your estate plan

Before deciding which trust fits your goals, it helps to consider:

How much flexibility you want as circumstances change
Whether asset protection is a priority
If tax planning is a concern
Whether avoiding probate matters to your family
How comfortable you are giving up control over certain assets

These factors often show that estate planning involves balance rather than a single decision.

Building a plan for peace of mind

Trusts work best when they reflect your goals and comply with state law. An experienced estate planning attorney can help you evaluate your options and create a plan that supports your family over time. With the right guidance, estate planning becomes less overwhelming and more purposeful.

Can you keep your home and still qualify for Medicaid in NY?

2025-11-25T16:16:30Z

When thinking about long-term care, one of the biggest worries is losing your home to qualify for Medicaid. Many people assume they must sell or spend down their property first. In New York, the rules are more flexible than most realize. With the right planning, you may keep your home and still receive Medicaid benefits for nursing home or in-home care.

How Medicaid views your primary residence

Medicaid treats your primary home differently from other assets. As long as the home’s equity value is under a certain limit and you intend to return there, it is often exempt from the eligibility calculation. This means the home does not have to be sold before applying for Medicaid. In New York, this exemption applies even if you move into a nursing facility, as long as you express an intent to return home.

What happens when a spouse or dependent lives at home

If your spouse or a dependent relative continues living in the home, Medicaid will not count it as a resource. This protection is called the "spousal impoverishment rule." It allows the healthy spouse to remain in the home without being forced to sell or deplete assets. Planning early can help preserve this protection and prevent unnecessary financial strain.

How to protect your home for future generations

Although your home may be exempt during your lifetime, Medicaid may seek reimbursement from your estate after your death. This process, called estate recovery, allows the state to collect what it paid for your care. Many families use a Medicaid asset protection trust to transfer ownership of the home while retaining the right to live in it. If created and funded more than five years before applying for Medicaid, the home is typically protected from recovery.

Planning ahead to keep your options open

Timing plays a key role in Medicaid planning. Waiting until health declines can limit your options and increase financial risk. By setting up the right legal tools early, you can keep your home, qualify for care, and preserve assets for your family.

Which trust offers more privacy, revocable or irrevocable?

2025-09-02T16:01:51Z

Planning for the future often raises questions about privacy. Families want to know how much of their financial and personal information will remain confidential. Two popular estate planning tools—revocable trusts and irrevocable trusts—handle privacy in different ways. Understanding how each one works can help in deciding which option better protects sensitive details.

Privacy with a revocable trust

A revocable trust allows the person who creates it to keep control of assets during life. Because it bypasses probate, the details of the trust do not usually enter the public record when the creator passes away. This means account balances, property holdings, and beneficiary names stay out of probate court filings. However, the trust can be changed or revoked at any time, which makes it more transparent to creditors during the creator’s lifetime.

Privacy with an irrevocable trust

An irrevocable trust removes assets from the creator’s ownership once the trust is formed. This step offers stronger protection of personal and financial details because those assets no longer belong directly to the individual. Since the trust cannot be altered without the agreement of its beneficiaries, it places a firmer wall between the person’s estate and public inquiries. For those seeking long-term confidentiality, this option often provides greater privacy than a revocable trust.

Considering personal priorities

The choice between these trusts depends on the balance between flexibility and discretion. A revocable trust allows ongoing control and easy adjustments but offers less protection from creditors. An irrevocable trust locks in terms that protect both privacy and assets, though it requires giving up control. Families weighing these options need to think carefully about what matters most—retaining authority over property or ensuring stronger confidentiality. Privacy plays a major role in estate planning, and each type of trust provides different benefits. By considering individual goals and the level of protection desired, it becomes easier to choose the structure that aligns most with future plans.

Key estate planning adjustments following divorce

2025-06-08T07:03:04Z

Divorce is a challenging life transition that often brings significant emotional and legal changes. Amidst the upheaval, updating your estate plan might not be top of mind, yet it is crucial. Life events such as divorce necessitate a review of your estate documents to ensure they reflect your current wishes and protect your interests.

Make a new will

After a divorce, it is essential to revisit your will. You might need to update your beneficiaries if you previously included your ex-spouse. Creating a new will allows you to clearly designate beneficiaries who align with your current intentions. This ensures your assets and property go to the individuals you choose, rather than defaulting to outdated designations.

Update guardianship for minor children

If you have minor children, it is important to update your guardianship preferences. Typically, your surviving spouse would gain custody if you pass away, but circumstances can change. Designate a guardian who can provide for your children's support, maintenance, education, and health care if needed.

Revise power of attorney and health care directives

During marriage, it is common to appoint a spouse as your agent for financial and health care decisions. Post-divorce, you may not want your ex-spouse to maintain this authority. Some states automatically disqualify ex-spouses as agents, but it is wise to proactively update these documents. Assign trusted individuals who can handle your financial affairs and make health care decisions if you become incapacitated.

Review beneficiary designations

Many assets, such as bank accounts and life insurance policies, transfer outside of a will through beneficiary designations. After a divorce, review and update these designations to prevent your ex-spouse from receiving unintended benefits. Contact your financial institutions and insurance companies to obtain and submit change of beneficiary forms.

Encourage family members to reassess estate plans

Your divorce might impact estate plans beyond your own. Family members, such as parents, may have named your former spouse in their estate documents. Encourage them to review their plans to align with their current wishes. This proactive approach helps avoid potential conflicts or unintended outcomes. Updating your estate plan after divorce may seem daunting, but it is straightforward and essential. You can utilize state-specific online forms or seek guidance from an estate planning attorney. By taking these steps, you secure peace of mind and ensure your estate reflects your current life circumstances.

How do you choose a power of attorney?

2025-03-12T15:46:36Z

Choosing a power of attorney (POA) is an important decision that can impact your future well-being and financial security. This person will make decisions on your behalf if you become unable to do so. Selecting the right individual requires careful thought and planning.

Understand the types of power of attorney

There are different types of POA, and each serves a specific purpose. A general POA grants broad authority over financial and legal matters but becomes invalid if you lose mental capacity. A durable POA remains in effect even if you become incapacitated. A healthcare POA gives someone the authority to make medical decisions for you. Understanding these differences helps you choose the right option for your needs.

Choose someone trustworthy and responsible

Your POA should be a person you trust completely. They will have control over important financial, medical, or legal matters. Look for someone responsible, organized, and capable of making decisions under pressure. Many people choose a spouse, adult child, or close friend, but it should be someone who understands your values and wishes.

Consider their financial and legal knowledge

A POA does not need to be an attorney or financial professional, but they should have a basic understanding of financial and legal matters. If they will be handling complex finances, experience in budgeting, investments, and bill payments is beneficial. For healthcare decisions, they should be comfortable discussing medical issues with doctors and advocating for your wishes.

Discuss your wishes in advance

Before granting POA, talk with the person about your expectations. Explain how you want your financial and healthcare decisions handled. Providing clear instructions can help prevent confusion or disagreements later. If necessary, consult with professionals to ensure your POA documents align with state laws. Choosing a POA is a major step in planning for the future. Selecting the right person ensures that your wishes are followed and your affairs are managed properly.

What is the importance of DPOAs in second marriages?

2024-12-12T16:19:14Z

Second marriages often create challenges in estate planning, especially when addressing money, healthcare decisions, and blended family relationships. Durable powers of attorney (DPOA) clarify financial and medical decisions to match the couple’s wishes. These documents outline instructions and protect all parties.

What is a durable power of attorney?

A durable power of attorney authorizes a chosen person, called an agent, to make decisions for someone else, known as the principal, when the principal cannot. Unlike a regular power of attorney, a DPOA continues to function even if the principal becomes unable to make decisions. This structure ensures important tasks continue without disruption.

Handling money in a second marriage

Blended families often juggle shared and separate finances alongside obligations from previous marriages. A financial DPOA authorizes a trusted agent to manage tasks like paying bills, overseeing investments, and following property agreements. Naming an agent helps prevent disputes among stepchildren, spouses, and other relatives, ensuring smoother operations.

Making healthcare decisions

A healthcare DPOA grants authority to an agent to make medical decisions if the principal becomes unable to do so. In second marriages, this ensures the spouse’s preferences take priority while honoring agreements involving children from earlier marriages. Choosing the right agent reduces stress and fosters agreement.

Preventing family arguments

Blended families often encounter disagreements about financial or medical choices. A DPOA assigns clear authority, removes confusion, and avoids conflicts. This transparency strengthens relationships and ensures decisions align with the principal’s wishes. A durable power of attorney works well with other estate planning tools like wills and trusts. Together, these tools create a reliable plan for handling money and healthcare decisions. Adding a DPOA addresses the unique needs of second marriages and blended families.

Is a power of attorney still valid if I move to another state?

2024-09-03T20:14:06Z

If you are planning a move from one state to another, you may wonder if your legal documents are still valid. This post will discuss specifically whether powers of attorney (POA) are valid if you execute them in New York and then move to another state.

General validity of a power of attorney

In general, a power of attorney that you execute in New York is valid in another state as long as your power of attorney complies with the laws of the state where you executed it. In this case, New York.

Every state is different

It is important to note that each state has laws regarding the execution and requirements of a valid power of attorney. For example, some states require that you notarize your power of attorney, while others require that you also have witnesses. If you complied with New York laws when you executed your power of attorney, it is probably valid in different states.

Consider local laws

Most states recognize the powers granted by a power of attorney executed in another state if they do not directly conflict with local laws. You may need to revise the document if your power of attorney includes powers regulated differently in the new state.

Consider updating your POA

Even if the new state recognizes your power of attorney as valid, you may consider creating a new one that complies with local laws. This can help in the event the document or its validity is ever called into question. If you create a new power of attorney, formally revoke the old one. You can usually accomplish this by writing a revocation letter and informing your agent. It is best to discuss the situation with your attorney before you move so you can be confident that you are doing things correctly. Typically, if you create and execute a power of attorney in New York, it will be valid in other states. However, if you want to avoid any confusion or complications, speak with your attorney about the possibility of revoking the old one and creating a new one that complies with the laws of the state where you are moving.

5 signs that indicate an older person cannot drive safely

2024-06-04T20:21:34Z

Driving is a key part of independence for many older adults. However, aging can bring along physical and mental changes that may impact driving abilities. Recognizing these signs can help ensure the safety of older drivers and everyone on the road.

1. Difficulty with vision

Good vision is important for safe driving. However, an older person may struggle to see various things such as road signs, traffic lights or pedestrians if their vision deteriorates, and they could even have trouble with glare from headlights or sunlight. If these problems occur, it could be a sign that driving is no longer safe.

2. Slower reaction times

Reaction time can help people respond to sudden changes, like a car stopping abruptly or a child running into the street. Aging often slows down reaction times, making it harder to avoid accidents. If an older person frequently brakes suddenly or reacts late to traffic signals, this may indicate unsafe driving.

3. Confusion and memory loss

Cognitive decline can affect an older person's ability to drive safely, which includes losing track of where they are on familiar routes or forgetting where they are going. Confusion at intersections or difficulty following directions are also signs of concern. These issues could lead to dangerous situations on the road.

4. Physical limitations

Driving requires physical coordination and strength. Arthritis, muscle weakness or other physical ailments can make it difficult to turn the steering wheel, press the pedals or check blind spots. If an older person struggles with serious medical conditions, it may be time to reconsider their driving status.

5. Increased accidents and close calls

A pattern of minor accidents, traffic tickets or close calls suggests declining driving skills. Even if these incidents do not result in serious injury, they indicate that an older driver is having trouble handling the car and traffic situations safely. When an elderly person can no longer drive safely, guardianship might become important to look into. Aging can be confusing and overwhelming for many individuals. Helping loved ones maintain a good quality of life while protecting their future through estate planning is important.