Creating a will is an important part of protecting your property and providing clear instructions for how you want your estate handled after your death. However, even a carefully prepared will may accidentally leave out an asset. You might acquire property after signing your will, forget about an old financial account, or simply fail to specifically mention something you own.

If an asset is not specifically included in your will, that does not necessarily mean it will be lost or automatically pass to the state. How the property is distributed will depend on the language of your will, how the asset is titled, whether it has a designated beneficiary, and New York estate law.

For individuals and families in New York City, understanding what happens to omitted assets can help prevent unexpected complications during probate.

Does Every Asset Need to Be Listed in a New York Will?

A will does not necessarily need to individually identify every piece of property you own. Many New York wills contain a residuary clause, which provides instructions for distributing property that is not otherwise specifically addressed in the document.

For example, a will may make specific gifts to certain beneficiaries and then direct that the "rest, residue, and remainder" of the estate pass to another person or group of people. An asset that was unintentionally omitted may therefore become part of the residuary estate.

The exact result depends on the language of the will and the nature of the property. This is one reason carefully drafted estate planning documents can be valuable.

What Is a Residuary Clause?

A residuary clause serves as a type of catch-all provision for property remaining in a probate estate after specific gifts, debts, expenses, and other obligations have been addressed.

Suppose you create a will that specifically distributes your home and certain personal belongings but later open a new bank account and never update the document. If the account is part of your probate estate, a properly drafted residuary clause may determine who receives those funds.

Without an effective residuary provision covering the omitted property, the asset may instead be distributed under New York's intestacy laws.

What Happens If Your Will Does Not Cover the Forgotten Asset?

When property is part of a probate estate but is not effectively disposed of by the will, New York's intestate succession rules may determine who inherits it. These rules establish an order of inheritance based largely on surviving family relationships.

Depending on the circumstances, a surviving spouse, children, parents, siblings, or other relatives may be entitled to inherit property that is not controlled by the will.

This can create an outcome that differs from what the person intended. Someone may carefully select beneficiaries in a will but still have an omitted asset pass according to statutory inheritance rules if the document does not adequately address the property.

Some Assets Pass Outside of a Will

Not every asset is controlled by a will in the first place. Certain property may transfer directly to another person because of the way the asset is titled or because a beneficiary designation controls its distribution.

Examples may include:

• Life insurance policies with valid beneficiary designations
• Retirement accounts with named beneficiaries
• Certain jointly owned property with survivorship rights
• Payable-on-death or transfer-on-death arrangements, when applicable
• Assets held in a properly established and funded trust

If an asset passes outside probate, forgetting to list it in a will may have little or no effect on who receives it. Reviewing beneficiary designations and ownership arrangements should therefore be part of a broader New York estate planning strategy.

What If You Acquire Property After Signing Your Will?

It is common to acquire new assets after creating an estate plan. You might purchase real estate, receive an inheritance, open an investment account, start a business, or acquire valuable personal property.

A well-drafted residuary clause may address newly acquired property without requiring every new asset to be specifically named. However, major financial or family changes are good reasons to review your will and determine whether revisions are appropriate.

Regular estate plan reviews can also identify outdated beneficiary designations, ownership changes, or assets that may not be distributed as intended.

Can You Update a New York Will to Include a Forgotten Asset?

If you discover an omitted asset during your lifetime, you may be able to update your estate plan. Depending on the circumstances, this could involve executing a new will or making another legally valid change to your estate planning documents.

New York has specific requirements governing the proper execution of wills. Informal handwritten edits, crossed-out language, or notes added to an existing document can create uncertainty and may not accomplish the intended result.

Working with a New York estate planning attorney can help ensure changes are completed in accordance with applicable law.

Why Regular Estate Planning Reviews Matter

A will should not necessarily be treated as a document that is created once and forgotten. Changes in finances, property ownership, and family circumstances can affect whether an estate plan still reflects your wishes.

Consider reviewing your estate plan after significant events such as:

• Buying or selling real estate
• Marriage or divorce
• Birth or adoption of a child
• Receiving a substantial inheritance
• Opening significant financial or investment accounts
• Starting or selling a business
• Death of a beneficiary or fiduciary
• Major changes in your financial circumstances

Periodic reviews may reduce the possibility of property being overlooked and make estate administration more straightforward for your family.

Speak With a New York City Estate Planning Attorney at McGarry & Simon

Forgetting to specifically include an asset in your will does not always create a problem. A residuary clause, beneficiary designation, trust, or form of joint ownership may already determine where the property goes. In other situations, however, New York intestacy laws could control the distribution of an omitted asset.

At McGarry & Simon, we provide legal assistance to individuals and families in New York City with wills, estate planning, probate, and related matters. Whether you are creating a new will, reviewing an existing estate plan, or addressing questions about property that was omitted from a will, our firm can help you understand your options under New York law.

Contact McGarry & Simon to discuss your estate planning needs and take steps toward ensuring your assets are distributed according to your intentions.