Most people do not put off estate planning because they don’t care. They put it off because they don’t know what the next step actually is. This guide solves that problem. Instead of an abstract lecture, it gives you an ordered checklist you can work through — wherever you live in New York, whether that’s a co-op in Manhattan, a house on Long Island, a property in Westchester or the Hudson Valley, or a family farm Upstate. The law is statewide, and so is this plan.
At Morgan Legal Group, attorney Russel Morgan, Esq. and our team build coordinated estate plans for New Yorkers across the entire state. Below is the same framework we walk clients through — turned into checkboxes.
Why “coordinated” is the word that matters
A New York estate plan is not one document. A complete plan has four pillars that have to work together:
- A Last Will and Testament — directs who receives your property and names a guardian for minor children.
- One or more Trusts — control timing, avoid probate, protect assets, and reduce tax.
- A durable Power of Attorney — lets someone manage your finances if you can’t.
- A Health Care Proxy — lets someone make your medical decisions if you can’t.
When these are drafted in isolation — a will from one source, a POA off a website, a trust that’s never funded — they conflict, and the gaps surface at the worst possible moment. The checklist below keeps the four pillars in sync.
The New York Estate Planning Checklist
Step 1 — Take inventory before you sign anything
You cannot plan around assets you haven’t listed. Pull together:
- [ ] Real property (home, co-op, condo, investment property, land)
- [ ] Bank, brokerage, and retirement accounts (with current beneficiary designations)
- [ ] Life insurance policies and their beneficiaries
- [ ] Business interests, LLC memberships, and partnership stakes
- [ ] Digital assets, valuables, and personal property of meaning
Note that beneficiary designations on accounts override your will. A stale designation naming an ex-spouse will defeat even a perfectly drafted will, so this step is not optional.
Step 2 — Execute a valid New York Will (EPTL §3-2.1)
A will is the backbone of the plan. To be valid in New York, EPTL §3-2.1 requires that:
- The testator signs at the END of the document;
- There are two attesting witnesses; and
- The testator publishes the will (declares to the witnesses that the document is their will).
Skip any element and the will can fail. If you die without a valid will (intestate), New York’s intestacy statute — EPTL Article 4 — decides who inherits, in a fixed order that may not match your wishes at all. Drafting your will properly is how you stay in control.
Step 3 — Decide whether you need a trust (EPTL Article 7)
Trusts are governed by EPTL Article 7, and choosing the right one depends on your goal:
| Your goal | Tool | Key point |
|---|---|---|
| Avoid probate, keep privacy, stay flexible | Revocable living trust | Avoids probate; no estate-tax savings |
| Reduce estate tax / protect assets | Irrevocable trust | Removes assets from your taxable estate |
| Qualify for Medicaid long-term care | Irrevocable trust | Subject to the 5-year look-back |
| Provide for a disabled loved one | Supplemental Needs Trust (EPTL 7-1.12) | Preserves means-tested government benefits |
A revocable trust avoids the time and exposure of probate but does not reduce taxes. For tax reduction, asset protection, or Medicaid planning, an irrevocable trust is the tool — and because Medicaid imposes a five-year look-back, the timing of funding matters enormously. Explore the options on our trusts page.
Checklist note: a trust that is signed but never funded does nothing. Re-titling assets into the trust is a step people skip — don’t.
Step 4 — Sign a durable Power of Attorney (GOL §5-1513)
The Power of Attorney under General Obligations Law §5-1513 lets a trusted agent handle your finances — paying bills, managing accounts, signing documents — if you become incapacitated. In New York it is durable by default, meaning it survives your incapacity, and the state uses a 2021 statutory short form. Without it, your family may have to petition a court for guardianship just to access an account. Set up your durable POA while you have full capacity.
Step 5 — Sign a Health Care Proxy (Public Health Law Article 29-C)
A financial POA does not cover medical decisions. For that, New York uses the Health Care Proxy under Public Health Law Article 29-C, which appoints an agent to make medical decisions on your behalf if you cannot speak for yourself. It is a separate document from the POA and just as essential. Complete your health care proxy and tell your agent where to find it.
Step 6 — Pressure-test your plan against the New York estate tax
This is where many otherwise-solid plans fall apart, because New York’s estate tax has a trap built into it.
The 2026 New York Estate Tax — and the “Cliff”
For deaths on or after January 1, 2026 through December 31, 2026, the New York basic exclusion amount is $7,350,000. An estate under that threshold owes no New York estate tax. The rate is progressive, 3% to 16%.
The danger is the “cliff.” New York phases out the exemption as your estate approaches 105% of the exclusion — $7,717,500. Cross that line and you lose the entire exemption: your estate is taxed from the first dollar, not just the amount over the threshold.
| 2026 New York Estate Tax | Amount |
|---|---|
| Basic exclusion amount | $7,350,000 |
| Cliff (105% of exclusion) | $7,717,500 |
| Tax rate range | 3% – 16% (progressive) |
| Estate over the cliff | Loses the entire exemption; taxed from dollar one |
| New York gift tax | None |
| Three-year add-back | Gifts within 3 years of death are added back to the taxable estate |
New York imposes no gift tax — but you cannot simply give everything away on your deathbed, because gifts made within three years of death are pulled back into the taxable estate. Planning around the cliff (often with credit-shelter trusts or charitable gifts) takes time, which is exactly why this belongs on your checklist now, not later. See our New York estate tax guide for the full mechanics.
Step 7 — Review on a schedule and after life events
A plan is not “set and forget.” Re-review:
- [ ] Every 3–5 years as a default cadence
- [ ] After marriage, divorce, birth, or death in the family
- [ ] After a major asset change (selling a business, buying property, large inheritance)
- [ ] After a move into or out of New York
Quick Questions New Yorkers Ask
Do I need a trust if I already have a will?
Often, yes — they do different jobs. A will directs who inherits but still goes through probate. A revocable trust avoids probate; an irrevocable trust can reduce estate tax and support Medicaid planning. Many statewide plans use both.
My estate is around $7.5 million — am I safe from New York estate tax?
Be careful. That figure sits inside the danger zone between the $7,350,000 exclusion and the $7,717,500 cliff. Crossing the cliff costs you the entire exemption, so estates in this range need proactive planning.
Is a Power of Attorney the same as a Health Care Proxy?
No. The Power of Attorney (GOL §5-1513) covers financial decisions; the Health Care Proxy (Public Health Law Article 29-C) covers medical decisions. A complete plan includes both.
What happens if I die without a will in New York?
You die “intestate,” and EPTL Article 4 dictates who inherits in a fixed statutory order. The court — not you — effectively chooses your beneficiaries, which often surprises surviving families.
Can I just give my assets away to avoid the estate tax?
New York has no gift tax, but gifts made within three years of death are added back to your taxable estate. Lifetime gifting can help, but it must be planned well in advance to clear that three-year window.
Your Next Step
Wherever you are in New York — the five boroughs, Long Island, Westchester, the Hudson Valley, or Upstate — the smartest move is to turn this checklist into a plan with someone who builds them every day. Schedule a consultation with Russel Morgan, Esq. and let Morgan Legal Group coordinate your will, trusts, power of attorney, and health care proxy into one plan that holds up.
This guide is general information, not legal advice. Statutes and exclusion amounts cited are for 2026; confirm specifics with counsel for your situation. Authoritative sources: NY Senate / EPTL, the New York State Department of Taxation and Finance, and the New York State Department of Health.
Further reading from Morgan Legal Group: how trusts fit an estate plan.