A complete New York estate plan for 2026 comes down to four coordinated documents and a handful of practical follow-through steps: a valid will, the right trust(s), a durable power of attorney, and a health care proxy — all reviewed against the new $7,350,000 New York estate tax exclusion and its unforgiving “cliff.” This checklist walks you through exactly what to put in place, in what order, and which New York statutes govern each piece, so you can move from intention to a signed, enforceable plan. At Morgan Legal Group, we built this as a working punch-list you can actually follow.
Why 2026 Is the Year to Act
Estate planning rewards people who act before a crisis, not during one. Two things make 2026 a sensible deadline. First, the New York estate tax exclusion is now fixed at $7,350,000 for deaths on or after January 1, 2026 through December 31, 2026 — and the dreaded cliff means an estate that exceeds the exclusion by more than 5% (above $7,717,500) loses the entire exemption and is taxed from the first dollar. Second, documents you signed years ago may name agents who have moved, passed away, or fallen out of your life. A checklist forces you to confront both.
The Core Four: Your Estate Planning Checklist
Use the table below as your master list. Each document does a distinct job, and they only work when coordinated.
| # | Document | What It Does | Governing NY Law |
|---|---|---|---|
| 1 | Last Will & Testament | Directs who inherits; names an executor and guardians for minors | EPTL §3-2.1 |
| 2 | Revocable / Irrevocable Trust | Avoids probate; reduces tax; protects assets; preserves benefits | EPTL Article 7 |
| 3 | Durable Power of Attorney | Lets a trusted agent manage your finances if you cannot | GOL §5-1513 |
| 4 | Health Care Proxy | Appoints an agent for your medical decisions | Public Health Law Art. 29-C |
1. Sign (or Update) a Valid Will
Your will is the foundation. Under EPTL §3-2.1, a New York will must be signed by the testator at the end of the document, the signing must be “published” (you declare to the witnesses that it is your will), and it must be witnessed by two attesting witnesses. Skip any of these formalities and the will can fail.
Checklist items:
- Name an executor — and a backup executor.
- Name a guardian for any minor children.
- Confirm your beneficiaries are still the people you intend.
- Re-execute (don’t just hand-edit) if circumstances have changed.
Remember the alternative: dying without a will means New York’s intestacy rules under EPTL Article 4 decide who inherits — often not the way you would have chosen.
2. Decide Whether You Need a Trust
A trust under EPTL Article 7 is the most flexible tool in the kit.
- A revocable living trust keeps your estate out of probate, which saves time and keeps your affairs private. Note: it provides no estate-tax savings by itself.
- An irrevocable trust is the workhorse for tax reduction, asset protection, and Medicaid planning — but it triggers a 5-year look-back for Medicaid eligibility, so timing matters.
- A Supplemental Needs Trust under EPTL 7-1.12 lets you provide for a loved one with disabilities without disqualifying them from government benefits.
3. Execute a Durable Power of Attorney
A financial power of attorney under GOL §5-1513 is durable by default, meaning it survives your incapacity — which is the entire point. New York’s 2021 statutory short form modernized the document and made it easier for banks to accept. Without one, your family may need a costly court guardianship proceeding just to pay your bills.
4. Sign a Health Care Proxy
A health care proxy under Public Health Law Article 29-C appoints an agent to make medical decisions for you if you cannot speak for yourself. This is separate from your financial POA — two different agents, two different jobs. Pair it with conversations about your wishes so your agent knows how to act.
The 2026 New York Estate Tax Step
Once your documents are drafted, run the numbers. This is where planning saves real money.
- Basic exclusion (2026): $7,350,000 for deaths between 1/1/2026 and 12/31/2026.
- The cliff: at 105% of the exclusion — $7,717,500 — the exemption vanishes entirely. An estate just over the line is taxed from dollar one at progressive rates of 3% to 16%.
- No gift tax — but a clawback: New York has no gift tax, yet gifts made within 3 years of death are added back to the taxable estate.
If your estate is anywhere near the cliff, planning (often through irrevocable trusts and carefully timed gifting) can be the difference between owing nothing and owing hundreds of thousands. See our New York estate tax guide for a deeper walk-through.
Final Follow-Through Checklist
Documents are only half the job. Finish these practical steps:
- [ ] Title assets and update beneficiary designations to match your plan (retirement accounts, life insurance, payable-on-death accounts).
- [ ] Fund any trust you created — an unfunded trust does nothing.
- [ ] Store originals safely and tell your executor and agents where they are.
- [ ] Review every 3–5 years and after any major life event (marriage, divorce, birth, death, a move, a big change in assets).
- [ ] Confirm the plan works statewide — see our New York statewide guide if you have property or family across counties.
Frequently Asked Questions
Do I need both a will and a trust in New York?
Often, yes. A trust under EPTL Article 7 can avoid probate and address tax or Medicaid concerns, while a will under EPTL §3-2.1 still catches anything not placed in the trust and names guardians for minor children.
What happens if I die without a will in New York?
Your estate passes under New York’s intestacy rules in EPTL Article 4, which distribute assets to relatives in a fixed order — regardless of what you would have wanted.
Is my power of attorney still good if I become incapacitated?
Yes. Under GOL §5-1513, a New York power of attorney is durable by default, so it remains effective if you lose capacity. That durability is exactly why it’s worth having.
How does the 2026 estate tax cliff work?
If your estate exceeds $7,717,500 (105% of the $7,350,000 exclusion), you lose the entire exemption and the whole estate is taxed from the first dollar at 3%–16%. Staying under the cliff is a core planning goal.
Take the Next Step
You don’t have to tackle this checklist alone. Russel Morgan, Esq. and the team at Morgan Legal Group help New Yorkers statewide build coordinated plans that hold up — and that keep estates on the right side of the 2026 tax cliff.
Schedule your 30-minute consultation with Russel Morgan, Esq. →
Further reading from Morgan Legal Group: the New York estate planning guide.