Every New York resident with children, property, or a business needs an estate plan made up of at least five core documents: a will, a trust if applicable, a durable power of attorney, a health care proxy, and updated beneficiary designations. Ken Seligson and the team at Seligson Law have put together this New York estate planning checklist to help residents build plans that hold up.
If you live in New York and have children, own property, or run a business, you need an estate plan made up of at least five core legal documents: a will and a trust if applicable, a durable power of attorney, a health care proxy, and up-to-date beneficiary designations.
Most people know they need to get this done and keep putting it off anyway, usually because they are not sure where to start. That is exactly what this checklist is for. Our team at Seligson Law has written this guide in plain English, so you can stop second-guessing and start protecting the people who depend on you.
What Is an Estate Plan and Who Needs One in New York?
Estate planning is not only for the wealthy. If you have children, own property, run a business, or simply have people who depend on you, you need an estate plan. In New York, dying without one means the state decides what happens to your assets and, in some cases, who raises your children.
New York’s intestacy laws decide who gets your money and property if you die without a will. Generally, a surviving spouse receives the first $50,000 plus half of the remaining estate, with the rest going to children. Unmarried partners, close friends, and stepchildren receive nothing, regardless of your wishes.
New York Estate Planning Checklist: 10 Essential Steps
The estate planning checklist further down is for New York residents who:
- Have children under 18
- Own a home, business, or significant assets
- Are recently married, divorced, or widowed
- Have a family member with special needs
- Own a business with a partner or co-founder
- Simply want to make sure their wishes are honored
Step 1: Take inventory of what you own and what you owe
Before any attorney can help you, you need a clear picture of your financial life. Start by listing everything you own and everything you owe:
- Bank and investment accounts
- Retirement accounts (401k, IRA, pension)
- Real estate, including any rental or investment property
- Business interests or ownership stakes
- Life insurance policies
- Vehicles, valuables, and personal property
- Outstanding debts, mortgages, and loans
Many people are surprised by how much they own once they write it all down. This inventory also helps your attorney identify which assets may be subject to New York estate tax and which can pass to your family without going through court at all.
Step 2: Decide who gets what
This is the core question of estate planning. Before your first attorney meeting, think through:
- Who should inherit your assets, and in what proportions
- Whether any specific items should go to specific people
- What should happen to your share of a business
- Who should benefit if a primary beneficiary passes before you do
Coming in with clear answers saves time and keeps legal fees down.
Step 3: Draft a last will and testament
A will is the foundation of most estate plans. It names your beneficiaries, appoints an executor to manage your estate, and allows you to nominate a guardian for any minor children. Without a valid will, none of those decisions are yours to make.
Governed by EPTL Section 3-2.1, New York wills must be signed at the end of the document by the person making it in front of at least two witnesses and declare to each of them that the document is their will. Both witnesses must sign within 30 days of each other and include their addresses.
A will that does not meet these requirements could be rejected by the Surrogate’s Court entirely, which is why working with an attorney matters more than downloading a template.
Step 4: Decide whether a trust makes sense for your situation
A trust is a legal arrangement where you transfer assets to a trustee, who manages them for your beneficiaries. For many New York families, the biggest benefit of a trust is avoiding probate, the court process that a will alone does not sidestep. In New York, probate runs through the Surrogate’s Court in the county where the deceased lived, and it can be slow and costly depending on the size of the estate.
Assets held in a properly funded trust pass to your beneficiaries outside of that process entirely. That means:
- Faster access to assets for your family
- Less court involvement during an already difficult time
- Greater privacy, since probate records are public
- More control over how and when beneficiaries receive what you leave them
Not everyone needs a trust, but for business owners and families with significant assets, a revocable living trust is often one of the smartest tools available.
Step 5: Name beneficiaries on financial accounts
Your will does not control what happens to retirement accounts, life insurance policies, or bank accounts with a payable-on-death designation. Those assets go directly to whoever is named on the account (no matter what your will says). Make sure you review designations on:
- 401(k) and IRA accounts
- Life insurance policies
- Pension plans
- Payable-on-death bank accounts
- Transfer-on-death investment accounts
Under New York’s revocation on divorce law, most beneficiary designations tied to an ex-spouse are automatically canceled when your divorce is finalized. The one exception: Workplace retirement plans like 401(k)s are governed by federal law, which can override the state rule. This means an outdated designation may still hold even after your divorce is finalized.
Step 6: Sign a durable power of attorney
A durable power of attorney names someone to manage your finances if you become incapacitated. Without one, your family may need to go to court just to get the legal authority to:
- Pay your bills and manage bank accounts
- File your taxes
- Manage or sell real estate
- Keep a business running while you are unable to
Since June 2021, New York requires the document to be signed in front of a notary and two witnesses, and your named agent must separately sign and acknowledge their role before a notary as well. A POA signed before that date under the old form is still valid, but if yours is more than a few years old, it is worth having an attorney take a look to make sure it still does what you need it to do.
Step 7: Create a healthcare proxy and living will
A health care proxy names someone to make medical decisions for you if you cannot speak for yourself. A living will spells out your wishes about end-of-life care. These are two separate documents, and both matter.
Under New York Public Health Law, the health care proxy must also be signed in front of two adult witnesses, and the person you are naming as your agent cannot serve as one of them. Unlike a power of attorney, no notary is required, which makes this one of the more straightforward documents to execute. Witnesses can even sign remotely via video call under current law, provided specific conditions are met. Without these documents in place:
- Doctors may not be able to act on your wishes
- Family members may disagree about your care with no clear authority to resolve it
- Your loved ones may face difficult decisions with no guidance from you
Step 8: Plan for your digital assets
This is a step most people skip, and it is becoming a bigger problem every year. Think through everything that lives online:
- Email and cloud storage accounts
- Social media profiles
- Cryptocurrency wallets and exchanges
- Online banking and investment platforms
- Business accounts, domains, or subscription services
New York gives executors, trustees, and other fiduciaries limited authority to access certain digital accounts after your death, but that access has real limits, and many platforms have their own terms of service that can restrict it further.
The most practical thing you can do is make a list of your accounts and store it somewhere your executor can find it. And if you want your executor to have access to the actual content of your emails or messages, you need to say so explicitly in your estate planning documents.
Step 9: Address your business interests
If you own a business, estate planning becomes significantly more complex and more important. Key questions to work through with your attorney:
- What happens to your ownership interest if you die or become incapacitated?
- Do you have a buy-sell agreement with your co-owners?
- Is there a funded succession plan in place?
- Does your operating agreement address death or disability of an owner?
In New York, if your operating agreement or shareholder agreement does not address what happens to an owner’s interest upon death, the default rules under state law may apply, which could leave your family holding an interest in a business they cannot control or easily sell.
Ken Seligson and the team at Seligson Law work regularly with business owners at exactly this intersection of business planning and personal legacy.
Step 10: Review your plan every three to five years
An estate plan is not a one-time task. Set a reminder to revisit yours whenever any of the following occur:
- You marry, divorce, or become widowed
- A child or grandchild is born
- A beneficiary or named executor passes away
- You buy or sell a business or significant asset
- Your financial situation changes substantially
- Three to five years have passed since your last review
New York’s estate tax exemption sits at $7,350,000 for 2026, which is well below the new federal exemption of $15,000,000, meaning many estates that owe nothing to the federal government could still face a significant New York State tax bill.
There is also a cliff provision: if your estate exceeds 105% of the state exemption (anything above $7,717,500), you lose the exemption entirely, and the full estate is taxed from the first dollar. That is one of the sharpest tax traps in the country, and it is entirely avoidable with the right plan in place.
Protect Your Family Starting Today
A solid New York estate planning checklist covers your will, a trust if you need one, powers of attorney, health care directives, beneficiary designations, digital assets, and a plan for any business interests you hold. Done right, it protects your family from unnecessary court involvement, tax exposure, and uncertainty at the moment they need clarity most.
Seligson Law helps individuals, families, and business owners across New York build estate plans that are clear and thorough, so you never have to worry whether they’ll hold up. Contact Seligson Law to schedule your New York estate planning consultation today.
Frequently Asked Questions About New York Estate Planning
1. Do I need an estate plan if I am not wealthy?
Yes. If you have children, own property, or simply have people who depend on you, you need an estate plan. Without one, New York’s intestacy laws decide who gets your assets and who raises your children, which may not match your wishes at all. Seligson Law works with individuals and families at every asset level, not just the ultra-wealthy.
2. What documents are included in a New York estate plan?
A complete New York estate plan typically includes a last will and testament, a revocable living trust if applicable, a durable power of attorney, a health care proxy, a living will, and up-to-date beneficiary designations on all financial accounts. Most people need all of these working together, not just a will on its own.
3. What is the difference between a will and a trust in New York?
A will names who gets your assets after you die, but it still has to go through probate (the court process for distributing an estate). A trust transfers assets directly to your beneficiaries without going through court at all, which means faster access and greater privacy for your family.
4. How much does estate planning cost in New York?
The cost depends on the complexity of your plan. A basic will may cost a few hundred dollars, while a comprehensive plan that includes trusts, powers of attorney, and business succession planning will cost more. That said, the cost of not having a plan, in court fees, taxes, and family conflict, is almost always higher.
5. How often should I update my New York estate plan?
You should review your plan every three to five years and any time a major life event occurs, like marriage, divorce, the birth of a child, the death of a beneficiary, or a significant change in your finances. New York’s estate tax exemption also adjusts periodically, so what made sense a few years ago may need updating. Ken Seligson and the team at Seligson Law make it easy to schedule a review and stay current.
6. What happens if I die without a will in New York?
New York’s intestacy laws take over. A surviving spouse receives the first $50,000 plus half of the remaining estate, with the rest going to children. Unmarried partners, stepchildren, and close friends receive nothing, regardless of how long you were together or what you intended. A valid will is the only way to make sure your wishes are the ones that count.
7. Do business owners need a different kind of estate plan?
Not a different plan, but a more comprehensive one. Business owners need to address what happens to their ownership interest if they die or become incapacitated, whether a buy-sell agreement is in place, and whether there is a funded succession plan. Without these pieces, your family could inherit a business interest they cannot control or sell. The Seligson Law team works regularly with business owners navigating exactly this intersection of personal and business planning.
