A complete New York estate plan for 2026 comes down to four coordinated documents — a will, one or more trusts, a durable power of attorney, and a health care proxy — working together to control who inherits your property, who manages your affairs if you cannot, and how much (if any) New York estate tax your family pays. If you are new to this topic, this checklist walks through each piece in plain English, points out the specific New York laws that govern it, and flags the one tax trap — the “cliff” — that catches more New York families than any other. Estate planning is not just for the wealthy; it is for anyone who owns a home, has children, or simply wants their wishes followed instead of a default rule chosen by the state.
Why a Plan Matters in New York
If you die without a valid will in New York, the state decides who inherits through its intestacy rules under EPTL Article 4. That formula may not match what you actually want — a spouse and children split assets in fixed shares, unmarried partners receive nothing, and the court appoints administrators you never chose. A coordinated estate plan replaces those defaults with your own decisions, and it also handles two situations a will alone ignores: what happens if you become incapacitated while still living, and how to keep your estate below New York’s estate-tax thresholds.
Think of the four core documents as a single system. A will speaks after death. A trust can speak both during life and after. A power of attorney and a health care proxy speak while you are alive but unable to act for yourself. Leave one out, and a gap opens that often forces your family into court.
The 2026 New York Estate Planning Checklist
Here is the core checklist, with the controlling New York authority for each item:
| Document | What It Does | New York Authority |
|---|---|---|
| Last Will & Testament | Names beneficiaries, guardians for minor children, and an executor | EPTL §3-2.1 |
| Revocable Living Trust | Avoids probate; manages assets during life and after death | EPTL Article 7 |
| Irrevocable Trust | Tax reduction, asset protection, Medicaid planning | EPTL Article 7 |
| Durable Power of Attorney | Lets a trusted agent handle finances if you cannot | GOL §5-1513 |
| Health Care Proxy | Appoints an agent for medical decisions | Public Health Law Article 29-C |
1. Sign a Valid Will
Your will is the foundation. Under EPTL §3-2.1, a New York will must be in writing, signed by you (the testator) at the end of the document, and witnessed by two attesting witnesses. You must also “publish” the will — declare to the witnesses that the document is your will. Skipping any of these formalities can invalidate the entire document, so a will is not a place to improvise with an online template. Your will also names a guardian for minor children and an executor to carry out your wishes. Learn more on our wills page.
2. Decide Whether You Need a Trust
Trusts in New York are governed by EPTL Article 7. There are two broad types, and they serve very different goals:
- A revocable living trust lets your estate avoid probate, so your assets pass to beneficiaries privately and quickly without court supervision. Note: a revocable trust gives no estate-tax savings — the assets are still counted as yours.
- An irrevocable trust is the tool used for tax reduction, asset protection, and Medicaid planning. Because you give up control, assets can be moved out of your taxable estate, but Medicaid imposes a five-year look-back on transfers, so timing matters.
- A Supplemental Needs Trust (EPTL 7-1.12) lets a loved one with disabilities keep means-tested government benefits while still receiving support from the trust.
Our trusts page explains how each type fits different families.
3. Put a Durable Power of Attorney in Place
Under GOL §5-1513, a New York power of attorney is durable by default — it stays effective even if you become incapacitated, which is exactly when you need it most. The 2021 statutory short form is the current standard, and it lets your chosen agent handle banking, real estate, taxes, and other financial matters. Without one, your family may have to petition a court for guardianship just to pay your bills. See our power of attorney overview.
4. Appoint a Health Care Proxy
A power of attorney handles money; it does not cover medical decisions. For that, New York uses a separate document — the health care proxy under Public Health Law Article 29-C — which appoints an agent to make medical decisions if you cannot speak for yourself. Every adult should have one. Read more on our health care proxy page.
5. Check Your Exposure to the New York Estate Tax
New York imposes its own estate tax, separate from the federal one, and 2026 has specific numbers you should know:
- Basic exclusion amount: $7,350,000 for deaths on or after January 1, 2026 through December 31, 2026.
- The cliff: At 105% of the exclusion — $7,717,500 — an estate loses the entire exemption. Cross that line and the estate is taxed from the first dollar, not just the amount over the threshold.
- Rates: progressive, ranging from 3% to 16%.
- Gifts: New York has no gift tax, but gifts made within three years of death are added back into the taxable estate.
The cliff is the trap. An estate of $7,350,000 may owe nothing, while an estate just over $7,717,500 can owe several hundred thousand dollars. Careful gifting and trust planning keep estates under the cliff. Our NY estate tax guide walks through the math.
6. Coordinate Everything
The most common mistake is treating these documents as isolated forms. Beneficiary designations on life insurance and retirement accounts override your will. A trust only works if it is actually funded. Your executor, trustee, and agents should be people who can work together. A coordinated plan — reviewed when life changes — is the real goal. Start with our estate planning overview.
Frequently Asked Questions
Do I need a will if I have a living trust?
Yes. Even with a funded revocable trust, a “pour-over” will catches any assets you did not transfer into the trust and names guardians for minor children, which a trust cannot do.
Will a revocable trust lower my New York estate tax?
No. A revocable living trust avoids probate but provides no estate-tax savings — those assets are still part of your taxable estate. Tax reduction generally requires an irrevocable trust under EPTL Article 7.
What happens if I die without a will in New York?
Your property passes under New York’s intestacy rules in EPTL Article 4, a fixed formula that may not reflect your wishes and that leaves unmarried partners with nothing.
What is the New York estate tax “cliff”?
If your taxable estate exceeds 105% of the exclusion — $7,717,500 in 2026 — you lose the entire exemption and the estate is taxed from the first dollar. Planning to stay below that line is critical.
Talk to a New York Estate Planning Attorney
Building a coordinated plan that fits your family and keeps you below the estate-tax cliff is exactly what we do every day. Russel Morgan, Esq. and the team at Morgan Legal Group serve clients across New York State — see our statewide guide for how we help in your county.
Ready to start your 2026 plan? Schedule a free 30-minute consultation with Russel Morgan, Esq.
Further reading from Morgan Legal Group: the New York estate planning guide.