New York Estate Planning
Everyone should do some basic estate planning—that is, planning to make sure that your wishes are followed after your death, your family is spared unnecessary expense and delay, and that someone you trust will be in charge if you are ever incapacitated and unable to manage things on your own.
The basic estate planning documents that most New Yorkers need are:
- a will, to leave your assets and name your executor
- a durable power of attorney for finances, to name someone to take care of your finances if it’s ever necessary
- a living will (in New York, called a document directing health care), to spell out your end-of-life wishes, and
- a health care proxy, to name someone to make sure your health care wishes are honored.
Many New York residents should consider two other estate planning topics as well:
Avoiding probate after your death. Unless you do some planning ahead of time, your family may have to conduct a probate court proceeding after your death, to get court approval to transfer your assets to the people who inherit them. For many people, probate is a waste of money, easily avoided with a living trust or other simpler methods.
Minimizing New York estate tax. Currently, New York imposes its own estate tax if at your death you leave assets worth more than $1 million. That’s a lot of money, which means that most estates don’t owe any tax—but if you own real estate in New York, it’s not hard to bump up against the million-dollar threshold. State lawmakers are talking about raising the exempt amount, but it hasn’t happened yet. If you think your estate might owe the tax, talk to an experienced lawyer about methods of reducing the bill.
The articles below cover the basics of estate planning in New York.
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What can I do with a New York will? A will, also called a "last will and testament," can help you protect your family and your property. You can use a will to:
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New York Restrictions on Who Can Serve as Executor
Learn the rules about who can be your executor in New York.
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Make a Living Trust in New York
Know what a New York living trust can do for you.
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For deaths after April 1, 2017, New York taxes estates larger than $5.25 million.
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Intestate Succession in New York
If you die without a will in New York, your assets will go to your closest relatives under state “intestate succession” laws.
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ABLE Accounts in New York: A Savings Plan for Disability Costs
New York residents can wait to open an ABLE account in New York or open one in another state.
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Making a Financial Power of Attorney in New York
Know what a New York financial power of attorney can do for you.
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New York Living Wills & Health Care Proxies: What You Need to Know
Why do you need a living will and power of attorney for health care (called a health care proxy in New York)? If you become unable to direct your own medical care
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New York's Medical Orders for Life-Sustaining Treatment (MOLST) Form
New York's Medical Orders for Life-Sustaining Treatment (MOLST) form can help you direct your medical care if you're facing a life-threatening medical condition. Find out how it works.
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New York offers a probate shortcut for "small estates." This makes it easier for survivors to transfer property left by a person who has died.
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Probate court proceedings can be long, costly, and confusing. Learn how New York families can save time, money, and hassle
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Making Funeral Arrangements in New York
Learn about planning your own funeral arrangements, who can handle it, and how these arrangements are made in New York.
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Death With Dignity in New York
Recently, there has been a dramatic increase in the number of states considering death with dignity laws. Sometimes called “assisted suicide” or “right to die” initiatives, these laws make it possible for terminally ill patients to use prescribed medication to end their lives peacefully rather
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Here is an overview of the rules that govern home funerals in New York.
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How to Become an Organ Donor in New York
To be part of the solution to the ongoing need for donated organs and tissues in New York, take the following steps to become a donor after your death.
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Burial & Cremation Laws in New York
Each state has laws affecting what happens to a body after death.
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