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:
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.
A will can help you protect your family and your property.
New York Restrictions on Who Can Serve as Executor
Learn the rules about who can be your executor in New York.
Make a Living Trust in New York
Learn how to make a living trust in New York.
For deaths in 2021, New York taxes estates larger than $5.93 million.
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.
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.
Making a Financial Power of Attorney in New York
Know what a New York financial power of attorney can do for you.
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.
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.
Probate court proceedings can be long, costly, and confusing. Learn how New York families can save time, money, and hassle
New York's Medical Aid in Dying Act
New York is considering a death with dignity law that would allow terminally ill patients to request life-ending medication.
Learn the rules that govern home funerals in New York.
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.
Burial and Cremation Laws in New York
Everything you need to know about burial and cremation in New York.