Protect Your Family's Legacy
in New York

Estate planning is the organized process of determining how your assets will be managed during your lifetime and distributed after your death. For New York residents, estate planning is especially important because of the state's separate estate tax system, high property values across the five boroughs, and the complexity of navigating Surrogate's Court. A solid estate plan typically includes a will, one or more trusts, a power of attorney, and a health care proxy. Without these documents, New York's intestacy laws will dictate how your property is distributed - which may not align with your wishes at all.

For 2026, the New York State estate tax exemption is $7,350,000 per individual. This is separate from the federal estate tax exemption of $15,000,000. One of the most critical aspects of New York's system is the "estate tax cliff." If your taxable estate exceeds 105% of the exemption - roughly $7,717,500 - the entire estate becomes subject to taxation from the first dollar, not just the amount over the exemption. Unlike federal law, New York does not allow portability of a deceased spouse's unused exemption, making planning with credit shelter trusts essential for married couples.

A will is a legal document that outlines how your property should be distributed after death. In New York, a valid will must be signed by the testator (who must be at least 18 and of sound mind) and witnessed by two individuals. A will must go through probate in Surrogate's Court. A trust is a legal arrangement where you transfer assets to a trustee who manages them for your beneficiaries. Trusts can take effect during your lifetime and can help you avoid probate, maintain privacy, and provide ongoing management of assets. Revocable trusts can be modified, while irrevocable trusts offer greater asset protection and potential tax benefits.

Medicaid planning involves legally structuring your assets so you can qualify for Medicaid long-term care coverage while protecting wealth for your family. In 2026, the individual resource allowance for nursing home Medicaid is $33,038. The Community Spouse Resource Allowance is up to $162,660. Nursing home Medicaid applies a 60-month look-back period, meaning any asset transfers made within five years of your application may trigger a penalty period. Common strategies include Medicaid Asset Protection Trusts, spousal refusal, and pooled income trusts. Planning ideally begins around retirement age.

A power of attorney (POA) is a legal document that designates a trusted person to make financial and legal decisions on your behalf if you become unable to do so. New York uses a specific statutory short form, and the requirements are strict: the document must be signed, witnessed, and notarized, and the agent must also sign an acknowledgment. Without a valid POA, your family may need to pursue a costly guardianship proceeding in court to manage your affairs.

Dying without a will in New York is called dying "intestate." Under New York's intestacy laws (EPTL 4-1.1), your property is distributed according to a fixed legal formula regardless of your personal wishes. If you are married with children, your surviving spouse receives the first $50,000 plus half of the remaining estate, with the balance going to your children. Without a will, you also cannot name a guardian for minor children - the court will make that decision. This is one of the most compelling reasons for every NY resident to have a basic estate plan in place.

Probate in New York is handled through Surrogate's Court and can be time-consuming and expensive. Strategies to avoid probate include: establishing a revocable living trust; using payable-on-death (POD) or transfer-on-death (TOD) designations on accounts; holding property as joint tenants with rights of survivorship; and designating beneficiaries on life insurance and retirement accounts. New York also recently authorized Transfer-on-Death deeds for residential real property. For smaller estates, a simplified "small estate" procedure is available for estates valued under $50,000 in personal property.

New York law provides strong protections for surviving spouses. Under the "elective share" (EPTL 5-1.1-A), a surviving spouse can claim the greater of $50,000 or one-third of the deceased spouse's net estate, regardless of what the will states. This applies equally to same-sex married couples. However, the right of election generally applies only to probate assets - non-probate assets such as life insurance and retirement accounts may bypass a spouse. Proper estate planning coordinates all assets to ensure your spouse is protected.

Review your estate plan at least every three to five years, and immediately after any major life event such as marriage, divorce, the birth of a child, a significant change in assets, or a move to or from New York. Because both federal and New York State tax laws change annually, regular reviews ensure your plan stays optimized. An outdated estate plan can be nearly as problematic as having no plan at all.

No. Although the New York Legislature passed the Electronic Wills Act, the law will not take effect until 545 days after the Governor signs it. As of 2026, New York still requires traditional paper wills. A valid New York will must be a written document, signed by the testator in the presence of at least two witnesses, who must also sign the will within 30 days. Anyone creating or updating their estate plan in 2026 should follow the traditional paper execution requirements.