Estate Planning Checklist for New York 2026: Complete Guide

Whether you're creating your first estate plan or reviewing an existing one, having a comprehensive checklist ensures nothing falls through the cracks. New York has specific requirements for estate planning documents, and 2026 brings updated thresholds you need to know about.

Download the Free Estate Planning Checklist (PDF)

This guide walks through every essential component of a New York estate plan, with specific attention to state requirements and 2026 updates.

Core Estate Planning Documents

Last Will and Testament

Your will is the foundation of your estate plan. In New York, a valid will must meet specific requirements under Estates, Powers and Trusts Law (EPTL) Section 3-2.1:

• You must be at least 18 years old
• The will must be signed at the end
• You must sign in the presence of at least two witnesses
• Both witnesses must sign within 30 days of watching you sign
• While not required, having the will notarized creates a "self-proving" affidavit that simplifies probate
  Your will should name an executor (the person who will manage your estate through probate), designate guardians for minor children, and specify how your assets should be distributed.

Revocable Living Trust

A revocable living trust is a powerful tool that allows your assets to pass to beneficiaries without going through probate. Unlike a will, a trust:

• Keeps your estate private (wills become public record during probate)
• Allows for immediate asset distribution after death
• Can manage assets if you become incapacitated
• Avoids the delays and costs of New York probate
  Critical: A trust only works if it's properly funded. This means retitling assets in the trust's name. An unfunded trust provides no probate avoidance benefit.

Irrevocable Trusts

Certain situations call for irrevocable trusts, which cannot be changed once created:

• Special Needs Trusts: Protect assets for disabled beneficiaries without disqualifying them from government benefits - Irrevocable Life Insurance Trusts (ILITs): Remove life insurance proceeds from your taxable estate

• Asset Protection Trusts: Shield assets from creditors and potential lawsuits

• Medicaid Trusts: Protect assets while maintaining Medicaid eligibility (requires 5 year look-back planning)

  Decision Making Documents

  Durable Power of Attorney

  New York's Statutory Short Form Power of Attorney (General Obligations Law 5-1501) allows you to designate someone to manage your financial affairs if you become
  incapacitated. Key points:

  • Banks and financial institutions must accept the NY statutory form
  • The power can be effective immediately or "spring" into effect upon incapacity
  • You can grant broad or limited powers
  • Consider naming a successor agent in case your primary agent cannot serve

  Without a power of attorney, your family may need to pursue a costly guardianship proceeding in court to manage your finances.

  Health Care Proxy

  New York's Health Care Proxy law allows you to appoint a health care agent to make medical decisions if you cannot communicate your wishes. Requirements include:

  • Must be signed by two witnesses
  • Your agent cannot be a witness
  • Takes effect only when a physician determines you cannot make decisions

  Your health care agent can make all medical decisions on your behalf, including end-of-life care decisions, unless you specifically limit their authority.

  Living Will / Medical Directive

  While a health care proxy names who makes decisions, a living will specifies what decisions you want made. This document typically addresses:

  • Life sustaining treatment preferences
  • Pain management wishes
  • Artificial nutrition and hydration
  • Organ donation preferences

  Having both documents ensures your wishes are known and someone you trust can carry them out.

  HIPAA Authorization

  The Health Insurance Portability and Accountability Act prevents healthcare providers from sharing your medical information without authorization. A HIPAA release allows
  your designated agents to:

  • Access your medical records
  • Speak with your doctors
  • Make informed decisions about your care

  This is especially critical in emergency situations where quick access to medical history can be lifesaving.

  Beneficiary Designations

  These are arguably the most overlooked aspect of estate planning. Beneficiary designations on financial accounts override your will. If your will leaves everything to your children but your 401(k) still names your ex-spouse, your ex-spouse gets the 401(k).

  Review beneficiary designations on:

  Retirement Accounts	Insurance & Other
  401(k) / 403(b)	Life Insurance Policies
  Traditional IRA	Annuities
  Roth IRA	POD Bank Accounts
  Pension Benefits	TOD Brokerage Accounts
  HSA Accounts

  Best Practice: Review all beneficiary designations annually and after any major life event (marriage, divorce, birth, death of a beneficiary).

  Financial and Property Records

  Your executor or trustee will need to locate and manage all your assets. Create a comprehensive inventory including:

  Financial Accounts:

  • Bank account statements and access information
  • Investment and brokerage accounts
  • Retirement account statements
  • Outstanding loans and credit accounts

  Real Property:

  • Property deeds (check how title is held)
  • Mortgage documents
  • Property tax records
  • Homeowner's insurance policies

  Personal Property:

  • Vehicle titles
  • Business ownership documents
  • Valuable collections (art, jewelry, antiques)
  • Safe deposit box location and access

  Digital Assets and Online Accounts

  In today's digital age, your online presence represents significant value and requires planning:

  Password Management

  • Use a password manager and ensure your executor has the master password
  • Consider a digital estate planning service
  • Create a secure document listing critical accounts

  Social Media Legacy Settings

  • Facebook: Legacy Contact can manage memorialized account
  • Instagram: Memorialization or removal options
  • LinkedIn: Profile can be removed or memorialized
  • Google: Inactive Account Manager designates data recipients

  Cryptocurrency and Digital Wallets

  Cryptocurrency requires special attention:

  • Document wallet addresses
  • Securely store recovery phrases and private keys
  • Consider multi-signature wallets for large holdings
  • Your executor must have access to claim these assets

  Online Accounts

  • Email accounts (often needed to access other accounts)
  • Cloud storage (Google Drive, iCloud, Dropbox)
  • Subscription services (to cancel and avoid ongoing charges)
  • Domain names and websites you own

  New York Specific Considerations

  NY Estate Tax (2026)

  New York has its own estate tax separate from the federal estate tax. For 2026:

  Threshold	Amount
  NY Estate Tax Exemption	$7.16 million
  Federal Estate Tax Exemption	$13.99 million

  The NY "Cliff" Rule: If your taxable estate exceeds 105% of the exemption ($7.518 million in 2026), you lose the entire exemption and the estate is taxed from dollar
  one. This makes planning around the exemption critical for estates in this range.

  Spousal Right of Election

  New York protects surviving spouses from disinheritance. Under EPTL 5-1.1-A, a surviving spouse is entitled to the greater of:

  • $50,000, or
  • One third of the net estate

  This right cannot be waived except by a valid prenuptial or postnuptial agreement.

  Transfer on Death Deeds

  As of 2024, New York allows Transfer on Death (TOD) deeds for real property. This allows you to:

  • Designate a beneficiary for real estate
  • Avoid probate for that property
  • Retain full control during your lifetime
  • Revoke or change the beneficiary at any time

  Important: The TOD deed must be recorded with the county clerk to be effective.

  When to Update Your Estate Plan

  Review your estate plan after any of these life events:

  • Marriage or divorce
  • Birth or adoption of a child
  • Death of a spouse, beneficiary, or named agent
  • Significant change in assets (inheritance, sale of business, real estate purchase)
  • Retirement
  • Moving to a different state
  • Major tax law changes
  • Change in health status

  Even without a triggering event, review your estate plan every 3-5 years to ensure it still reflects your wishes and accounts for changes in the law.

  Next Steps

  1. Download our free checklist to assess your current estate plan
  2. Gather your documents and note what's missing or outdated
  3. Schedule a consultation to discuss your specific situation

  Download the Estate Planning Checklist (PDF)

  --- Zeus Estate Planning serves clients throughout New York, with offices in Brooklyn and Philadelphia. Contact us at (917) 515-1825 or visit our contact page to schedule your free consultation.