Many New Yorkers delay scheduling an estate planning consultation because they are unsure what to expect, what they need, or whether their situation is “complicated enough.” The answers below should remove that uncertainty.
What Does a Complete NY Estate Plan Actually Include?
A coordinated New York plan rests on four documents that work together:
| Document | Governing Law | Core Purpose |
|---|---|---|
| Will | EPTL §3-2.1 | Directs assets; requires two witnesses & testator signs at the end |
| Trust(s) | EPTL Article 7 | Avoids probate; irrevocable trusts reduce taxes, protect assets, or address Medicaid’s 5-year look-back |
| Durable Power of Attorney | GOL §5-1513 | Authorizes financial decisions if you are incapacitated |
| Health Care Proxy | NY Public Health Law Art. 29-C | Appoints an agent for medical decisions — entirely separate from the financial POA |
Without a will, New York’s intestacy rules under EPTL Article 4 distribute your estate — often in ways you would not choose.
Do I Need to Worry About the NY Estate Tax?
Possibly. The 2026 New York basic exclusion is $7,350,000. Critically, estates exceeding $7,717,500 (the 105% “cliff”) lose the entire exemption and are taxed from the first dollar at rates up to 16%. New York also has no gift tax, but gifts made within three years of death are added back to the taxable estate. See our NY estate tax guide for full planning strategies.
Ready to Plan?
Whether you are across the state — from New York City to Long Island, Westchester, the Hudson Valley, or Upstate — Russel Morgan, Esq. offers consultations tailored to your specific circumstances. Learn more about statewide coverage or review our estate planning overview.
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Further reading from Morgan Legal Group: why estate planning is so important.