A Practical Estate Planning Checklist

Estate planning in New York is less about a single document and more about a short stack of decisions made in the right order. Use this practical checklist to build a plan that works in Surrogate’s Court and protects you while you are still alive.

1. Inventory What You Own

List your assets and how each is titled: real estate, bank and brokerage accounts, retirement plans, life insurance, and business interests. Titling drives everything, because jointly held property and accounts with beneficiaries pass outside your will regardless of what the will says.

2. Make a Valid Will (EPTL 3-2.1)

A New York will must be in writing, signed at the end by you, and witnessed by two people who sign within 30 days, per EPTL §3-2.1. Without a valid will, EPTL Article 4 intestacy decides who inherits, which often is not what people expect for spouses, children, or unmarried partners. A will also lets you name a guardian for minor children.

3. Set Up Powers of Attorney (GOL 5-1513)

A durable power of attorney under General Obligations Law §5-1513 lets a trusted agent handle finances if you become incapacitated. New York overhauled the statutory form in 2021, so older POAs may use outdated language. Confirm yours is current and includes a gifts rider if you want gifting authority.

4. Sign a Health Care Proxy (PHL Article 29-C)

Under Public Health Law Article 29-C, a health care proxy names someone to make medical decisions when you cannot. Pair it with a living will expressing your wishes about life-sustaining treatment so your agent has clear guidance.

5. Review Beneficiary Designations

• Check 401(k), IRA, and life insurance beneficiaries; these override your will.
• Name contingent beneficiaries, not just primary ones.
• Update after marriage, divorce, birth, or a death in the family.

6. Decide Whether You Need a Trust (EPTL Article 7)

A revocable living trust avoids Surrogate’s Court probate for assets you transfer into it but provides no estate-tax savings. An irrevocable trust can serve tax planning or Medicaid eligibility, which involves a five-year look-back for nursing-home coverage. A supplemental needs trust under EPTL §7-1.12 protects a disabled beneficiary’s public benefits.

7. Check the New York Estate Tax

For 2026, the New York estate tax exclusion is $7,350,000, with a cliff at $7,717,500. Estates above about 105% of the exclusion lose the exclusion entirely, so high-net-worth New Yorkers should plan deliberately around that edge.

8. Organize and Communicate

• Store originals safely and tell your executor where they are.
• Keep a list of accounts, advisors, and digital logins.
• Review the whole plan every few years or after major life changes.

A Note for New Yorkers

Every item above interacts with the others, and small titling or beneficiary mismatches can undo an otherwise solid plan. A New York estate planning attorney can pressure-test your checklist against current law. This article is general information, not legal advice for your situation.