Most New Yorkers know they should “get their affairs in order,” but few know what that actually means. We answer the questions Manhattan, Brooklyn, Queens, Bronx, and Staten Island residents ask most, organized as a working checklist.
Where do I even start?
Start with the core documents every adult in New York should have: a Last Will and Testament, a durable Power of Attorney, and a Health Care Proxy. These three cover what happens to your property after death and who speaks for you while you are alive but unable to act. In a city where assets often include a co-op share, a condo, or a brownstone, getting these right matters.
Do I need a will if I have a small estate?
Yes. Under New York law, a valid will must meet the formalities of EPTL §3-2.1 — signed by you and witnessed by two people. Without one, the intestacy rules in EPTL Article 4 decide who inherits, and that distribution rarely matches what people assume. A will also lets you name a guardian for minor children, a critical step for NYC parents.
What about powers of attorney and health care decisions?
A statutory durable Power of Attorney under General Obligations Law §5-1513 lets a trusted person manage your finances if you cannot. New York revised this form, so older versions may be rejected by banks. Pair it with a Health Care Proxy under Public Health Law Article 29-C, which names someone to make medical decisions if you lose capacity — essential given how many decisions arise at NYC hospitals.
Should I consider a trust?
Trusts under EPTL Article 7 serve different goals. A revocable living trust can keep assets out of Surrogate’s Court probate and ease management across multiple properties, but it does not save estate tax. An irrevocable trust may reduce estate tax exposure or help with Medicaid planning, which carries a five-year look-back period. A supplemental needs trust under EPTL 7-1.12 protects a disabled beneficiary’s public benefits.
Will my estate owe New York estate tax?
For 2026, New York’s estate tax exclusion is $7,350,000. Watch the “cliff”: if your taxable estate exceeds $7,717,500, you lose the exclusion entirely and the whole estate is taxed. Given NYC real estate values, more families approach this threshold than expect to, so tracking your total estate is part of the checklist.
What is the rest of the checklist?
- Update beneficiary designations on retirement accounts and life insurance — these pass outside your will.
- List your digital assets and online accounts.
- Confirm how your co-op, condo, or home is titled.
- Review the plan after major life events: marriage, divorce, a new child, or a move into or out of the five boroughs.
- Tell your named agents and executor where documents are kept.
How often should I revisit this?
Review your plan every three to five years, or sooner after any major change. New York’s tax thresholds and POA rules have changed in recent years, and an outdated document can fail when it is needed most.
This article is general information, not legal advice. Estate planning involves details specific to your family and assets. Consult a licensed New York attorney to prepare or update documents that comply with current New York law.
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