Estate Planning in New York: What Every Family Should Know

Estate planning is one of the most important steps you can take to protect your family and your assets — yet most people put it off far longer than they should. Whether you own a home in Albany, run a business in Saratoga Springs, are raising a family in Clifton Park, or are approaching retirement anywhere in the Capital Region, a proper estate plan gives you control over what happens to everything you have built. At Ianniello Anderson, P.C., we help families across New York put clear, legally sound plans in place.

Estate planning is not just for the wealthy. If you own any property, have minor children, hold retirement accounts, or simply want a say in your own medical care, you need a plan. Without one, New York’s intestacy laws under the Estates, Powers and Trusts Law (EPTL) decide who inherits your assets — and the result may be nothing like what you would have chosen.

Without a will, your estate goes through Surrogate’s Court, where a judge distributes your property according to a rigid formula. Your spouse may not receive everything. Unmarried partners receive nothing. A proper estate plan puts you in charge of who gets what, who manages your affairs, and who raises your children.

A complete estate plan in New York typically includes several coordinated documents, each serving a distinct purpose:

• Last Will and Testament. Names your beneficiaries, appoints an executor, and designates a guardian for minor children. Under New York law, a valid will must be signed in the presence of two witnesses.
• Revocable Living Trust. Transfers assets to a trustee and passes them to beneficiaries without probate. Especially valuable if you own real estate in more than one state, since it avoids ancillary probate proceedings.
• Irrevocable Trust. Removes assets from your taxable estate and protects them from creditors. Commonly used for Medicaid planning in New York, where nursing home costs can exceed $15,000 per month.
• Power of Attorney. Appoints someone to handle your financial and legal affairs if you become incapacitated. New York requires a specific statutory form, signed, witnessed, and notarized. Without one, your family may need to petition the court for guardianship.
• Health Care Proxy. Appoints an agent to make medical decisions when you cannot communicate your own wishes. Your agent’s authority activates only when a physician determines you lack capacity.
• Living Will. Provides written instructions about end-of-life care, working alongside your health care proxy to make sure your preferences are followed.

An estate plan is not a one-time event. You should review it after any of the following:

• Marriage or divorce. New York law revokes certain provisions in favor of a former spouse upon divorce, but it does not rewrite the rest of your plan.
• Birth or adoption of a child. Under EPTL Section 5-3.2, a child born after a will is executed may be entitled to a share of the estate even if not named.
• Major asset changes. Buying a home, selling a business, or receiving an inheritance can change how your estate should be structured.
• Moving to or from New York. A will or trust drafted under another state’s laws may not function as intended here.
• Changes in tax law. New York has its own estate tax with a “cliff” — if your estate exceeds the exemption by more than five percent, the entire estate becomes taxable, not just the excess.

A good rule of thumb: review your plan every three to five years, and immediately after any major life event.

• Relying on a will alone when a trust is needed. A will must go through probate. For larger estates or property in multiple states, a trust provides faster, private distribution.
• Forgetting beneficiary designations. Retirement accounts and life insurance pass by designation, not by your will. An outdated designation can override your entire plan.
• Not funding a trust. Creating a trust without transferring assets into it accomplishes nothing. Property and accounts must be retitled in the trust’s name.
• Using online templates. New York has specific execution requirements. A document that fails them is invalid — and you will not find out until it is too late.
• Ignoring incapacity. Without a power of attorney and health care proxy, your family may need a court-appointed guardian to manage your affairs.

Estate planning involves more than filling out forms. An experienced attorney helps you understand how New York law applies to your situation, identify risks you may not have considered, and build a plan that accomplishes your goals.

At Ianniello Anderson, P.C., our attorneys work through each client’s full picture — family relationships, asset types, tax exposure, and long-term care concerns — before recommending specific documents. We coordinate your estate plan with your real estate holdings and insurance policies so nothing falls through the cracks. We also guide executors through Surrogate’s Court, creditor claims, and final distributions.

This article is for general informational purposes only and does not constitute legal advice. Every situation is unique, and the application of law depends on specific facts and circumstances. If you need guidance regarding estate planning in New York, please contact an attorney directly.