A complete New York estate plan for 2026 is not a single document — it is a coordinated set of legal instruments built to work together: a properly executed will, one or more trusts, a durable power of attorney, and a health care proxy, all reviewed against the current New York estate tax thresholds. This checklist walks through every item Morgan Legal Group prepares for our clients across New York State, so you can see exactly what a thorough plan includes and where the gaps in your current plan may be. Whether you are starting from a blank page or updating documents drafted years ago, use the items below to confirm that nothing essential is missing.
Estate planning is a service-driven discipline. The value is not in owning a stack of forms, but in having documents that are drafted correctly under New York law, executed with the right formalities, and coordinated so they reinforce one another. Below is the full breadth of what a 2026 plan should contain.
The Core Four Documents Every New York Plan Needs
A comprehensive New York estate plan rests on four coordinated instruments. Miss one, and the others cannot do their job.
| Document | New York Authority | What It Does |
|---|---|---|
| Last Will & Testament | EPTL §3-2.1 | Directs who inherits and names an executor and guardians |
| Trust(s) | EPTL Article 7 | Avoids probate, reduces tax, protects assets, preserves benefits |
| Durable Power of Attorney | GOL §5-1513 | Authorizes an agent to handle finances if you are incapacitated |
| Health Care Proxy | Public Health Law Article 29-C | Authorizes an agent to make medical decisions |
1. The Last Will and Testament (EPTL §3-2.1)
Your will is the foundation. Under EPTL §3-2.1, a valid New York will requires two attesting witnesses, the testator must sign at the end of the document, and the will must be properly published — meaning you declare to the witnesses that the document is your will. These formalities are not optional technicalities; a will that ignores them can be challenged or thrown out.
If you die without a valid will, you die intestate, and EPTL Article 4 decides who inherits — a fixed statutory formula that may distribute your property in ways you never intended. Learn more about how we draft and execute wills on our wills service page, and see the bigger picture on our estate planning overview.
2. Trusts (EPTL Article 7)
Trusts are where planning becomes strategy. Governed by EPTL Article 7, trusts serve several distinct purposes, and choosing the right one matters:
- Revocable living trust — avoids the time, cost, and publicity of probate. Important note: a revocable trust does not save estate tax; its benefit is probate avoidance and seamless management if you become incapacitated.
- Irrevocable trust — used for tax reduction, asset protection, and Medicaid planning. Because Medicaid imposes a 5-year look-back on transfers, these trusts must be funded well in advance of any anticipated need for long-term care.
- Supplemental (Special) Needs Trust (EPTL 7-1.12) — preserves a beneficiary’s eligibility for means-tested public benefits while still providing for their supplemental needs.
We tailor the trust structure to your goals on our trusts service page.
3. Durable Power of Attorney (GOL §5-1513)
A power of attorney lets someone you trust manage your finances if you cannot. Under GOL §5-1513, a New York power of attorney is durable by default, meaning it survives your incapacity. New York uses the 2021 statutory short form, which streamlined execution requirements. Without a valid POA, your family may have to petition a court for guardianship — a slow and expensive alternative. See our power of attorney service page for details.
4. Health Care Proxy (Public Health Law Article 29-C)
The health care proxy is the medical counterpart to the financial POA. Under New York Public Health Law Article 29-C, it appoints an agent to make medical decisions on your behalf if you cannot speak for yourself. It is entirely separate from your financial power of attorney — one cannot substitute for the other. Read more on our health care proxy service page.
The 2026 New York Estate Tax Checkpoint
Even a well-drafted set of documents is incomplete if it ignores the New York estate tax. For deaths occurring on or after January 1, 2026 through December 31, 2026, the basic exclusion amount is $7,350,000. Estates below that figure generally owe no New York estate tax.
But New York has an unforgiving feature known as the cliff. If your taxable estate exceeds 105% of the exclusion — $7,717,500 in 2026 — you lose the entire exemption, and the estate is taxed from the first dollar at progressive rates ranging from 3% to 16%. Falling just over the cliff can cost hundreds of thousands of dollars, which is why planning around this threshold is one of the most valuable services we provide.
Two more points to flag on your checklist:
- New York imposes no gift tax, so lifetime gifting can be a powerful tool.
- However, gifts made within three years of death are added back into the taxable estate — so the timing of gifts matters as much as the amount.
For a deeper walkthrough, see our New York estate tax guide.
Your 2026 Estate Planning Checklist
Use this list to audit your own plan:
- Will — signed at the end, two witnesses, properly published (EPTL §3-2.1)?
- Trust(s) — do you need probate avoidance, tax reduction, asset protection, or benefits preservation (EPTL Article 7)?
- Durable Power of Attorney — current 2021 statutory short form in place (GOL §5-1513)?
- Health Care Proxy — medical agent appointed (Public Health Law Article 29-C)?
- Beneficiary designations — retirement accounts and life insurance reviewed and coordinated with your will and trusts?
- Trust funding — assets actually retitled into your trust (an unfunded trust does nothing)?
- Estate tax exposure — measured against the $7,350,000 exclusion and the $7,717,500 cliff?
- Guardianship — minor children’s guardians named in your will?
- Review date — plan reviewed after any move, marriage, divorce, birth, or major asset change?
Because our firm serves clients across the entire state, our statewide guide explains how these documents apply wherever you live in New York.
Frequently Asked Questions
Do I really need both a will and a trust?
For many New Yorkers, yes. A will directs probate assets and names guardians; a revocable trust avoids probate and provides incapacity management. They serve different functions and work best together. The right combination depends on your assets and goals.
Does a revocable living trust reduce my estate tax?
No. A revocable trust avoids probate but provides no estate-tax savings. Tax reduction generally requires an irrevocable trust or other lifetime strategies under EPTL Article 7.
What happens if I die without a will in New York?
You die intestate, and EPTL Article 4 dictates who inherits according to a fixed statutory formula — which may not match your wishes and gives you no say over guardianship or executor choice.
How does the 2026 New York estate tax cliff work?
If your taxable estate exceeds $7,717,500 (105% of the $7,350,000 exclusion), you lose the entire exemption and the whole estate is taxed from the first dollar at rates of 3% to 16%. Planning to stay under the cliff can save substantial tax.
Speak With Morgan Legal Group
Every item on this checklist is a service our firm prepares and coordinates under New York law. If you are unsure whether your documents are current, properly executed, or aligned with the 2026 tax thresholds, the most efficient next step is a focused consultation with Russel Morgan, Esq. of Morgan Legal Group.
Schedule your consultation today: https://calendly.com/russel-morgan/30min
Further reading from Morgan Legal Group: the New York estate planning guide.