New York Estate Planning in 2026: A Practical Checklist of Trusts, Wills & Next Steps

Most people do not need a treatise on estate law. They need to know what to do next. This page is built as a working checklist for New Yorkers — whether you live in Manhattan or Brooklyn, on Long Island, in Westchester, the Hudson Valley, or Upstate — so you can move from “I should probably handle this” to a finished, signed plan.

Morgan Legal Group and attorney Russel Morgan, Esq. design estate plans across New York State. Below you will find the decisions you actually have to make, the New York statutes that govern them, and the order in which to take action. When you are ready, you can schedule a 30-minute consultation to put your plan in motion.

Start Here: Your 7-Step New York Estate Planning Checklist

Work through these in order. Each step links to a deeper page on this site so you can drill down where you need to.

1. Take inventory. List your assets (home, accounts, retirement plans, business interests, life insurance) and roughly total their value. This number determines whether the New York estate tax is in play.
2. Decide who inherits and who is in charge. Name beneficiaries, an executor, a trustee, and successors for each role.
3. Choose your core documents. At minimum, a will. Often, a trust as well — see Trusts vs. Wills.
4. Pick the right trust, if any. Revocable for control and probate-avoidance; irrevocable for tax and asset protection; a special needs trust to protect benefits. Compare options on our Trusts Overview.
5. Plan for incapacity. A power of attorney and health care directives sit alongside your trust and will.
6. Sign and fund. A trust does nothing until assets are retitled into it — this “funding” step is where most do-it-yourself plans fail.
7. Review every 3 years or after any major life event — marriage, divorce, birth, a move, or a large change in net worth.

Will or Trust? The Threshold Decision

In New York, a will must be filed and probated in the Surrogate’s Court after death. It becomes a public record, and the court supervises the process. A trust, by contrast, avoids probate for the assets it holds and keeps your affairs private. New York trusts are governed by the Estates, Powers and Trusts Law (EPTL) Article 7.

Neither is automatically “better.” Many New Yorkers use both: a revocable trust for the bulk of their estate and a “pour-over” will as a backstop. Explore the full comparison on Trust vs. Will.

Feature	Will	Revocable Living Trust
Goes through Surrogate’s Court probate	Yes	No (for funded assets)
Public or private	Public record	Private
Manages assets if you become incapacitated	No	Yes
Can be changed during your lifetime	Yes	Yes
Reduces New York estate tax	No	No

The Three Trusts Most New Yorkers Consider

Revocable Living Trust

You keep complete control — you can amend or revoke it at any time while you are competent. Its strengths are avoiding probate, privacy, and seamless incapacity management if you can no longer handle your own affairs. Important limitation: a revocable trust does not save estate tax, because the assets remain part of your taxable estate. Learn more on Revocable Living Trust.

Irrevocable Trust

Generally it cannot be amended once established. People accept that rigidity in exchange for real advantages: estate-tax reduction, asset protection, and Medicaid planning. If Medicaid is a goal, mind the 5-year look-back — transfers into the trust must generally be made well before you need long-term care. See Irrevocable Trust.

Supplemental (Special) Needs Trust

A Supplemental Needs Trust (SNT) under EPTL 7-1.12 lets you provide for a disabled loved one without disqualifying them from means-tested programs such as Medicaid and SSI. Funds supplement — rather than replace — public benefits. Details on Special Needs Trust.

What a New York Trustee Must Do

Naming a trustee is not a formality. Under New York law a trustee is a fiduciary held to demanding standards:

• Prudent-investor standard — investments must be managed prudently under the EPTL Article 11-A rules.
• Duty of loyalty — the trustee must act for the beneficiaries, not for personal gain.
• Duty to account — the trustee must keep records and account to the beneficiaries.

Trustee and executor commissions are not invented case-by-case; they follow the commission schedules set out in the SCPA and EPTL. Ongoing management of these duties is covered under Trust Administration.

The 2026 New York Estate Tax — and the “Cliff” You Must Avoid

This is the number that drives high-net-worth planning in New York.

2026 New York Estate Tax	Amount
Basic exclusion amount	$7,350,000
Cliff threshold (105% of exclusion)	$7,717,500

Here is why the cliff matters: New York’s exemption is not a simple deduction. If your taxable estate stays at or below $7,350,000, the exemption shields it. But if your estate exceeds 105% of the exclusion — $7,717,500 — you lose the ENTIRE exemption, and the tax applies from the first dollar. Estates that land in this zone can face a dramatically larger bill than estates that fall just under the line.

For families near these thresholds, an irrevocable trust and lifetime gifting are common tools to keep the taxable estate below the cliff. This is fact-specific work — exactly the kind of planning a consultation is meant to address.

Frequently Asked Questions

Do I need a trust, or is a will enough?
It depends on your goals. If avoiding the public Surrogate’s Court probate process, maintaining privacy, or planning for incapacity matters to you, a revocable trust adds value. If estate tax, asset protection, or Medicaid eligibility is the concern, an irrevocable trust may be appropriate. Many New Yorkers use a will and a trust together.

Will a living trust lower my New York estate tax?
No. A revocable living trust keeps assets in your taxable estate, so it does not reduce estate tax. Tax reduction generally requires an irrevocable trust or other lifetime transfers.

What is the 5-year look-back?
For Medicaid long-term care planning, transfers into an irrevocable trust are subject to a five-year look-back period. Assets generally need to be moved into the trust at least five years before you apply for those benefits.

How do I protect an inheritance for a disabled family member?
A Supplemental (Special) Needs Trust under EPTL 7-1.12 holds assets for a disabled beneficiary while preserving eligibility for means-tested benefits like Medicaid and SSI.

What is the single most overlooked step?
Funding the trust. A trust only governs the assets actually retitled into it. Signing the documents and then leaving accounts and deeds in your own name is the most common — and most costly — mistake we correct.

Your Next Step

You now have the checklist. The fastest way to turn it into a finished plan is a focused conversation about your assets, your family, and your goals under New York law.

Schedule a 30-minute consultation with Russel Morgan, Esq.

This page is general information about New York estate planning, not legal advice. For guidance on your situation, consult a licensed New York attorney.

External references: EPTL on the New York State Senate site · New York estate tax · EPTL 7-1.12 on Justia