A New York Estate Planning Checklist for 2026

A complete New York estate planning checklist for 2026 comes down to four coordinated documents — a will, one or more trusts, a durable power of attorney, and a health care proxy — assembled around your specific family, your specific assets, and your specific goals. There is no one-size-fits-all plan. The right checklist for a Manhattan business owner with a taxable estate looks nothing like the right checklist for a Buffalo retiree protecting a home from nursing-home costs. At Morgan Legal Group, attorney Russel Morgan, Esq. builds each plan one-on-one, so the items below are not a form to fill in — they are a framework we tailor to you. This guide walks through every item, the New York statute behind it, and the 2026 estate-tax numbers you need to watch.

Why a “Checklist” Is Really a Conversation

Most online checklists hand you a list and wish you luck. The problem is that the documents only protect you when they are coordinated. A will that contradicts your trust, a power of attorney that doesn’t authorize gifting, or a health care proxy nobody can find at 2 a.m. — these are the failures we see most often. The personalized approach starts with your goals: Who inherits, and on what terms? Who do you trust to manage money if you can’t? What would you want done medically? Only after those answers do the documents take shape. Explore the full framework on our estate planning overview page.

The Core Four: Your 2026 Document Checklist

#	Document	What it does	NY authority
1	Last Will & Testament	Directs who inherits; names guardians and an executor	EPTL §3-2.1
2	Trust(s)	Avoids probate, protects assets, plans for Medicaid/tax	EPTL Article 7
3	Durable Power of Attorney	Authorizes someone to handle finances if you can’t	GOL §5-1513
4	Health Care Proxy	Authorizes someone to make medical decisions	PHL Article 29-C

1. The Will — 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’s signature at the END of the document, and publication (you must declare to the witnesses that the document is your will). Get any of these wrong and the will can fail. If you die without a will — intestate — New York’s default rules in EPTL Article 4 decide who inherits, often in ways that surprise families and exclude people you’d want to provide for. A personalized will also names guardians for minor children and an executor you actually trust. Start with our wills page.

2. Trust(s) — EPTL Article 7

Trusts are where personalization matters most. Under EPTL Article 7:

• A revocable living trust avoids probate and keeps your affairs private — but note it provides no estate-tax savings because you retain control of the assets.
• An irrevocable trust is the tool for tax reduction, asset protection, and Medicaid planning (subject to the 5-year look-back).
• A Supplemental Needs Trust (EPTL §7-1.12) preserves a disabled beneficiary’s eligibility for means-tested government benefits.

Which trust — or combination — belongs in your plan depends entirely on your assets and objectives. Compare your options on our trusts page.

3. Durable Power of Attorney — GOL §5-1513

A power of attorney lets a trusted agent manage your finances if you become incapacitated. Under GOL §5-1513, New York’s POA is durable by default, meaning it survives your incapacity. New York overhauled the form in 2021 — the current statutory short form is the version banks are required to honor, and using an outdated form invites rejection. We also tailor the gifting and trust powers so your agent can actually carry out your plan. Learn more on our power of attorney page.

4. Health Care Proxy — Public Health Law Article 29-C

A health care proxy, governed by NY Public Health Law Article 29-C, appoints an agent to make medical decisions if you cannot speak for yourself. This is distinct from your financial POA — different document, different agent power, different statute. Many people pair it with a living will expressing their wishes. See our healthcare proxy page.

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

For estates of any meaningful size, 2026 tax planning is non-negotiable. Here are the verified numbers:

• The basic exclusion amount for deaths on or after January 1, 2026 through December 31, 2026 is $7,350,000.
• New York imposes a “cliff.” At 105% of the exclusion — $7,717,500 — an estate that exceeds the cliff loses the ENTIRE exemption and is taxed from the first dollar, not just the excess.
• Rates are progressive, ranging from 3% to 16%.
• New York has NO gift tax — but gifts made within 3 years of death are added back to your taxable estate.

That cliff is brutal. An estate just over $7,717,500 can owe hundreds of thousands more than one just under it. Crossing it by a small margin can cost more in tax than the amount that pushed you over. Strategic lifetime giving and irrevocable trust planning are how we keep clients on the right side of the line. Dig into the details on our NY estate tax guide.

Statewide, Personalized

Whether you’re in New York City, Long Island, the Hudson Valley, or Western New York, this checklist applies statewide — but the execution is always individual. Our NY statewide guide covers how the same rules play out across counties and Surrogate’s Courts.

Frequently Asked Questions

Do I need a trust if I already have a will?
Often, yes. A will alone goes through probate. A revocable trust under EPTL Article 7 avoids probate, and an irrevocable trust can deliver tax and Medicaid protection a will cannot. The right answer depends on your assets and goals.

Is my financial power of attorney the same as a health care proxy?
No. The durable POA (GOL §5-1513) covers financial decisions; the health care proxy (PHL Article 29-C) covers medical decisions. You need both, and they are usually different documents naming different agents.

Does the gift I made last year affect my 2026 estate tax?
It can. New York has no gift tax, but any gift made within 3 years of death is added back to your taxable estate — so timing matters.

What happens if my estate is just over the 2026 cliff?
At $7,717,500 (105% of the $7,350,000 exclusion), you lose the entire exemption and are taxed from the first dollar. Even a small overage can trigger a large tax, which is exactly why proactive planning matters.

Talk to a New York Estate Planning Attorney

A checklist is only useful when it’s built around your life. Russel Morgan, Esq. and the team at Morgan Legal Group create personalized New York estate plans — coordinated wills, trusts, powers of attorney, and health care proxies — designed for your family and your 2026 tax picture.

Schedule your one-on-one consultation with Russel Morgan, Esq. →