Estate planning may be intimidating, but for families in New York, the process becomes much easier when you know where to start. At the Law Office of Andrew M. Lamkin, P.C., an experienced estate planning attorney in New York, we can help you create an estate plan that honors your wishes, protects your loved ones, and accounts for your needs. We bring award-winning experience and a thorough understanding of New York estate laws to every client.
To create the right plan, we need your help—we need to know about your life and what you want. That’s why we have created the following estate planning checklist. It’s a practical guide that can help you gather the right information and allow us to prepare key estate planning documents, giving you peace of mind about your family’s future.
What Is in an Estate Plan?
Most people want to have control over who they leave their assets to. Creating a will or trust can do just that. These documents let you dictate who will receive your property after you pass and how much they will receive.
Wills
A valid will, prepared with guidance from a trusted New York will lawyer, allows you to choose beneficiaries who can be:
- Family,
- Friends,
- Business associates,
- Charities, or
- Other organizations.
Your will dictates what portion of your assets goes to each beneficiary you choose. If your will is valid, the probate court distributes your property according to its terms. Any property you do not address in your will passes under New York’s intestate succession laws.
Trusts
Probate of a will can take months or even years, depending on the estate’s size and whether disputes arise. It can also involve filing fees, legal costs, and delays. One way to simplify or avoid probate is by creating a trust with the help of a knowledgeable New York trust attorney. Assets in trusts usually pass directly to beneficiaries without lengthy court proceedings.
Power of Attorney and Healthcare Proxy
Estate plans are not only about planning for what happens after you pass, but also about covering what happens when you cannot speak up or act on your own.
A power of attorney allows someone you trust to make financial, business, or legal decisions for you. With this document, you do not have to worry about your bills getting paid or how your family or businesses will be cared for when you can’t be there.
Executing a healthcare proxy gives another person the ability to make medical decisions for you if you become incapacitated. The proxy can be as limited or comprehensive as possible to help ensure that everyone hears your voice and honors your medical wishes in times of crisis.
Living Wills
Living wills allow you to decide how much care you will receive if you have a terminal illness or a catastrophic medical crisis. Through a living will, you can instruct a healthcare provider to use life support or end it based on whether there is an expectation of recovery from your medical state. You can also make decisions about whether a provider should resuscitate you and take life-saving measures.
Why Should You Have an Estate Plan?
Without your own plan, New York law will decide what happens to your assets when you pass away through a process known as intestate succession. Under state law, distribution of your estate occurs based on who survives you, starting with your immediate family, and how much they receive. Intestate succession may result in family members being omitted or included in your estate, regardless of what you may have wanted.
What Documents Are Needed for Estate Planning?
To begin creating an estate plan that works according to your wishes, you may need to gather or create documents and take inventory of what you have. With the right checklist for estate planning, you can protect your loved ones and avoid confusion.
Inventory of Assets and Liabilities
You should gather proof of everything you own and everything you owe. This inventory helps ensure that you do not overlook anything when preparing your estate planning documents.
You may need to collect the following:
- Property deeds for your home, vacation property, or rental properties;
- Investment documents, including retirement accounts, brokerage statements, and pension benefits;
- Business documents, such as ownership agreements, partnership contracts, or corporate shares;
- Insurance policies, including life, disability, and long-term care;
- Bank accounts;
- Inventory or personal property like vehicles, jewelry, art, or collectibles; and
- Documents for liabilities, such as mortgages, loans, or credit card debt.
By compiling this inventory, you create a clear picture of your estate, allowing us to draft estate planning documents with the guidance of an irrevocable trust lawyer in New York, ensuring your wishes are honored and your loved ones are protected.
Marriage and Divorce Documents
Your marital status plays an important role in estate planning. New York’s laws grant spouses certain rights to inherit, even if you do not name them in your will. The law may also cancel an ex-spouse’s inheritance rights, whether or not you want that to happen. However, estate planning can help you avoid undesirable results.
You should collect:
- Marriage certificates for current or past marriages;
- Divorce decrees that show property distribution and child custody orders; and
- Annulment paperwork, if applicable.
These documents help prevent disputes between current and former spouses and make sure your estate is divided according to your wishes.
Documents Regarding Your Children
If you have adopted a child, had a child outside of marriage, or had a child by surrogacy, your loved ones may have to provide additional paperwork to help ensure all children are accounted for and covered, such as:
- Adoption paperwork,
- Surrogacy agreements, and
- Acknowledgments of parentage.
We can identify what you need to keep all your children safe.
Documentation of Existing Estate Plans
Creating an effective estate plan does not have to be a one-and-done process. Life circumstances and relationships can change during your lifetime, and your estate plan may need to change with them. This is why you should bring to your attorney all existing:
- Wills,
- Healthcare proxies,
- Living wills,
- Powers of attorney, and
- Trust agreements.
If you do not update your existing documents or effectively revoke them before creating a new estate plan, your family might be unaware of your wishes or have to fight in court to identify and enforce the right terms.
New York has specific rules for changing and revoking estate planning documents. We can guide you through the correct process to help ensure your plan works as you want it to.
Frequently Asked Questions About Estate Planning in New York
Do I need a will if I already have a trust in New York?
Yes. Even if you set up a trust, most attorneys recommend creating a “pour-over will” to handle any assets that may not have been transferred into your trust before your death. This ensures nothing is left out and your estate passes according to your wishes, not New York’s intestacy laws.
How often should I update my estate plan?
You should review your estate plan every 3–5 years, or sooner if you experience a major life change such as marriage, divorce, the birth of a child, or purchasing property. Updating your documents regularly helps avoid disputes and ensures your plan reflects your current wishes.
What happens if I don’t make an estate plan in New York?
If you pass away without an estate plan, New York’s intestacy laws will decide who inherits your assets. This may lead to results you did not intend, such as excluding close friends or charities, or including relatives you may not have wanted to benefit. An estate plan ensures your assets go to the people and causes you choose.
Checklist for Estate Planning: Take the Next Step
An estate planning checklist is not just about documents. It’s about peace of mind, and you don’t have to figure it out alone. Our firm has been helping New Yorkers with wills, trusts, and Medicaid planning for over 15 years and we are here to guide you through the process with compassion and professionalism.
Don’t wait until it’s too late — contact the Law Office of Andrew M. Lamkin, P.C. today. Together, we’ll create a personalized estate plan that protects your loved ones and ensures your legacy.
Resources:
- Funding of lifetime trust, N.Y. Estate Law §7-1.18 (2014), link.
- Encumbrances on property of decedent or on proceeds of insurance, N.Y. Estate Law §3-3.6 (2014), link.
- Powers of attorney, N.Y. Contract Law §5-1513 (2021), link.
- New York State Department of Health, Health Care Proxy: Appointing Your Healthcare Agent in New York State, link.
- New York Attorney General, Instructions for Completing Your New York Living Will, link.
- Right of election by surviving spouse, N.Y. Estate Law §5-1.1 (2014), link.
- Revocatory effect of divorce or annulment, N.Y. Estate Law §5-1.4 (2014), link.
Andrew Lamkin is principal in the law firm of Andrew M. Lamkin, P.C., where he focuses his practice in the areas of elder law, estate planning and special needs planning, including Wills and Trusts, Medicaid planning, estate administration and residential real estate transactions. He is admitted to practice law in New York and New Jersey.
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