If you are a New York State resident asking what a complete estate plan should include in 2026, the short answer is this: a coordinated set of four documents — a last will and testament, one or more trusts, a durable power of attorney, and a health care proxy — built around New York’s own statutes and the 2026 estate-tax figures. This checklist walks through each item the way Morgan Legal Group prepares it for clients across New York State, so you can see exactly what you have, what you are missing, and what the law actually requires. Estate planning is not a single form; it is a system, and in New York every piece is governed by its own rule. Below, attorney Russel Morgan, Esq. breaks down the 2026 checklist statute by statute.
Why 2026 Is a Year to Review Your Plan
Two things make 2026 a meaningful year for New Yorkers to revisit their plans. First, the New York estate-tax basic exclusion amount for deaths on or after January 1, 2026 through December 31, 2026 is $7,350,000. Second, New York applies a notorious “cliff” at 105% of that exclusion — $7,717,500. An estate valued over the cliff does not just lose the exemption on the excess; it loses the entire exemption and is taxed from the first dollar at progressive rates of 3% to 16%. That single feature makes proactive planning far more valuable in New York than in states with a simple flat threshold. For a deeper breakdown, see our NY estate tax guide.
The 2026 New York Estate Planning Checklist
Use this as your working checklist. Each row points to the New York statute that controls it.
| # | Document | NY Authority | What It Does |
|---|---|---|---|
| 1 | Last Will & Testament | EPTL §3-2.1 | Directs who inherits; names an executor and guardians |
| 2 | Revocable Living Trust | EPTL Article 7 | Avoids probate; manages assets during incapacity |
| 3 | Irrevocable Trust (when needed) | EPTL Article 7 | Tax reduction, asset protection, Medicaid planning |
| 4 | Durable Power of Attorney | GOL §5-1513 | Authorizes a financial agent |
| 5 | Health Care Proxy | Public Health Law Art. 29-C | Authorizes a medical-decisions agent |
1. Your Last Will and Testament
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 there must be publication — meaning the testator declares to the witnesses that the document is their will. Miss any of these formalities and the will can fail.
If you die without a valid will, you die intestate, and EPTL Article 4 decides who inherits — not you. The statute distributes your property to your closest relatives in a fixed order, which often is not how people would have chosen. A will is also where you nominate the executor who will administer your estate and, critically for parents, name a guardian for minor children. Learn more on our wills page.
2. Trusts: Revocable and Irrevocable
Trusts in New York are governed by EPTL Article 7, and the choice between revocable and irrevocable is a strategic one:
- A revocable living trust lets you avoid the cost, delay, and public exposure of probate, and it provides for seamless management of your assets if you become incapacitated. Note carefully: a revocable trust offers no estate-tax savings — assets in it remain part of your taxable estate.
- An irrevocable trust is the tool used for tax reduction, asset protection, and Medicaid planning. Because Medicaid imposes a five-year look-back, irrevocable trusts must be funded well in advance of an anticipated need for long-term care.
- A Supplemental (Special) Needs Trust under EPTL 7-1.12 preserves a disabled beneficiary’s eligibility for needs-based government benefits while still providing for them.
Our trusts page explains which structure fits which goal.
3. Durable Power of Attorney
A power of attorney under GOL §5-1513 lets you appoint an agent to handle your financial affairs. In New York, a properly executed power of attorney is durable by default, meaning it survives your incapacity. New York overhauled this area with the 2021 statutory short form, which streamlined execution and reduced the technical rejections that once plagued the old form. This is the document banks and financial institutions will look for if you cannot act for yourself. See our power of attorney page.
4. Health Care Proxy
A health care proxy is a separate document from your financial POA. Governed by New York Public Health Law Article 29-C, it appoints an agent to make medical decisions on your behalf when you cannot. Do not assume your financial agent can make health decisions — under New York law these are distinct authorities created by distinct documents. Every adult New Yorker should have one. Read more on our healthcare proxy page.
The 2026 Estate-Tax Layer
Beyond the documents, your 2026 checklist should include a hard look at your taxable estate:
- Basic exclusion (2026): $7,350,000
- The cliff (105%): $7,717,500 — go over it and you lose the entire exemption
- Rates: progressive, 3% to 16%
- No NY gift tax — but gifts made within 3 years of death are added back to the taxable estate
The cliff is why high-net-worth New Yorkers often use lifetime gifting and irrevocable trusts to keep their estates below the threshold. Because there is no New York gift tax, careful lifetime giving can reduce estate value — but the three-year add-back means deathbed gifting will not work. Coordinate any gifting strategy with counsel through our estate planning overview.
A Statewide Plan
Whether you live in Manhattan, Buffalo, Albany, or anywhere across the state, these statutes apply uniformly because they are New York State law. The four-document core and the 2026 tax figures are the same wherever you reside. Our NY statewide guide covers how the plan adapts to your county’s Surrogate’s Court process.
Frequently Asked Questions
Do I really need both a will and a trust in New York?
Most New Yorkers benefit from both. A will catches anything not placed in a trust and names guardians for children; a revocable trust avoids probate and manages assets if you are incapacitated. They work together, not as substitutes.
Will a revocable living trust lower my New York estate tax?
No. Under EPTL Article 7, a revocable trust avoids probate but provides no estate-tax savings — its assets remain in your taxable estate. Tax reduction generally requires an irrevocable trust.
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 order. You lose all control over distribution and over who administers your estate.
Why does the New York estate-tax “cliff” matter so much?
Because at 105% of the exclusion — $7,717,500 in 2026 — an estate that exceeds the cliff loses its entire exemption and is taxed from the first dollar. Planning to stay below it can save a substantial sum.
Take the Next Step
A checklist is only useful when it becomes a coordinated, properly executed plan. Russel Morgan, Esq. and the team at Morgan Legal Group prepare wills, trusts, powers of attorney, and health care proxies for residents across New York State, integrated with 2026 estate-tax strategy. Schedule your consultation with Russel Morgan and put your 2026 plan in place.
Have a question about your estate?
Talk it through with Russel Morgan — free 30-minute consult.
Further reading from Morgan Legal Group: .