If you have never sat down to “do your estate plan,” the whole subject can sound intimidating — full of Latin phrases, court forms, and tax tables. It does not have to be. At its heart, estate planning is simply the work of deciding, in writing and ahead of time, who gets your property, who makes decisions if you cannot, and how to spare your family unnecessary cost and delay. This page is written for the person who is new to all of it. We will walk through the four core documents every New Yorker should know about, explain how the state’s 2026 estate tax works, and answer the questions people ask us most often.
Morgan Legal Group, led by attorney Russel Morgan, Esq., helps families across New York State build plans that actually work — from New York City and Long Island to Westchester, the Hudson Valley, and Upstate. Wherever you live in New York, the same state laws apply, and the same four building blocks form the foundation of a sound plan.
The Four Documents at the Heart of Every NY Estate Plan
A “complete” estate plan in New York is not one document — it is a coordinated set of four. Each one does a different job, and they are designed to work together. Think of them as the legs of a table: leave one out, and the whole thing wobbles.
| Document | What it does | Governing NY law |
|---|---|---|
| Last Will and Testament | Directs who inherits your property and names a guardian for minor children | EPTL §3-2.1 |
| Trust | Holds and manages assets — can avoid probate or protect assets | EPTL Article 7 |
| Durable Power of Attorney | Lets someone handle your finances if you become unable to | GOL §5-1513 |
| Health Care Proxy | Names someone to make your medical decisions | Public Health Law Article 29-C |
Let’s look at each in plain terms.
Your Will — the cornerstone
A will is the document that says who receives what after you pass. To be valid in New York, a will must follow EPTL §3-2.1: it must be signed by you (the “testator”) at the end of the document, you must declare to the witnesses that it is your will (this is called publication), and two attesting witnesses must sign as well.
If you die without a valid will, you have died intestate, and New York’s intestacy rules — found in EPTL Article 4 — decide who inherits, in a fixed order set by the state. That outcome may not match what you would have chosen, which is exactly why a will matters. Learn more on our wills page.
Trusts — flexibility and probate avoidance
A trust (governed by EPTL Article 7) is a legal arrangement where one person holds property for the benefit of another. There are two broad types most families consider:
- A revocable living trust lets your estate avoid probate — the court process of proving a will — which often saves your family time and expense. Note: a revocable trust does not save estate tax.
- An irrevocable trust is the tool used for tax reduction, asset protection, and Medicaid planning. Because Medicaid imposes a five-year look-back, this kind of planning works best when started early. A Supplemental Needs Trust (SNT) under EPTL §7-1.12 can hold assets for a loved one with disabilities without disqualifying them from government benefits.
See our trusts overview for how these fit together.
Durable Power of Attorney — your financial backup
A power of attorney (POA) lets you appoint an “agent” to manage your finances — pay bills, handle banking, manage property — if you are unavailable or incapacitated. Under GOL §5-1513, a New York POA is durable by default, meaning it stays in effect even if you later lose capacity. New York modernized this with the 2021 statutory short form, which made the document easier to execute. Details are on our power of attorney page.
Health Care Proxy — your medical voice
A health care proxy, authorized by Public Health Law Article 29-C, appoints an agent to make medical decisions for you if you cannot speak for yourself. This is separate from the financial POA — one covers your money, the other covers your body and care. Both are essential; see our health care proxy page.
Will New York Tax Your Estate?
Most New York families will not owe estate tax — but it is worth understanding how the rules work, especially if your estate is sizable.
For deaths in 2026 (January 1 through December 31), New York provides a basic exclusion amount of $7,350,000. If your taxable estate is at or below that figure, no New York estate tax is due.
The catch unique to New York is the “cliff.” Once an 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, not just the amount over the line. Rates are progressive, ranging from 3% to 16%.
| 2026 NY Estate Tax | Figure |
|---|---|
| Basic exclusion amount | $7,350,000 |
| Cliff threshold (105%) | $7,717,500 |
| Tax rates | 3% – 16% (progressive) |
| NY gift tax | None |
| Gifts added back | Those made within 3 years of death |
Two more points worth knowing: New York has no gift tax, so lifetime gifting can be a useful strategy — but gifts made within three years of death are added back into the taxable estate. Estates near the cliff need careful, coordinated planning, which is where an experienced attorney earns their keep. Our NY estate tax guide goes deeper.
How These Pieces Fit Together
The mistake we see most often is treating these documents as a checklist of separate items. They are not. A will that names a guardian, a trust that quietly avoids probate, a POA that keeps your finances running, and a health care proxy that protects your medical wishes — coordinated as one plan — is far stronger than any of them standing alone. Start with our estate planning overview to see the full picture, and our statewide guide for how this applies wherever you live in New York.
Frequently Asked Questions
Do I really need all four documents?
For most adults, yes. The will and trust handle what happens after death; the POA and health care proxy handle what happens if you are alive but unable to act. Skipping the second pair is the most common — and riskiest — gap.
What happens if I die without a will in New York?
You are considered intestate, and EPTL Article 4 dictates who inherits in a fixed statutory order. The state — not you — decides, and the result often surprises families.
Does a living trust save me on estate taxes?
No. A revocable living trust helps you avoid probate, but it provides no estate-tax savings. Tax reduction is the job of irrevocable trusts and other strategies.
Is the financial power of attorney the same as the health care proxy?
No. The POA (GOL §5-1513) covers financial decisions; the health care proxy (Public Health Law Article 29-C) covers medical decisions. You need both.
Will my estate owe New York tax?
Only if your taxable estate exceeds $7,350,000 in 2026 — and beware the cliff at $7,717,500, above which the entire exemption is lost.
Ready to Build Your Plan?
You do not need to understand every statute to get started — that is our job. The first step is a conversation. Attorney Russel Morgan, Esq. and the team at Morgan Legal Group serve families across New York State, and we will translate the legal language into a clear plan built around your life.
Schedule your consultation with Russel Morgan, Esq.
This page is general information about New York law for 2026 and is not legal advice. For guidance on your situation, speak with a licensed New York attorney.
Further reading from Morgan Legal Group: how trusts fit an estate plan.