New York City Estate Planning

Estate planning is a process that helps you make many important decisions that you may face in your lifetime. If you do not plan these things ahead of time, they may be decided for you by a New York court according to the Estates, Powers, and Trusts Law (EPTL). These laws control what happens if you become incapacitated without an estate plan or pass away without a will (known as intestate), which may not match what you would have chosen for yourself. If you plan ahead and make your wishes clear following New York procedures, your choices should be honored.

What Should Your Estate Plan Cover?

A complete estate plan will have documents that cover the critical areas listed below;

1. How to protect and/or give your property and assets while you are capable or have mental capacity.
2. How to protect and/or give your property and assets if you become physically or mentally incapacitated.
3. How to protect and/or give your property and assets after your death.
4. The ability to name a Guardian of your minor children should you pass away.
5. How to make your healthcare decisions if you become incapacitated.
6. How to make your end-of-life health care decisions, including whether to stop treatment in certain circumstances if you become terminally ill and/or incapacitated.
7. The ability to name a person to handle your property rights should you become physically or mentally incapacitated.
8. The ability to name a person to handle your funeral and burial plans upon your death.

What Documents Should Be Included in Your Estate Plan?

The documents that can be included in your estate plan are:

• Will: A document directing to who and how your property will be given after your death.
• Trust: Financial plans that protect and manage your property while you are alive and after your death, which can prevent the need for court proceedings after your death.
• Durable Power-of-Attorney: A document that allows you to name someone to make financial decisions for you if you become disabled.
• Healthcare Proxy: A document where you name someone to make healthcare decisions for you if you become unable to do so.
• Living Will: A document that says what your wishes are regarding whether life-extending medical measures should be taken to prolong your life if you have a terminal illness and are permanently incapacitated or unconscious.
• Remains Disposition: A document that names a specific individual to take care of your body remains upon your death. They may dictate whether you desire cremation and specify the exact cemetery and plot for your remains.

When Should You Begin to Think About Estate Planning?

The sooner you start your estate planning, the better. Although many people assume they have more time to plan, or avoid estate planning altogether because they don’t want to think about what may happen if they die or become incapacitated, it’s important to have an enforceable estate plan in the State of New York. Having an estate plan in place provides peace of mind, minimizes conflict between your loved ones, and protects your wishes after your death or before any possible incapacitation.

Although it’s never too soon to put plans in place for your estate, there are certain life events or circumstances that may prompt you to begin the estate planning process or alter plans you already had in place. Once you begin establishing significant assets, such as property, investments, or a business, it’s important to protect and allocate them according to your wishes. Estate planning can help facilitate the seamless transfer of finances after your death.

Estate planning should take place after any major life altering event. Other common life events that may cause you to begin the estate planning process could include the birth or adoption of children, marriage, divorce or separation, diagnosis of a terminal or serious medical condition, or impending retirement.

How a New York City Estate Planning Attorney Can Help You

New York City estate planning attorneys know that estate planning and wills can vary in complexity. Working with an estate attorney is critical to helping you achieve your personal, family, and financial objectives. A straightforward distribution of assets might only require a simple will. Whether simple or complex, the goal of estate planning and wills is to ensure that your estate plan aligns with your wishes, provides for your surviving family members, and minimizes financial strain. A New York City estate planning attorney can assist with these needs.

Request a Consultation With an Experienced Estate Planning Attorney.

NYC Legal Referral Service estate planning attorneys can assist with a variety of estate planning issues relating to wills, trusts, powers of attorney, healthcare proxies, and living wills. It’s important to speak with an estate planning attorney to ensure your wishes will be honored and that your loved ones will be protected after your death.
When you call the LRS to speak to one of our attorney referral counselors, all the information you provide to the counselor will be kept confidential to the fullest extent possible under the law. The referral counselor will ask you some questions to better understand your legal issue and to determine which one of our lawyers is best suited to handle your issue. If a referral to an LRS lawyer is not appropriate or necessary, the attorney referral counselor can offer you other options or further information to help you resolve your issue another way.

Contact us today to request a referral to one of our screened and qualified New York City Bar Legal Referral Service (LRS) lawyers.

Legal Editor: Gary I. Elias, January 2025