The Ultimate Estate Planning Checklist for New York

Your Essential NY Estate Planning Checklist

Embarking on the estate planning process can feel like preparing for a monumental journey. The destination—peace of mind for you and security for your loved ones—is clear, but the path forward can seem overwhelming, filled with unfamiliar legal terms and critical decisions. Many New Yorkers postpone this vital task simply because they don’t know where to begin. What information do you need? What questions should you ask? What documents are essential?

With over 30 years of experience guiding families through this process, I can tell you that the key to a successful journey is a reliable map. This comprehensive checklist is that map. We have designed it to be more than just a list of documents; it is a step-by-step project plan that will take you from initial information gathering to the final implementation and maintenance of your estate plan. It breaks down a seemingly massive undertaking into manageable phases, empowering you to move forward with confidence and clarity.

At Morgan Legal Group, we believe that a great estate plan is built on a foundation of thorough preparation and informed choices. This checklist will serve as your guide as you organize your affairs and contemplate your legacy. Use it to prepare for a productive conversation with an experienced estate planning attorney who can translate your decisions into a powerful, legally binding strategy. To begin your journey, contact our firm today.

Phase 1: The Information Gathering Checklist

Before you can make any decisions about the future, you must have a crystal-clear picture of the present. The first phase of estate planning is a deep dive into your personal and financial life. It involves collecting and organizing the essential data that will form the bedrock of your plan. An estate plan built on incomplete or inaccurate information is a house built on sand. Taking the time to be thorough here will save immense time, money, and potential confusion later on. This is your personal audit, your life on paper.

Checklist 1.1: Your Personal & Family Information

This is the “who” of your estate plan. Gather the full legal details for every key person in your life. Accuracy is paramount.

• Yourself & Your Spouse: Full legal names, dates of birth, Social Security numbers, and contact information.
• Your Children & Grandchildren: Full legal names, dates of birth, and current contact information for all children (biological and adopted) and grandchildren.
• Other Key Individuals: Contact information for parents, siblings, or other relatives you wish to include or who may be involved.
• Legal Documents: Locate and organize copies of marriage certificates, prenuptial or postnuptial agreements, separation agreements, and divorce decrees. These documents can have a significant impact on your legal obligations and property rights.

Checklist 1.2: Your Complete Asset Inventory

This is the “what” of your plan. You need a detailed list of everything you own. For each asset, note its approximate value, how it is titled (e.g., individual name, joint tenants with rights of survivorship), and where the relevant documents are located.

Real Estate:

• Gather deeds, recent property tax statements, and mortgage statements for your primary residence, vacation homes, and any investment properties in New York or elsewhere.

Liquid Assets (Cash & Equivalents):

• List all checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). Note the financial institution, account number, and names on the account.

Investment Accounts:

• Collect recent statements from all non-retirement brokerage accounts, mutual funds, stocks, and bonds.

Retirement Plans:

• Gather statements for all 401(k)s, 403(b)s, IRAs (Traditional and Roth), and pension plans. It is critically important to identify the named beneficiaries on these accounts, as they will override your will.

Life Insurance Policies & Annuities:

• Find all life insurance policies (term and whole life) and annuities. Note the company, policy number, death benefit amount, and the currently named beneficiaries.

Business Interests:

• If you own a business, gather partnership agreements, shareholder agreements, or operating agreements. These documents may contain important provisions about business succession.

Valuable Personal Property:

• Create a list of significant personal items, such as jewelry, art, antiques, collectibles, or high-end vehicles. Obtain formal appraisals for very valuable items.

Digital Assets:

• Compile a list of important online accounts, including email, social media, cloud storage, and cryptocurrency wallets. Do not write down passwords, but note the existence and location of these assets.

Checklist 1.3: Your Liabilities Inventory

Your estate is responsible for your debts. A clear picture of what you owe is just as important as what you own.

• List all outstanding debts, including mortgages, home equity lines of credit, car loans, student loans, and credit card balances.
• Note the creditor, account number, and approximate balance for each debt.

Phase 2: The Core Decision-Making Checklist

With your information gathered, you can now move to the heart of the estate planning process: making the critical decisions that will shape your legacy. This phase is about your wishes and your values. Who do you want to provide for? Who do you trust to carry out your instructions? Answering these questions thoughtfully is the key to creating a plan that truly reflects you.

Checklist 2.1: Choosing Your Beneficiaries

Your beneficiaries are the people, charities, or institutions who will inherit your property. Be as specific and thoughtful as possible.

• Primary Beneficiaries: Who should inherit your assets? Consider your spouse, children, grandchildren, or other relatives and friends.
• Contingent Beneficiaries: What if your primary beneficiary passes away before you? Always name a backup or contingent beneficiary to avoid complications.
• Specific Distributions: Do you want to leave a specific asset (like a piece of jewelry) or a sum of money to a specific person?
• Percentage Distributions: How should the remainder of your estate (your “residuary estate”) be divided? Typically, this is done by percentages.
• Special Considerations:
  • Minors: Children under 18 cannot inherit property outright in New York. You must plan for their inheritance to be managed in a trust or under the Uniform Transfers to Minors Act (UTMA).
  • Beneficiaries with Special Needs: An outright inheritance could disqualify a person with a disability from receiving essential government benefits. A Special Needs Trust is required to protect them. This is a critical aspect of our NYC elder law practice.
  • Spendthrift Beneficiaries: If you are concerned about a beneficiary’s ability to manage money, you can leave their inheritance in a trust with a trustee you appoint to manage the funds.

Checklist 2.2: Selecting Your Fiduciaries

A fiduciary is a person or institution you appoint to act on your behalf in a position of trust. These are arguably the most important selections you will make. Choose people who are trustworthy, organized, and responsible.

• Executor of Your Will: This person is responsible for navigating the probate process, gathering your assets, paying your debts, and distributing the remainder to your beneficiaries. Always name a primary and at least one successor.
• Trustee of Your Trust: If you create a trust, the trustee manages the trust assets for your beneficiaries. This role can last for many years, so choose wisely. You can also name a corporate trustee (like a bank’s trust department). A consultation with Russel Morgan can help you weigh the pros and cons.
• Guardian for Minor Children: For parents, this is a monumental decision. Who would you want to raise your children if you could not? This person will have physical custody. You should also consider who would manage the children’s finances. Always discuss this with your potential choice beforehand. A guardianship lawyer can provide critical advice here.
• Agent for Your Power of Attorney: This person will manage your finances if you become incapacitated. They will have access to your bank accounts and property, so absolute trust is essential.
• Agent for Your Health Care Proxy: This person will make medical decisions for you if you are unable. They should understand your values and be able to advocate for you in a medical crisis.

Phase 3: The Legal Document Checklist

This phase is where your decisions are translated into legally enforceable documents. Each document serves a specific purpose, and together they form a comprehensive safety net for you and your family. While online forms exist, the complexities of New York law make working with a qualified attorney essential to ensure these documents are valid and effective.

Checklist 3.1: Last Will and Testament

This is the foundational document for directing your property after death. In New York, for a will to be valid, it must be in writing, signed by you at the end, and witnessed by at least two people who sign in your presence. Your will is the only place to nominate a guardian for your minor children.

• [ ] Draft or review your Will.
• [ ] Confirm it names your chosen executor and guardian.
• [ ] Ensure it clearly outlines the distribution of your assets.
• [ ] Understand that it will go through the public probate process.

Checklist 3.2: Revocable Living Trust

A Revocable Living Trust is a powerful tool to avoid the time, expense, and public nature of probate. It also provides for the management of your assets if you become incapacitated, without the need for a court-supervised guardianship. Our team of experts in wills and trusts can create a trust tailored to your needs.

• [ ] Determine if a trust is right for your goals (probate avoidance, privacy).
• [ ] Select your successor trustee(s).
• [ ] Create a plan to “fund” the trust by retitling assets.

Checklist 3.3: Durable Power of Attorney

This document protects you during your lifetime. In New York, the Statutory Short Form Power of Attorney allows you to grant your agent specific financial powers. A “durable” POA remains valid even if you become incapacitated, which is its primary purpose.

• [ ] Draft or review your Durable Power of Attorney.
• [ ] Select a trustworthy agent and at least one successor.
• [ ] Consider including a Statutory Gifts Rider, which is crucial for advanced planning, such as Medicaid planning to prevent elder abuse by financial depletion.

Checklist 3.4: Health Care Proxy & Living Will

These documents, known as advance directives, are for your medical and end-of-life wishes.

• [ ] Complete a Health Care Proxy to name your agent for medical decisions.
• [ ] Create a Living Will to outline your wishes regarding life-sustaining treatment.
• [ ] Sign a HIPAA authorization to allow your agent access to your medical information.
• [ ] Distribute copies to your agent, your doctor, and keep one for your records.

Checklist 3.5: Beneficiary Designation Review

Many valuable assets pass outside of your will and are governed by beneficiary designations. These are legally binding contracts.

• [ ] Review and update the beneficiaries on all life insurance policies.
• [ ] Review and update the beneficiaries on all retirement accounts (IRAs, 401(k)s).
• [ ] Review any bank or investment accounts with “Payable on Death” (POD) or “Transfer on Death” (TOD) designations.
• [ ] Ensure these designations are coordinated with your overall estate plan.

Phase 4: The Implementation & Maintenance Checklist

Creating your documents is a huge accomplishment, but it’s not the final step. A plan is only effective if it is properly implemented and regularly updated. This final phase ensures your plan works when it’s needed.

Checklist 4.1: Finalize & Sign Your Documents

• [ ] Formally sign your documents according to New York’s strict legal requirements, in the presence of witnesses and a notary, as needed. This is often called an “execution ceremony.”

Checklist 4.2: Fund Your Revocable Trust

• [ ] This is critical. You must retitle your chosen assets (e.g., your home, brokerage accounts) from your individual name into the name of your trust. An unfunded trust is an empty vessel that avoids nothing.

Checklist 4.3: Store Your Documents Securely

• [ ] Keep your original documents in a safe, fireproof place where your executor or trustee can access them (e.g., a home safe, a safe deposit box, or with your attorney).
• [ ] Provide copies of relevant documents (like the Health Care Proxy) to your named agents.

Checklist 4.4: Communicate Your Plan

• [ ] Have a conversation with your chosen executor, trustees, and agents. Let them know what you have done and what their responsibilities will be. This can prevent confusion and conflict later.

Checklist 4.5: Schedule Regular Reviews

• [ ] Your life is not static, and neither is your estate plan. Review it every 3-5 years, or after any major life event:
  • Marriage or divorce
  • Birth or adoption of a child or grandchild
  • Death of a spouse, beneficiary, or fiduciary
  • Significant change in your financial situation
  • Moving to a different state

Conclusion: Your Checklist for Peace of Mind

Completing this checklist is a profound act of care for your family. By organizing your information, making thoughtful decisions, and formalizing your wishes in legally sound documents, you are lifting a tremendous burden from their shoulders. You are replacing uncertainty with clarity, and potential chaos with a clear plan. You are ensuring that your legacy is one of provision and peace, not problems.

This checklist is an invaluable tool to get you started, but it is not a substitute for professional legal advice. The nuances of New York estate law are complex, and your family’s situation is unique. The next step on your journey is to partner with an experienced attorney who can help you build a customized plan. At Morgan Legal Group, we are ready to be your guides. Schedule a consultation today, and let’s turn your checklist into a comprehensive, effective estate plan.

For more consumer information on advance directives, you can review this helpful guide from the New York State Bar Association.