A single document is never enough. A complete New York estate plan coordinates four instruments so they reinforce one another — gaps between them are what courts, creditors, and taxing authorities exploit.
What “Complete” Means for New Yorkers
| Document | Governing Law | Core Purpose |
|---|---|---|
| Will | EPTL §3-2.1 | Controls probate assets; requires two attesting witnesses |
| Revocable or Irrevocable Trust | EPTL Article 7 | Avoids probate; irrevocable trusts address tax, Medicaid (5-year look-back), and asset protection |
| Durable Power of Attorney | GOL §5-1513 | Financial decisions if incapacitated — durable by default under the 2021 statutory short form |
| Health Care Proxy | NY Public Health Law Art. 29-C | Medical decisions — legally separate from the financial POA |
The 2026 New York Estate Tax Cliff
New York’s basic exclusion is $7,350,000 for deaths in 2026. At 105% of that figure — $7,717,500 — the estate loses the entire exemption and is taxed from dollar one at rates up to 16%. New York also recaptures gifts made within three years of death. Without a coordinated trust and tax strategy, a modest overage becomes a six-figure penalty.
Dying without a will means intestacy under EPTL Article 4; your assets go where the statute directs, not where you intended.
Serving All of New York State
Morgan Legal Group serves clients statewide — NYC, Long Island, Westchester, the Hudson Valley, and Upstate New York.
Schedule your 30-minute consultation with Russel Morgan, Esq.
Further reading from Morgan Legal Group: why estate planning is so important.