Estate Planning in New York

Estate planning is a crucial process that ensures your assets are distributed according to your wishes while minimizing stress and financial burden for your loved ones. In New York, state-specific laws, including intricate probate processes and estate taxes, make strategic estate planning even more essential. Whether you're planning for a family legacy, safeguarding assets, or preparing for unforeseen events, understanding New York's unique legal framework is key.

What Do Estate Planning Attorneys in New York Do?

Estate planning attorneys play an essential role in helping individuals and families create plans that align with New York laws and their personal goals.

Navigating Probate

• Understanding New York Probate Laws: Attorneys help clients understand the complexities of the probate process, ensuring a smoother transition of assets.
• Avoiding Probate: Through tools like living trusts and joint ownership, attorneys can help clients reduce or eliminate the need for probate altogether.

Drafting Critical Documents

Attorneys assist in drafting essential estate planning documents, such as:

• Wills
• Trusts
• Powers of Attorney
• Advance Healthcare Directives

Minimizing Taxes

New York imposes an estate tax on estates valued above $7.16 million (as of 2025). Estate planning attorneys provide strategies to reduce tax burdens, including the use of trusts and charitable donations.

Planning for Incapacity

By creating durable powers of attorney and healthcare proxies, attorneys ensure that clients’ wishes are respected if they are unable to make decisions for themselves.

Key Estate Planning Documents in New York

A comprehensive estate plan includes several essential documents tailored to New York’s legal requirements.

Wills

A will specifies how your assets should be distributed and allows you to:

• Appoint an executor to manage your estate.
• Name guardians for minor children.
• Designate beneficiaries for specific assets.

New York requires that wills be signed by the testator in the presence of two witnesses, who must also sign the document.

Trusts

Trusts provide flexibility, privacy, and the ability to avoid probate. Common types include:

• Revocable Trusts: Allow you to maintain control over your assets during your lifetime while simplifying the distribution process after death.
• Irrevocable Trusts: Protect assets from creditors and reduce estate taxes by transferring ownership away from the grantor.
• Supplemental Needs Trusts: Ensure that disabled beneficiaries can receive financial support without losing access to government benefits.

Powers of Attorney

These documents designate trusted individuals to manage your affairs if you become incapacitated:

• Financial Power of Attorney: Handles financial matters such as paying bills and managing investments.
• Healthcare Proxy: Authorizes someone to make medical decisions on your behalf.

Advance Healthcare Directives

Advance directives outline your medical treatment preferences, including end-of-life care and resuscitation orders. These directives provide clarity for healthcare providers and loved ones during critical moments.

How to Choose an Estate Planning Attorney in New York

Selecting the right attorney is essential for creating a comprehensive and legally sound estate plan. Here are key factors to consider:

State-Specific Expertise

An attorney familiar with New York’s estate planning laws can navigate complexities like the state’s estate tax and probate system, ensuring your plan complies with local regulations.

Transparent Communication

Look for an attorney who explains legal concepts clearly and keeps you informed throughout the process. Open communication builds trust and ensures your needs are met.

Experience and Credentials

Choose an attorney with a proven track record in estate planning and membership in professional organizations like the New York State Bar Association’s Trusts and Estates Section.

Navigating Probate in New York

Probate is the court-supervised process of validating a will and distributing a deceased person’s assets. While necessary in some cases, it can often be avoided with proper planning.

Understanding the Probate Process

• Small Estates: New York offers a simplified process for estates valued under $50,000, allowing heirs to use a Small Estate Affidavit to claim assets.
• Formal Probate: Larger estates require full probate, involving court validation of the will, debt settlement, and asset distribution.

Challenges of Probate

• Time and Cost: Probate proceedings can take months or even years and involve significant legal fees.
• Public Record: Probate filings are public, potentially exposing sensitive information about your estate.

Avoiding Probate

Strategies to bypass probate include:

• Establishing revocable trusts.
• Using joint ownership with rights of survivorship.
• Naming beneficiaries for financial accounts and retirement plans.

New York-Specific Estate Planning Considerations

Estate planning in New York involves unique legal and cultural factors. Understanding these nuances can help you create a more effective plan.

Estate Taxes

New York imposes an estate tax on estates exceeding $7.16 million. Additionally, the state’s “cliff” provision means that if your estate’s value exceeds the exemption by more than 5%, the entire estate becomes taxable. Strategies like gifting and irrevocable trusts can help mitigate this tax burden.

Spousal Rights

Under New York law, a surviving spouse cannot be completely disinherited. The spouse has the right to an elective share, which is one-third of the estate.

Property Ownership Rules

New York recognizes tenancy by the entirety for married couples, allowing property to transfer automatically to the surviving spouse upon death without probate.

Family Dynamics

Blended families, business ownership, and multigenerational living arrangements are common in New York. Trusts and clear beneficiary designations can address these complexities and ensure equitable asset distribution.

Partner with Oath Law for Estate Planning in New York

At Oath Law, we simplify estate planning, tailoring every detail to align with New York’s legal requirements and your personal goals. Our client-focused approach ensures that your estate plan protects your assets and provides peace of mind for your family.

Why Choose Oath Law?

• Specialized Expertise: Our team focuses exclusively on estate planning, offering tailored solutions for every client.
• Transparent Pricing: Our flat-fee pricing model eliminates surprises and provides clarity.
• Educational Resources: We empower clients with the knowledge needed to make informed decisions.
• Streamlined Process: Our efficient three-meeting approach simplifies estate planning from start to finish.

Take the first step toward securing your legacy. Contact Oath Law’s New York office today to schedule a consultation and create a comprehensive estate plan that protects your family’s future.

New York Estate Planning

Creating an estate plan tailored to New York’s legal landscape is essential for protecting your assets and ensuring your loved ones are cared for. Oath Law’s expertise, transparent pricing, and streamlined approach make the process straightforward and effective. If you’re ready to start planning for your future, reach out to Oath Law’s New York office today.