Estate Planning FAQs

• A will
• Trusts
• Powers of attorney
• Health care proxies and advance directives
• Beneficiary designations for retirement accounts and life insurance

Yes. Even with a trust, a will acts as a safety net for any assets not transferred into the trust and allows you to name guardians for minor children.

If you die without a valid will, New York’s intestacy laws determine how your property is distributed, typically to your closest relatives, regardless of your personal wishes.

• Revocable trusts can be changed or revoked during your lifetime and help avoid probate, but do not generally offer strong asset protection.
• Irrevocable trusts typically cannot be changed and may provide stronger asset protection and tax benefits.

A power of attorney is a legal document that authorizes someone you trust to make financial or legal decisions on your behalf if you become incapacitated. It helps ensure your affairs are handled without court intervention.

A health care proxy names someone you trust to make medical decisions for you if you become unable to do so. Without one, family members may disagree, or a court may decide for you.

An advance directive, sometimes called a living will, outlines your wishes regarding medical care if you are unable to communicate them. It works alongside a health care proxy to clarify your treatment preferences.

Proper estate planning can reduce estate and gift taxes through strategies such as lifetime gifting, trusts structured for tax efficiency, and charitable giving vehicles. Without planning, more of your estate may be lost to taxes.

Yes. Estate planning is not just for the wealthy. It provides peace of mind by ensuring decisions about your healthcare, finances, and asset distribution align with your wishes, even if your estate is modest.

No. Everyone can benefit from an estate plan, regardless of age or wealth, especially if you want to name guardians for minor children, avoid court decisions about your care or assets, ensure your wishes are legally enforceable, and protect your family from unnecessary stress and cost after you’re gone.

You should consider starting an estate plan when you reach adulthood, acquire assets, get married, have children, or experience any major life change. It’s never too early to protect your future and your loved ones.

Estate plans should be reviewed at least every 3–5 years or after life changes such as marriage, divorce, the birth of a child, significant financial changes, or relocation to another state.

Probate is the court-supervised process of administering a will after someone dies. Probate can be time-consuming and costly. Certain tools, like revocable trusts and properly titled assets, can help avoid probate and simplify the transfer of assets to heirs.

• A list of assets (real estate, accounts, investments)
• Beneficiary designations for insurance or retirement accounts
• Information about family relationships
• Questions you want answered about your goals and concerns

With proper planning, including the use of certain trusts and Medicaid planning strategies, it may be possible to structure assets to preserve eligibility for government benefits and protect family wealth from being depleted by long-term care costs.

Yes. Digital assets such as online accounts, cryptocurrencies, and digital media should be included in your estate plan so that trusted individuals know how to access and manage them if needed.

Yes. If you own a business, your estate plan can include strategies for transfer or succession planning to ensure continuity and protect the value of your business.