Every New Yorker should conduct basic estate planning. Everything you own--personal belongings, ownership in business, insurance, accounts, real estate and other types of ownership-- is considered to be your estate. In the event you are incapacitated or pass away, you will need someone to give your possessions to, ensure that your family is well cared for and that your wishes are followed.

The Basics

For starters, you should create a will. Consider establishing a durable power of attorney for your finances. You will also need to create a living will, which details your end-of-life wishes and a health care proxy to ensure your wishes are carried out. You also have the option of having New York’s Medical Orders for Life-Sustaining Treatment (MOLST). This is a form that details your medical care should you find yourself with a life-threatening medical condition.

Avoid Hassle

By planning ahead, you can help your family avoid going through probate with a living trust. If you happen to pass without creating a will, “interstate succession” laws determine how your assets will be given to your closest relatives. If you have a small estate, your family may be able to go through a probate shortcut.

Minimize Taxes

You want to minimize your estate tax any way possible. In New York, your estate is taxed if you leave assets that are more than $5.93 million. You might think you’re covered. However, if you own real estate in New York, you can quickly hit that threshold. You might be able to reduce this amount by seeking estate administration in New York. For more information about estate administration in New York, check out this site.

Consider Your Children’s Needs

You will need to decide who gets your belongings, but there are other matters you may need to think about. If you have a special needs child, you should consider creating a supplemental needs trust. Supplemental needs trusts provide a way to allocate money to their child in a way that won’t affect their public benefits. However, “ABLE accounts” provide a way for parents to set aside money without affecting their public benefits.

Get Help to Put Your Affairs in Order

Navigating estate planning is no easy task. There is a lot involved, things you need to consider, documents you need to complete, New York laws and more. Consider estate administration in New York to ensure you are doing everything correctly.

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