Most New Yorkers think estate planning is for the wealthy or the elderly. The biggest mistake we see across the five boroughs is treating it as optional until a crisis hits. By then, decisions about your money, your medical care, and your family fall to a Manhattan or Brooklyn Surrogate’s Court judge instead of to you. Here is the core document set every adult in New York City actually needs, framed around the errors that trip people up.
A Last Will and Testament
Your will directs who receives your property and names a guardian for minor children. In New York, a valid will must meet the formalities of EPTL §3-2.1: it must be signed by you and witnessed by two people who sign within thirty days of one another. The common mistake is using a generic online form that skips a witness or relies on a notary alone. A defective will can be denied probate in Surrogate’s Court, and your estate is then distributed under New York’s intestacy rules in EPTL Article 4 — not according to your wishes.
A Durable Power of Attorney
A power of attorney lets a trusted agent handle your finances if you cannot. New York overhauled this form, and under GOL §5-1513 the statutory power of attorney now folds in gifting authority that previously required a separate rider. The mistake here is using an outdated pre-2021 form — many NYC banks will reject it. Execute a current statutory form so your agent can pay bills, manage your co-op, or handle a closing without a court-appointed guardianship.
A Health Care Proxy
Under PHL Article 29-C, a health care proxy names someone to make medical decisions when you cannot speak for yourself. Given how many New Yorkers are treated at hospitals far from home, this document matters. The frequent error is naming a proxy but never discussing your wishes, or failing to pair it with a living will expressing your preferences on life-sustaining treatment.
A Revocable Living Trust (When It Fits)
A revocable living trust under EPTL Article 7 holds your assets and lets them pass outside of Surrogate’s Court. For NYC residents who own real estate — especially property in another state — this avoids a second probate. Be clear-eyed: a revocable trust does not save estate taxes, and the mistake people make is creating one and never transferring assets into it, which defeats the entire purpose.
Beneficiary Designations
Retirement accounts, life insurance, and payable-on-death accounts pass by beneficiary form, not by your will. The classic New York mistake is naming an ex-spouse decades ago and never updating it. These designations override your will, so review them whenever life changes.
Knowing When the Estate Tax Matters
New York has its own estate tax with a 2026 exclusion of $7,350,000. Watch the cliff: estates exceeding 105% of that amount, roughly $7,717,500, lose the exclusion entirely and are taxed on the full estate. High-net-worth NYC families who ignore this planning trap can owe far more than they expect.
Talk to a New York Attorney
Estate planning is governed by specific New York statutes, and small drafting errors carry large consequences in Surrogate’s Court. This article is general information, not legal advice. Speak with a licensed New York estate planning attorney to build a document set tailored to your family and your assets.
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