New York Estate Planning Lawyer | Wills, Trusts & Asset Protection

Protect Your Assets, Provide for Your Family, and Plan for the Future

Estate planning is about more than deciding who receives your property after you pass away. It is about protecting your loved ones, preparing for unexpected circumstances, preserving your assets, and making sure your wishes are legally documented.

At Tokov Law, our estate planning services are designed to help New York individuals and families understand their options for creating wills, establishing trusts, preparing powers of attorney, and developing comprehensive estate plans.

Whether you’re a homeowner, parent, business owner, retiree, or individual planning ahead, a properly structured estate plan can provide clarity for you and those who depend on you.

A New York estate planning attorney can help you address important questions:

Who will inherit your home, savings, investments, and other assets?
Who will manage your finances if you become incapacitated?
Who will make medical decisions if you cannot communicate?
How can you reduce unnecessary probate complications?
Would a revocable living trust or irrevocable trust benefit your family?
What steps can help protect your children and preserve your family’s financial future?

Start planning your family’s future. Contact Tokov Law to discuss your estate planning needs.

What Is Estate Planning in New York?

Estate planning is the legal process of organizing how your assets, financial affairs, health care decisions, and personal wishes will be managed during your lifetime and after your death.

A comprehensive New York estate plan may include a last will and testament, living trust, durable power of attorney, health care proxy, living will, beneficiary designations, and appropriate tax or asset protection strategies.

The right documents depend on your financial circumstances, family relationships, property ownership, and long-term goals.

Estate planning is not only for wealthy individuals. Parents with minor children, homeowners, married couples, single adults, and retirees can all benefit from planning ahead.

Without appropriate legal documents, decisions about your estate may be controlled by New York inheritance laws or require additional court proceedings.

Our New York Estate Planning Services

An effective estate plan should reflect your individual circumstances rather than rely on the same documents for every family.

The following are important legal tools and planning strategies that may be incorporated into an estate plan.

Last Will and Testament Preparation

A last will and testament is one of the foundational documents of estate planning.

A properly executed New York will can help you:

Specify who should inherit assets passing through your estate.
Appoint an executor to manage your estate.
Name preferred guardians for minor children, subject to court approval.
Make specific gifts to individuals or charitable organizations.
Establish testamentary trusts when appropriate.
Provide instructions for distributing your remaining estate.

Under New York Estates, Powers and Trusts Law § 3-2.1, wills generally must satisfy specific signing and witnessing requirements.

A will does not automatically prevent probate, and certain assets may pass outside the will through beneficiary designations, joint ownership, or trust arrangements.

A New York wills attorney can help prepare a will that addresses your intentions while meeting applicable legal requirements.

Revocable Living Trusts

A revocable living trust is an estate planning arrangement that allows you to place assets into a trust while generally retaining the ability to amend or revoke it during your lifetime.

Potential advantages include:

Helping qualifying trust assets transfer without probate.
Providing a structure for managing assets during incapacity.
Maintaining control over assets while the trust is revocable.
Establishing instructions for beneficiaries and successor trustees.
Offering greater privacy for trust assets than a publicly filed probate proceeding.

However, creating a living trust alone is not enough. Assets generally must be properly transferred or otherwise directed into the trust for the intended benefits to apply.

A revocable living trust also does not automatically eliminate estate taxes or protect your own assets from creditors.

Our estate planning approach considers whether a living trust fits your circumstances, property holdings, and goals.

Irrevocable Trusts and Asset Protection Planning

An irrevocable trust is generally more difficult to change or terminate than a revocable living trust.

Depending on its structure, funding, timing, and applicable law, an irrevocable trust may be used for estate tax planning, asset preservation, long-term care planning, or inheritance protection.

Common examples include:

Irrevocable life insurance trusts
Medicaid asset protection trusts
Certain charitable trusts
Trusts benefiting children or grandchildren
Trusts designed for more complex family and tax circumstances

Not every irrevocable trust provides the same legal protections. Transferring assets may involve significant consequences regarding control, taxes, eligibility for public benefits, and future access to property.

An individualized legal and financial review is important before establishing or funding an irrevocable trust.

Durable Power of Attorney in New York

A durable power of attorney allows you to authorize a trusted individual, known as your agent, to handle specified financial and legal matters on your behalf.

Depending on the powers granted, your agent may be authorized to:

Manage checking and savings accounts.
Pay bills and handle financial obligations.
Address property-related transactions.
Communicate with financial institutions.
Manage investments or other permitted transactions.
Take certain actions involving financial planning.

A power of attorney may be especially important if illness, injury, or another event prevents you from managing your own affairs.

New York General Obligations Law § 5-1501B establishes execution requirements for powers of attorney.

An appropriately prepared power of attorney can reduce the risk of family members needing to pursue a court-appointed guardianship solely to manage financial matters.

Health Care Proxy and Living Will

Estate planning also includes preparing for important health care decisions.

A New York health care proxy allows you to designate someone to make medical decisions when you lack the capacity to make those decisions yourself.

A living will generally documents your preferences concerning medical treatment and end-of-life care.

Together, these documents can help your loved ones and health care providers understand your wishes.

Health care planning may also include medical information authorizations and other advance directives when appropriate.

A health care proxy and a financial power of attorney serve different purposes, so one should not automatically be treated as a substitute for the other.

Guardianship Planning for Minor Children

For parents, protecting minor children is often a central reason to create an estate plan.

A will can nominate someone you would like to serve as a guardian if you pass away.

However, guardianship is subject to New York court approval, and a parent’s nomination does not automatically make that individual the legal guardian.

Additional planning may address who should manage money or property inherited by a child and when distributions should be made.

A well-structured estate plan helps parents consider both the personal and financial needs of their children.

Estate Tax Planning and Wealth Preservation

Estate tax planning may be important for individuals who own significant real estate, retirement assets, investment portfolios, businesses, or other valuable property.

For deaths occurring in 2026:

New York’s basic estate tax exclusion amount is $7,350,000.
The federal estate tax basic exclusion amount is $15,000,000 per individual.

These thresholds are governed by different tax systems. Having an estate below the federal threshold does not necessarily eliminate potential New York estate tax exposure.

New York’s estate tax calculation can also produce significant consequences when the estate exceeds its basic exclusion amount.

Depending on the circumstances, planning may involve lifetime gifts, properly structured trusts, marital planning, beneficiary coordination, or other lawful tax strategies.

Estate tax planning should be coordinated with appropriate legal and tax professionals.

Medicaid and Long-Term Care Planning

Long-term care costs can create financial concerns for individuals and families preparing for retirement or aging.

When appropriate, estate planning may involve evaluating Medicaid eligibility, nursing home planning, long-term care expenses, and the consequences of transferring assets.

Some strategies may involve Medicaid asset protection trusts or other arrangements designed to address future care needs.

However, Medicaid planning is highly fact-specific. Eligibility rules, asset-transfer restrictions, and applicable review periods must be carefully considered.

Asset protection strategies should never be assumed to guarantee Medicaid eligibility or preserve every asset.

Special Needs and Supplemental Needs Trusts

Families caring for someone with a disability may need to consider how an inheritance or financial gift could affect eligibility for means-tested public benefits.

A properly designed special needs or supplemental needs trust may help provide financial resources for a beneficiary while addressing applicable benefit-program requirements.

These trusts require careful drafting and administration, and their rules vary based on the trust’s funding source and purpose.

Estate Planning for Business Owners

Business owners often need an estate plan that addresses both personal assets and business continuity.

Business succession planning may involve ownership transfers, successor management, buy-sell agreements, tax considerations, and planning for unexpected incapacity or death.

Coordinating an estate plan with business agreements can help reduce confusion and potential disputes among family members, partners, or successors.

Wills vs. Trusts in New York: Which Is Better?

One of the most common estate planning questions is whether a person needs a will, a trust, or both.

Feature	Will	Revocable Living Trust
Takes effect	At death	During life when created and funded
Controls	Assets passing under the will	Assets held in the trust
Probate	Generally required for probate assets	Properly funded trust assets can generally avoid probate
Incapacity planning	Does not itself manage lifetime incapacity	Can provide successor trustee management
Guardian nomination	Can nominate guardians for children	Does not replace the will’s guardian nomination
Privacy	Probate documents may become public	Generally offers greater privacy for trust administration
Modification	Generally changeable during capacity	Generally amendable or revocable during capacity

For many individuals, a will is an essential starting point. Others may benefit from combining a will with a revocable living trust.

The best option depends on your goals, property ownership, family relationships, and the complexity of your estate.

How to Avoid Probate in New York

Probate is the legal process through which a Surrogate’s Court determines the validity of a deceased person’s will and authorizes administration of the probate estate.

Probate is not necessarily harmful or avoidable in every situation. However, some families seek to simplify asset transfers and reduce the time, cost, or administrative burden associated with court proceedings.

Common strategies that may help certain assets pass outside probate include:

Establishing and properly funding a revocable living trust.
Reviewing beneficiary designations on eligible financial accounts.
Evaluating ownership arrangements for jointly held assets.
Coordinating life insurance and retirement account beneficiaries.
Identifying which assets would still require estate administration.

Probate avoidance requires careful planning. A trust that has not been properly funded may fail to achieve the intended result.

Some estates may also qualify for simplified small-estate procedures under New York law.

What Happens If You Die Without a Will in New York?

When someone dies without a valid will, their probate estate is distributed according to New York’s intestate succession laws.

Under New York EPTL § 4-1.1, inheritance generally depends on which qualifying relatives survive the deceased.

For example:

If you leave a spouse but no descendants, the spouse generally inherits the intestate estate.
If you leave descendants but no spouse, your descendants generally inherit according to the statutory rules.
If you leave both a spouse and descendants, the spouse generally receives the first $50,000 plus half of the remaining intestate estate, and the descendants receive the other half by representation.

These rules do not necessarily reflect what an individual would have chosen.

Additionally, assets with valid beneficiary designations or other nonprobate transfer mechanisms may pass differently.

Creating an estate plan allows you to make important decisions proactively rather than leaving the distribution of your probate estate entirely to statutory rules.

Who Should Have an Estate Plan?

Estate planning can be useful at nearly every adult life stage.

Estate Planning for Young Families

Parents may want to nominate guardians, provide financially for children, establish trusts for minors, and prepare documents that address incapacity.

Estate Planning for Married Couples

Married couples may need to coordinate asset ownership, wills, beneficiary designations, spousal inheritance rights, and potential estate tax concerns.

Estate Planning for Blended Families

Individuals with children from previous relationships may have additional concerns about inheritance, remarriage, beneficiary rights, and protecting different family members.

A carefully drafted estate plan can address these relationships while accounting for applicable New York spousal inheritance protections.

Estate Planning for Seniors and Retirees

Retirement planning may involve reviewing existing wills, establishing financial and medical decision-making documents, considering long-term care needs, and coordinating future inheritance distributions.

Estate Planning for Homeowners

A home may be one of a family’s largest financial assets.

New York homeowners should consider property ownership, mortgages, beneficiaries, possible trusts, and how property will transfer after death.

Estate Planning for High-Net-Worth Individuals

Families with substantial assets may need advanced estate tax planning, trusts, succession arrangements, charitable giving strategies, and coordination with financial and tax advisers.

How Much Does Estate Planning Cost in New York?

The cost of hiring a New York estate planning attorney varies based on the documents involved, the complexity of the family’s finances, and the level of planning required.

A straightforward will may involve less legal work than a comprehensive estate plan containing multiple trusts, tax planning provisions, business succession arrangements, and specialized beneficiary instructions.

Common factors affecting estate planning costs include:

Whether you need a will, trust, or both.
The number and complexity of documents.
Real estate ownership and asset transfers.
Tax planning and business interests.
Special family circumstances.
The need for ongoing trust funding or document updates.

Some attorneys charge flat fees for defined estate planning services, while others may charge hourly rates.

Before retaining an estate planning lawyer, ask what services are included, what additional work may be necessary, and how legal fees are calculated.

How Does the Estate Planning Process Work?

Estate planning is generally easier to approach when broken down into manageable steps.

Step 1: Identify Your Priorities

Consider what you want to accomplish, such as protecting children, preserving assets, appointing decision-makers, avoiding unnecessary probate, or preparing for retirement.

Step 2: Review Your Assets and Family Circumstances

Relevant information may include real estate, bank accounts, retirement savings, insurance policies, investments, businesses, existing legal documents, and beneficiary designations.

Step 3: Determine Which Legal Documents You Need

An estate planning attorney can evaluate whether your goals call for wills, trusts, powers of attorney, advance directives, or other arrangements.

Step 4: Prepare and Execute the Documents

Estate planning documents must be drafted and executed according to the legal requirements applicable to each document.

Step 5: Coordinate Beneficiaries and Asset Ownership

Where necessary, additional steps may be required to fund a trust, update beneficiary designations, or coordinate ownership of assets.

Step 6: Review and Update Your Estate Plan

Your estate plan should remain consistent with your changing circumstances and the applicable law.

When Should You Update Your Estate Plan?

An estate plan should be reviewed after significant life events.

Examples include:

Marriage, divorce, or remarriage
Birth or adoption of a child
Death of a spouse, beneficiary, trustee, or executor
Purchase or sale of real estate
Significant changes in assets or financial circumstances
Retirement
Relocation to or from New York
Changes in estate tax or inheritance laws
Changes in family relationships or health

Periodic reviews are also useful even when no major life event has occurred.

Estate Planning in New York City, Nassau County & Long Island

Estate planning needs can vary depending on a family’s finances, property ownership, and personal circumstances.

For families in New York City, Nassau County, and Long Island, planning often involves valuable residential real estate, co-op or condominium interests, retirement accounts, life insurance, and property intended to pass to future generations.

Tokov Law’s estate planning practice is focused on the needs of New York families, including individuals researching legal services in:

New York City
Queens
Brooklyn
Manhattan
The Bronx
Staten Island
Nassau County
Valley Stream
Garden City
Hempstead
Long Island

Whether you need a last will and testament, a living trust, a power of attorney, or a more comprehensive estate plan, understanding your available options is the first step.

Frequently Asked Questions About Estate Planning in New York

Do I Need an Estate Planning Attorney in New York?

You are not legally required to hire an attorney for every estate planning document. However, an attorney can help you understand New York’s execution requirements, inheritance rules, trust options, and potential tax implications.

Professional guidance can be especially valuable when you own real estate, have minor children, operate a business, or have complicated family circumstances.

What Are the Most Important Estate Planning Documents?

Common estate planning documents include a last will and testament, durable power of attorney, health care proxy, living will, and, when appropriate, a revocable living trust.

Your particular circumstances determine which documents are appropriate.

Is a Will Enough to Avoid Probate in New York?

No. A will generally directs the distribution of probate assets but does not itself avoid probate.

Properly funded trusts, beneficiary designations, and certain ownership arrangements may allow some assets to transfer outside the probate process.

Do I Need a Trust If I Already Have a Will?

Not necessarily. A will may be sufficient for some individuals. Others may benefit from a trust for asset management, privacy, probate avoidance, or specialized inheritance planning.

At What Age Should You Start Estate Planning?

There is no single ideal age. Adults may benefit from establishing basic financial and medical decision-making documents, while parents, homeowners, business owners, and retirees often have additional planning considerations.

Can I Protect My House With a Trust in New York?

Some trusts can help address how a house is managed or transferred. Whether a trust provides creditor protection, estate tax benefits, or potential long-term care planning advantages depends on the trust and the circumstances.

Transferring a home into a trust can have significant legal, mortgage, property tax, and income tax implications.

Does New York Have an Estate Tax?

Yes. New York imposes an estate tax on qualifying estates.

For 2026, the New York basic exclusion amount is $7,350,000, while the federal basic exclusion amount is $15,000,000.

Tax calculations can be complex, particularly when estates exceed the New York threshold.

What Is the Difference Between a Power of Attorney and a Health Care Proxy?

A financial power of attorney authorizes an agent to handle specified financial and legal matters.

A health care proxy authorizes a designated agent to make medical decisions when the applicable incapacity requirements are met.

Can I Change My Will or Trust Later?

A person with legal capacity may generally execute a new will or validly amend or revoke an existing will in accordance with New York law.

A revocable living trust can generally be changed under its terms and applicable law. Irrevocable trusts involve additional restrictions.

How Often Should I Review My Estate Plan?

Reviewing your plan after major family, financial, or legal changes is important. Periodic reviews can also help identify outdated beneficiaries, decision-makers, or documents.

Is Estate Planning Only for Wealthy Families?

No. Estate planning is also about identifying who should inherit your property, who should manage your finances, and who should make medical decisions if you cannot.

Even an individual with modest assets may benefit from having the appropriate legal documents in place.

What Should I Bring to an Estate Planning Consultation?

Helpful materials may include a general list of assets and liabilities, information about your family, existing wills or trusts, insurance and retirement beneficiary information, and questions about your planning goals.

You do not necessarily need every document before beginning the conversation.

Contact Tokov Law About Your New York Estate Planning Needs

A thoughtful estate plan can help protect your wishes, provide direction for loved ones, and reduce uncertainty during difficult circumstances.

Whether you are preparing your first will, considering a revocable living trust, updating an existing estate plan, or evaluating asset protection strategies, understanding the legal options available under New York law is an important starting point.

Tokov Law — Estate Planning, Wills, Trusts & Asset Protection in New York

Contact Tokov Law to discuss your estate planning goals and the next steps for your circumstances.

Legal disclaimer: This page provides general information about New York estate planning and does not constitute legal or tax advice. The appropriate legal strategy depends on your individual situation. Laws and tax thresholds may change.