What Are The Six Basic Steps Of The Estate Planning Process In NYC?

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Six Basic Steps of Estate Planning in New York City

Estate planning is a crucial process that allows you to secure your family’s financial future and protect your assets. In the vibrant and dynamic city of New York, estate planning is especially important due to its unique legal landscape. At Morgan Legal Group, we specialize in tailoring estate plans to the specific needs of our clients. In this guide, we will walk you through the six fundamental steps of estate planning in New York City.

1. Define Your Goals and Objectives

The first step in estate planning is to clearly define your goals and objectives. What do you want to achieve with your estate plan? This could include passing on assets to your heirs, minimizing tax liabilities, providing for the care of your loved ones, or supporting charitable causes.

It’s essential to have a clear understanding of your financial situation, your assets, and your family dynamics. Defining your goals will serve as the foundation for the rest of the estate planning process.

2. Create a Will

A last will and testament is a fundamental document in estate planning. It allows you to outline how you want your assets to be distributed after your passing. If you have minor children, you can also designate guardians for them in your will.

Working with an experienced estate attorney is crucial when creating your will. New York has specific legal requirements, and having a legally sound will is essential to ensure your wishes are upheld. You should also regularly review and update your will as life changes occur, such as births, deaths, marriages, or divorces.

3. Establish Trusts

Trusts are versatile tools in estate planning. A revocable living trust, for example, allows you to transfer assets during your lifetime while maintaining control over them. Trusts can be useful for managing and protecting your assets in case of incapacity or passing.

Trusts can also help you avoid probate, which can be time-consuming and costly in New York. By placing assets in a trust, they can be distributed directly to beneficiaries, bypassing the probate court. This preserves more of your assets for your loved ones.

4. Address Tax Planning

New York has specific estate and inheritance tax laws, which can impact your estate plan. Effective tax planning is a crucial step to minimize the tax liabilities your estate may face. This can involve strategies such as gifting, creating trusts, or using other tax-efficient mechanisms to protect your assets and reduce tax burdens.

An experienced estate attorney can provide valuable insights into how to structure your estate to minimize tax liabilities while remaining compliant with the law.

5. Plan for Incapacity

Estate planning isn’t just about what happens after your passing. It also involves planning for potential incapacity. You can designate a trusted individual as your power of attorney to make financial decisions on your behalf if you become incapacitated. Additionally, you can create an advance healthcare directive to outline your medical preferences and designate a healthcare proxy.

Planning for incapacity ensures that your financial and healthcare decisions are made according to your wishes, even when you are unable to express them.

6. Regularly Review and Update Your Plan

Life is constantly changing, and your estate plan should evolve with it. It’s essential to regularly review and update your estate plan as your circumstances change. Births, deaths, marriages, divorces, and changes in financial situations can all impact your intended beneficiaries and the assets you wish to distribute.

An experienced estate attorney can help you keep your estate plan up to date and aligned with your evolving life circumstances.


Estate planning is a dynamic and ongoing process that requires careful consideration and professional guidance. By defining your goals, creating a will, establishing trusts, addressing tax planning, planning for incapacity, and regularly reviewing your plan, you can ensure that your estate plan reflects your wishes and provides financial security for your loved ones.

At Morgan Legal Group in New York City, we specialize in estate planning and can provide expert guidance to help you navigate the complexities of the estate planning process. Contact us today to secure your family’s financial future.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group PLLP.

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