What are the six basic steps of the estate planning process?

Share This Post

The Six Basic Steps of Estate Planning in New York

Estate planning is a comprehensive process that allows individuals to safeguard their assets and ensure a smooth transition of wealth to their loved ones after they pass away. In the state of New York, this process involves several essential steps, each playing a crucial role in creating a solid estate plan. Additionally, understanding when and how probate comes into play is essential for effective estate planning. In this comprehensive guide, we will explore these topics in detail, providing you with the knowledge you need to protect your assets and secure your family’s future.

The Six Basic Steps of Estate Planning

Estate planning encompasses a wide range of tasks and considerations. Below, we break down the process into six fundamental steps to help you better understand each aspect:

1. Evaluate Your Assets

The first step in estate planning is to evaluate your assets comprehensively. This includes taking stock of your real estate properties, investments, bank accounts, personal property, and life insurance policies. Understanding your net worth is essential as it provides the foundation for your estate plan. It helps you determine what you have, what you owe, and what you want to pass on to your heirs.

2. Create a Will

A Last Will and Testament is a foundational document in estate planning. It allows you to specify how your assets should be distributed upon your death. In your will, you can designate beneficiaries, including family members, friends, or charitable organizations. Additionally, you can name guardians for minor children if necessary. A will ensures that your wishes are legally documented and carried out as you intended.

3. Establish Trusts

Trusts are versatile tools in estate planning that enable you to manage and distribute assets efficiently. There are various types of trusts available, including:

  • Revocable Living Trusts: These trusts allow you to maintain control over your assets during your lifetime and specify how they should be managed after your passing.
  • Irrevocable Trusts: Irrevocable trusts can offer tax benefits and asset protection by transferring ownership of assets outside of your estate.
  • Special Needs Trusts: These trusts are designed to provide for loved ones with disabilities without jeopardizing their eligibility for government benefits.

Trusts can help you avoid probate for specific assets, streamline asset distribution, and maintain privacy since trust documents are typically not made public.

4. Designate Beneficiaries

In addition to creating a will and establishing trusts, you should ensure that your retirement accounts, life insurance policies, and financial accounts have designated beneficiaries. These assets often pass directly to beneficiaries, bypassing probate. Keeping beneficiary designations up to date is crucial to align these assets with your current wishes.

5. Minimize Taxes

New York has specific estate tax laws that can impact your estate. It’s essential to work with an experienced estate planning attorney to explore strategies for minimizing estate taxes. Proper planning can help you reduce potential tax liabilities, allowing you to preserve more of your assets for your heirs.

6. Healthcare Directives and Powers of Attorney

While estate planning often focuses on asset distribution, it’s equally important to address healthcare and financial matters in case of incapacity. Prepare healthcare directives, such as a Living Will, which outlines your preferences regarding medical treatments and end-of-life care. Additionally, designate a healthcare proxy to make medical decisions on your behalf if you become unable to do so.

Furthermore, establish powers of attorney for financial matters. These documents designate individuals to manage your financial affairs if you are unable to make decisions due to illness or incapacity. Ensuring that these aspects are addressed in your estate plan provides comprehensive protection for your interests and wishes.

Determining Probate Necessity

Now that we’ve covered the six basic steps of estate planning, let’s delve into the crucial topic of probate. Probate is the legal process of validating a will and settling an estate in accordance with its terms. In New York, whether probate is required depends on several factors:

1. Type of Assets

Assets held solely in the deceased person’s name often require probate. These can include real estate, bank accounts, and personal property. However, assets with designated beneficiaries or jointly held assets may avoid probate. For example, life insurance policies, retirement accounts, and jointly owned real estate typically bypass probate and go directly to beneficiaries or co-owners.

2. Size of the Estate

New York has specific thresholds for probate. If the total value of the estate falls below the applicable threshold, probate may not be necessary. The threshold can vary, so it’s essential to consult with an estate planning attorney to determine whether your estate qualifies for simplified probate procedures or can avoid probate altogether.

3. Complexity of the Estate

Complex estates, such as those with disputes among beneficiaries or unclear terms in the will, may undergo probate to ensure proper administration. Probate can help resolve conflicts and ensure that the deceased person’s wishes are upheld when there are disagreements or uncertainties.

4. Presence of a Will

If there is a will, it must typically go through probate to be validated and executed. However, assets with designated beneficiaries, as mentioned earlier, may bypass this process. Probate serves the essential function of ensuring that the will is genuine and that the executor has the legal authority to carry out the deceased person’s wishes.

5. Legal Requirements

New York has specific legal requirements for probate, including filing deadlines and procedural steps. It’s crucial to adhere to these requirements to ensure a smooth probate process. Failure to meet these requirements can result in delays and complications.


Estate planning is a comprehensive and vital process that involves multiple steps to protect your assets and ensure they are distributed according to your wishes. Understanding when probate is necessary is equally important, as it can impact the estate settlement process significantly. To navigate New York’s estate planning and probate laws effectively, it’s advisable to seek professional guidance from experts like Morgan Legal Group. By taking these steps and seeking professional advice, you can secure your legacy and provide for your loved ones, ensuring a smoother transition during challenging times.

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.

Got a Problem? Consult With Us

For Assistance, Please Give us a call or schedule a virtual appointment.
Estate Planning New York Lawyer Estate Planning Miami Lawyer Estate Planning Lawyer NYC Miami Lawyer Near Me Estate Planning Lawyer Florida Near Me Dental Near Me Lawyers Probate Lawyer Hallandale Beach Probate Lawyer Near Miami Estate Planning Lawyer Near Miami Estate Planning Attorney Near Miami Probate Attorney Near Miami Best Probate Attorney Miami Best Probate Lawyer Miami Best Estate Planning Lawyer Miami Best Estate Planning Attorney Miami Best Estate Planning Attorney Hollywood Florida Estate Planning Lawyer Palm Beach Florida Estate Planning Attorney Palm Beach Immigration Miami Lawyer Estate Planning lawyer Miami Local Lawyer Florida Florida Attorneys Near Me Probate Key West Florida Estate Planning Key West Florida Will and Trust Key West Florida local lawyer local lawyer mag local lawyer magazine local lawyer local lawyer elite attorney magelite attorney magazineestate planning miami lawyer estate planning miami lawyers estate planning miami attorney probate miami attorney probate miami lawyers near me lawyer miami probate lawyer miami estate lawyer miami estate planning lawyer boca ratonestate planning lawyers palm beach estate planning lawyers boca raton estate planning attorney boca raton estate planning attorneys boca raton estate planning attorneys palm beach estate planning attorney palm beach estate planning attorney west palm beach estate planning attorneys west palm beach west palm beach estate planning attorneys west palm beach estate planning attorney west palm beach estate planning lawyers boca raton estate planning lawyers boca raton probate lawyers west palm beach probate lawyer west palm beach probate lawyers palm beach probate lawyersboca raton probate lawyers probate lawyers boca raton probate lawyer boca raton Probate Lawyer Probate Lawyer Probate Lawyer Probate Lawyer Probate Lawyer Probate Lawyer best probate attorney Florida best probate attorneys Florida best probate lawyer Florida best probate lawyers palm beach estate lawyer palm beach estate planning lawyer fort lauderdale estate planning lawyer in miami estate planning north miami Florida estate planning attorneys florida lawyers near mefort lauderdale local attorneys miami estate planning law miami estate planning lawyers miami lawyer near me probate miami lawyer probate palm beach Florida trust and estate palm beach Miami estate law Estate lawyers in Miami