Stop Procrastinating: The 5-Step “Quick Start” Estate Plan for New Yorkers (2025 Edition)
If you have been putting off your estate planning, you are not alone. In my 30 years as a New York attorney, I have heard every reason: “I’m too young,” “I don’t have enough money,” “I’m too busy,” or simply, “I don’t want to think about dying.”
I am Russel Morgan, and my firm, Morgan Legal Group, has helped over 1,000 families overcome this hesitation. Here is the hard truth: Procrastination is the most expensive decision you can make.
In New York City, doing nothing is actually an active choice to let the State decide your future. It means choosing the public probate court over privacy. It means choosing a judge to pick your children’s guardians instead of you. And in 2025, with the Medicaid “look-back” changing and the 2026 Estate Tax “Sunset” looming, delaying your plan could cost your family millions.
You do not need a perfect plan today. You just need to *start*. This guide is your “Quick Start” manual. It strips away the legalese and gives you a clear, 5-step roadmap to building a fortress around your family.
Step 1: The “Kitchen Table” Inventory (What Do You Actually Own?)
You cannot protect what you haven’t measured. The first step is not visiting a lawyer; it is sitting down at your kitchen table with a pen and paper.
The Task: Make a list of everything you own. In New York, this is often more complex than people realize.
- Real Estate: Your home, vacation condo, or rental property. (Do you own it alone? With a spouse?)
- Co-ops: If you live in NYC, check your stock certificate. Co-ops are governed by strict corporate rules that complicate inheritance.
- Financial Accounts: Bank accounts, brokerage accounts, savings bonds.
- Retirement Accounts: 401(k)s, IRAs, 403(b)s. (These have their own beneficiary rules).
- Life Insurance: The *death benefit* amount (not the cash value).
- Digital Assets: Crypto, NFTs, and valuable online accounts.
Why This Matters: This list tells us *how* to plan. If you have $50,000, a Will might suffice. If you have a $2M brownstone in Brooklyn, a Will is a probate trap, and you need a Trust.
Step 2: Assemble Your “A-Team” (The Who)
Estate planning is about people, not paper. You need to identify the people who will speak for you when you cannot.
The Roles You Must Fill:
- The Executor/Trustee: The person who manages the money. They must be organized, honest, and capable of dealing with lawyers and banks. (Spouses are common, but consider a professional if family dynamics are tense).
- The Agent (Power of Attorney): The person who pays your bills if you are in a coma. This requires absolute trust.
- The Health Care Agent: The person who makes medical decisions. This person must be able to handle emotional pressure.
- The Guardian: If you have minor children, who raises them? This is the hardest decision, but the most critical.
Expert Tip: Do not just pick the “oldest child” by default. Pick the *most capable* person. We have seen families torn apart because a parent chose a financially irresponsible child as Executor just to be “fair.”
Step 3: Choose Your Strategy (Will vs. Trust)
This is the core legal decision. Do you want a plan that goes *through* the courts, or one that goes *around* them? The diagram below illustrates the components of a complete estate plan and how they interact to protect you. [Image of Probate Process Flowchart]
Option A: The Will-Based Plan (The “Slow” Road)
A Last Will and Testament is a letter to the judge.
- Pros: Cheaper upfront.
- Cons: Guarantees probate. In NY, this means 9-18 months of delay, public records, and high fees (Executor commissions).
- Best For: Young families with few assets whose primary concern is naming a Guardian.
Option B: The Trust-Based Plan (The “Express” Road)
A Revocable Living Trust is a private contract.
- Pros: Avoids probate entirely. Private. Immediate access to funds. Incapacity protection.
- Cons: Higher upfront cost (but saves money in the long run).
- Best For: Anyone who owns real estate (especially a co-op) in NY, or who wants to keep their affairs private.
For 90% of our clients in Queens and Long Island, the Trust is the superior choice.
Step 4: The “Must-Have” Incapacity Documents (Don’t Skip These!)
If you stop at Step 3, you have failed. You must protect yourself while you are alive.
- Power of Attorney (POA): New York has a complex, specific POA form. If you use a generic online form, banks will reject it. You need a “Statutory Gifts Rider” to allow for Medicaid planning. Without this, your family cannot save your home if you need nursing home care.
- Health Care Proxy: Without this, doctors cannot speak to your family due to HIPAA laws.
- Living Will: This states your wishes regarding life support, sparing your family from making the agonizing decision themselves.
Step 5: Funding and Maintenance (The “Set It and Forget It” Myth)
This is where most “DIY” plans fail. You sign a Trust, but you never change the deed to your house.
The Result: The Trust is an empty bucket. Your house goes to probate anyway.
The “Quick Start” Finish Line:
- Fund the Trust: We help you file a new deed transferring your home from “You” to “You, as Trustee.” We help you retitle bank accounts.
- Update Beneficiaries: Check your IRA and Life Insurance. Make sure they don’t list an ex-spouse.
- Review Every 3 Years: Laws change. In 2026, the federal estate tax exemption will be cut in half. Your plan needs to evolve.
Conclusion: The Best Time to Start Was Yesterday. The Second Best Time is Now.
Procrastination is natural, but it is risky. Every day you wait is a day your family is exposed to the New York Surrogate’s Court, the IRS, and the potential for guardianship.
At Morgan Legal Group, we make this process easy. We don’t judge you for waiting; we help you fix it. Schedule a consultation with our expert team today. We serve clients across all five boroughs. Let’s get this done so you can get back to living your life with peace of mind.
For a beginner’s guide to the New York probate system you are trying to avoid, visit the NY CourtHelp website.
