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

the six basic steps of the estate planning process

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The Six Basic Steps of Estate Planning

Estate planning is a crucial process that ensures your wishes are met and your assets are protected for the future. In New York City, with its unique legal landscape, estate planning requires careful consideration and expertise. At Morgan Legal Group, we specialize in guiding individuals and families through the estate planning process. In this comprehensive guide, we will walk you through the six fundamental steps of estate planning in NYC to help you secure your family’s financial future.

1. Establish Your Goals and Objectives

The first step in estate planning is to define your goals and objectives. What are your priorities? What do you want to achieve with your estate plan? It could include protecting your assets, providing for your family, minimizing taxes, or supporting charitable causes.

By clearly defining your objectives, you can tailor your estate plan to meet your specific needs. Work with an experienced estate planning attorney who can help you identify and prioritize your goals.

2. Take an Inventory of Your Assets

An essential aspect of estate planning is taking an inventory of your assets. This includes real estate, investments, bank accounts, retirement accounts, personal property, and more. It’s crucial to have a comprehensive understanding of your assets to ensure they are distributed according to your wishes.

Working with a financial advisor can be beneficial in assessing the value and composition of your assets. This step will also help in determining your estate’s overall value, which is vital for estate tax planning.

3. Create a Will and Trusts

The creation of a last will and testament is a cornerstone of estate planning. It allows you to specify how your assets should be distributed after your passing and designate guardians for minor children, if necessary.

Additionally, trusts are versatile tools that play a significant role in estate planning. A revocable living trust allows you to transfer assets during your lifetime while maintaining control. Trusts can help avoid probate, provide asset protection, and enable more complex asset management, particularly for large estates or specific situations.

4. Designate Beneficiaries and Powers of Attorney

Designating beneficiaries for your retirement accounts, life insurance policies, and other assets is a crucial step. This ensures that these assets bypass the probate process and go directly to your intended recipients.

Moreover, establishing powers of attorney for financial and healthcare matters is essential. These documents designate trusted individuals to make financial and medical decisions on your behalf if you become incapacitated.

5. Address Estate Tax Planning

Estate tax planning is a significant consideration, especially in a high-tax jurisdiction like New York City. Understanding the state and federal estate tax laws and exemptions is crucial. An experienced estate planning attorney can help structure your estate to minimize tax liabilities.

Utilizing strategies such as gifting, irrevocable trusts, and other tax-saving instruments can be integral in reducing the overall tax burden on your estate.

6. Review and Update Your Estate Plan

Estate planning is not a one-and-done process. It’s essential to review and update your estate plan regularly. Life changes such as births, deaths, marriages, divorces, changes in financial circumstances, or new laws can impact your estate plan.

Periodic reviews with your estate planning attorney help ensure that your plan remains aligned with your evolving needs and that your assets are protected for the future.


Estate planning is a dynamic and ongoing process. By following these six basic steps, you can create a comprehensive estate plan that safeguards your family’s financial future and ensures that your wishes are met.

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 get started on securing your family’s 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.

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