What assets should be considered when planning your estate?

Key Assets to Consider

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Estate Planning in New York: Key Assets to Consider

Estate planning in New York is crucial in securing your financial legacy and ensuring that your assets are distributed according to your wishes after you’re gone. To create an effective estate plan, it’s important to identify and consider various assets that make up your estate. In this guide, we’ll explore the key assets to include in your estate plan to protect your legacy.

1. Real Estate

Real estate holdings are often one of the most significant assets in an estate. Include your primary residence, vacation homes, rental properties, and any land you own in your estate plan. You’ll need to decide how you want these properties distributed and whether there are specific conditions or restrictions.

2. Financial Accounts

Consider all your financial accounts, including bank accounts, investment portfolios, retirement accounts (such as IRAs and 401(k)s), and life insurance policies. Designate beneficiaries for these accounts and ensure they align with your overall estate plan.

3. Personal Belongings

Personal belongings can hold sentimental value for your loved ones. Create a list of valuable personal items, such as jewelry, artwork, collectibles, and family heirlooms. Specify who should inherit these items, and consider whether you want to establish a separate personal property memorandum.

4. Business Interests

If you own a business or have an ownership interest in one, addressing this asset in your estate plan is essential. Determine how your business should be managed or transferred in the event of your passing. Options may include selling the business, passing it to family members, or appointing a successor.

5. Digital Assets

Don’t overlook your online presence and digital assets in the digital age. This includes websites, social media accounts, email accounts, and cryptocurrency holdings. Specify who should have access to and manage these accounts or assets.

6. Debts and Liabilities

Part of estate planning involves addressing outstanding debts and liabilities. This includes mortgages, credit card debt, loans, and other financial obligations. Determine how these debts should be settled from your estate and how they may impact inheritances.

7. Estate Planning Documents

Include your estate planning documents, such as your will, trust(s), power of attorney, and healthcare directives, in your estate plan. Ensure these documents are up-to-date and reflect your current wishes.

8. Family and Dependents

Your estate plan should also address the needs of your family and dependents. This includes providing for minor children, elderly parents, or family members with special needs. Consider establishing trusts or guardianships as necessary to protect their interests.

9. Charitable Bequests

Consider including charitable bequests in your estate plan if you have a charitable intent. You can designate specific assets or a portion of your estate to go to charitable organizations or causes you support.

10. Tax Planning

Taxes can significantly impact the distribution of your estate. Work with an estate planning attorney to explore strategies for minimizing estate taxes and maximizing the value of your assets for your beneficiaries.


Planning your estate in New York is a comprehensive process that involves identifying and addressing various assets. By considering real estate, financial accounts, personal belongings, business interests, digital assets, debts and liabilities, estate planning documents, family needs, charitable bequests, and tax planning, you can create a robust estate plan that protects your legacy and ensures your wishes are honored.

If you require assistance with estate planning in New York, contact Morgan Legal Group. Our experienced attorneys specialize in New York State law and will work with you to create a customized estate plan that reflects your unique circumstances and goals.

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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