We spend our lives planning for everything: college, weddings, vacations, retirement. Yet, the one event that is guaranteed to happen—our passing—is often the one we plan for the least. As a New York estate planning attorney with over 30 years of experience, I see the consequences of this procrastination every day.
I am Russel Morgan. At Morgan Legal Group, we have guided over 1,000 families through the aftermath of loss. We have seen families torn apart by fighting over a brownstone in Brooklyn. We have seen life savings drained by the probate courts because a document was missing. But we have also seen the profound peace of mind that comes when a client looks me in the eye and says, “Russel, I know my family is safe.”
In 2025, estate planning is no longer just about writing a Will. It is about navigating complex tax laws, protecting digital assets, and preparing for the high cost of long-term care. This is your definitive, actionable checklist. Here are the 11 Critical Things You Must Do Before You Die to protect yourself, your assets, and the people you love.
1. Take a Brutally Honest Inventory (The “Kitchen Table” Audit)
You cannot protect what you don’t track. Before you call a lawyer, you need to know what you own. In New York, this is often more complicated than in other states.
Sit down and list everything:
- Real Estate: Do you own a house in Queens? A vacation condo in Florida? Crucially, do you own a Co-op apartment in Manhattan? (Co-op shares are legally “personal property,” not real estate, which changes how they are inherited).
- Digital Assets: Cryptocurrency wallets, NFT collections, and revenue-generating social media accounts.
- Financials: Bank accounts, 401(k)s, IRAs, and life insurance policies.
- Liabilities: Mortgages, business debts, and personal loans.
Why this matters: If you miss an asset, it becomes “lost property” that your family may never find. A comprehensive inventory is the foundation of every successful plan.
2. Choose Your Strategy: Will vs. Trust (The “Probate” Decision)
This is the most important legal decision you will make. Do you want your estate to go through the court system or around it?
The Will (The Public Route)
A Last Will and Testament is a letter to the judge. It guarantees that your family will go through Probate. In New York, this takes 9-18 months and costs roughly 5-6% of your estate in fees.
The Living Trust (The Private Route)
A Revocable Living Trust creates a private entity to hold your assets. When you die, the Trust continues.
- No Court: Your assets pass immediately to your heirs.
- Privacy: No public record of who got what.
- Savings: You save the $50,000+ that would have gone to Executor commissions and court fees.
For most New York homeowners, item #2 on your bucket list should be “Create a Trust.”
3. Appoint Your “Incapacity Team” (Power of Attorney)
Estate planning isn’t just about death; it’s about what happens if you stay alive but cannot function. If you have a stroke, who pays the mortgage? Who accesses your bank account?
You must sign a New York Durable Power of Attorney.
Critical 2025 Detail: Ensure it includes the “Modifications” section (formerly the Statutory Gifts Rider). Without this specific clause, your agent cannot move assets to protect them from Medicaid if you need nursing home care. A generic form downloaded from the internet will likely fail this test.
4. Designate a Health Care Proxy (The Medical Voice)
If you are in a coma, doctors in New York cannot legally take instructions from your spouse or children unless they are appointed as your agent.
- Health Care Proxy: Appoints one person to make decisions.
- Living Will: States your specific wishes regarding life support (ventilators, feeding tubes).
Doing this is a gift to your family. It spares them the agonizing guilt of guessing what you would have wanted in a crisis.
5. Audit Your Beneficiaries (The “Silent” Estate Plan)
Your Will does not control your Life Insurance, 401(k), or IRA. Those assets pass directly to the person listed on the “Beneficiary Designation Form” at the bank.
The Common Tragedy: We often see clients who updated their Will but forgot to update their 401(k). The result? The ex-spouse gets the retirement savings, and the current spouse gets nothing.
The Task: Contact every financial institution and confirm who is listed. Ensure it matches your current wishes.
6. Protect Your Children (Guardianship)
If you have children under 18, this is the most emotional item on the list. You must nominate a Guardian in your Will.
Consider Two Roles:
- Guardian of the Person: Who raises them? (Love, values, location).
- Guardian of the Property: Who manages their money? (Financial literacy).
Often, the person who is best at hugging your kids is not the best person to manage a $1 million life insurance payout. You can separate these roles.
7. Plan for the “Tax Cliff” (2026 Sunset)
If you have significant assets, you are facing a deadline. On January 1, 2026, the federal estate tax exemption is scheduled to be cut in half (from ~$13.6M to ~$7M).
New York’s “Cliff”: New York has its own estate tax cliff at roughly $6.94 million. If you exceed this by 5%, you are taxed on the entire estate.
The Task: If you own a home in Long Island and a retirement portfolio, you might be closer to this limit than you think. You need advanced tax planning (like SLATs or ILITs) now, before the law changes.
8. Prepare for Long-Term Care (Medicaid Planning)
70% of people over 65 will need some form of long-term care. In NYC, a nursing home costs $20,000/month. Medicare pays $0 for this.
The Task: Consider a Medicaid Asset Protection Trust (MAPT).
By moving your home into this trust 5 years before you need care (or 30 months for home care), you protect the asset. Medicaid pays for your care, and your children inherit the house debt-free.
9. Unlock Your Digital Legacy
In 2025, your photos are in the cloud, your money is in crypto, and your bills are paperless. If you die, does your family have the passwords?
The Legal Fix: Your Power of Attorney and Will must explicitly reference New York EPTL Article 13-A (Digital Assets). This gives your executor the legal authority to access your computers and accounts.
The Practical Fix: Use a password manager (like LastPass or 1Password) and leave the “Master Password” in your safe deposit box or with your attorney.
10. Pre-Plan Your Funeral (The Final Gift)
Funeral planning is morbid, but leaving it to your grieving family is a burden.
- Appointment of Agent to Control Disposition of Remains: This is a specific NY document. It dictates whether you want burial or cremation and who is in charge.
- Pre-Payment: You can set up an irrevocable funeral trust. This is Medicaid-exempt and ensures the money is there when needed.
11. Write a “Letter of Instruction”
This is not a legal document, but it is often the most treasured one.
What goes in it:
- Where are the keys to the safe?
- What is the alarm code?
- Who is the accountant?
- Who should get the sentimental items (the tea set, the military medals) that aren’t worth money but are worth everything?
- A final message of love to your family.
Conclusion: Don’t Leave a Mess Behind
Completing this checklist is not about dwelling on death. It is about living with the confidence that you have done everything possible to protect the people you love. It is the ultimate act of responsibility.
You don’t have to do it alone. At Morgan Legal Group, we help you check every box on this list with precision and care. Schedule a consultation today. Let’s get your affairs in order so you can get back to enjoying your life.
For more on the importance of having a plan, visit the New York State Bar Association’s Public Resources page.
The post The Ultimate NY Estate Planning Bucket List: 11 Critical Steps to Take Before You Die (2025 Edition) appeared first on Morgan Legal Group PC.
