Estate Planning for 2026

The New Year is here, and we have already lunged headlong into 2026.  It’s time for life’s big questions, specifically:

• Who gets what when you’re gone?
• Who’s in charge of making it happen?
• Who can make medical or financial decisions for you if you aren’t able to?
• How can you make things easier, not harder, for the people you love?

Estate planning isn’t just writing a will, which should detail who gets what, and who is in charge (your executor). It typically also includes:

• A Trust – This is a way to organize and protect assets, avoid probate, and sometimes reduce taxes.
• Powers of Attorney – Powers of attorney define who can make financial or legal decisions if you’re unable to.
• Healthcare Directives – Healthcare directives define who can speak with your doctors and other medical professionals, and what kind of care you’d want.
• Beneficiary Designations – Beneficiary designations determine who inherits your retirement accounts, life insurance, and other assets.

So let’s begin!

Estate Planning Documents You Need

The Will

Do you have a will? If so, that’s a good start. In New York, a will directs who will inherit your assets. A will is also used to name an executor of your estate. In the absence of a will in New York, the state’s so-called intestacy laws will govern who will inherit your estate.  These laws prioritize family members. Without an estate plan, your assets will be distributed according to New York’s intestacy law. The first $50,000 and one-half of whatever is left of the estate go to your spouse if you are married when you die. The other half of the estate goes to your kids if you have children, even if they are minors at the time. If your spouse has died or you are not married, the estate will go to your children.

When a person dies without a living spouse or children, his or her parents are next in line to receive the assets. If the person’s parents are dead, the assets will go to his or her living siblings; if there are none, then to the cousins. Most people want to direct who will inherit the assets they have worked hard for, so it’s best not to die intestate. 

A Trust 

Do you have a trust? There are many types of trusts, each serving a unique purpose. A common trust is a revocable living trust, which allows you to retain control over your assets during your lifetime. Upon your death, your assets will pass to the beneficiaries named in your trust, avoiding probate. Another common trust is an irrevocable trust, which is created for tax planning and the protection of the grantor’s assets. Assets in these trusts are typically out of reach of creditors. For high-net-worth individuals, irrevocable trusts can significantly reduce estate taxes. Your Long Island estate planning attorney will help you figure out what trusts are most strategic for your income level and estate planning desires. 

A Power of Attorney

Do you have a power of attorney? For most people, the durable power of attorney is the most important estate planning instrument available, even more useful than a will. A power of attorney allows a person you appoint to act on your behalf, particularly for financial purposes, if you become incapacitated. 

A Health Care Proxy

Do you have a health care proxy? These legal documents are similar to powers of attorney, but they are exclusively for health care decisions. In a health care proxy, you will appoint a trusted family member or friend to make those decisions for you when you are unable to do so yourself. 

A Living Will 

Do you have a living will? This legal vehicle enables you to make end-of-life decisions about your medical and health care if you become unable to make these decisions yourself. When you plan ahead in this way, you ensure that your wishes are honored and eliminate uncertainty among your family members or medical care providers. 

Beneficiary Designations

Do you have beneficiary designations for your bank account, insurance policies, investment portfolio, etc., and are they up to date? 

Is it Complicated to Create an Estate Plan?

For most people, creating an estate plan does not need to be complicated. Here are a few reasons why:

• Most people have relatively small estates. The federal estate tax applies only to estates that exceed a certain dollar value. As of 2026, the federal estate tax applies only to individual estates exceeding $15 million. Married couples can shield a total of $30 million. If your estate is valued at less than this amount, it will not be subject to federal estate tax. While some states have their own estate or inheritance taxes, many of those thresholds are still high enough that the majority of estates won’t be affected.
• Most people have relatively straightforward family situations. In most cases, our clients want to leave their assets to their spouses, and then to their children if their spouse precedes them in death. If they have minor children, they may also need to name a guardian for them, but this can usually be accomplished with a simple provision in their will.
• Most people have relatively basic planning needs. The primary goals of estate planning are to ensure that the client’s assets are distributed according to their wishes and to minimize the amount of taxes and fees that their estate will owe. These objectives typically can be accomplished using basic estate planning tools. 

Given that you are likely within the category of individuals with relatively small estates, straightforward family situations, and basic planning needs, there’s no reason not to tackle your estate planning right now!

Contact Davidow, Davidow, Siegel & Stern, LLP for Assistance

Here at Davidow, Davidow, Siegel & Stern, we focus on estate planning and elder law issues. For over one hundred years, we have been guiding our clients and offering compassion, knowledge, and service. If your estate planning requires our professional assistance, we are here to help. Take action now. Don’t hesitate to contact us today.