A Practical Estate Planning Checklist for Brooklyn Families

Estate planning in Brooklyn does not have to be overwhelming. Whether you own a brownstone in Park Slope, a co-op in Bay Ridge, or a condo in Williamsburg, a clear checklist keeps the process manageable. This guide walks through the documents and decisions that matter under New York law, in the order most families tackle them.

1. Take Inventory of What You Own

Start by listing your assets: real estate, bank and brokerage accounts, retirement plans, life insurance, business interests, and personal property. Note how each is titled. Jointly owned property and accounts with named beneficiaries pass outside your will, so knowing your titling now prevents surprises later. For Brooklyn homeowners, the value of your property is often the single largest line on this list and the main driver of estate tax exposure.

2. Draft a Valid New York Will

A will is the foundation. Under EPTL § 3-2.1, a New York will must be in writing, signed by you, and witnessed by two people who sign within 30 days of one another. Your will names an executor, directs who receives your property, and — critically for parents — lets you nominate a guardian for minor children. Without these directions, a Kings County Surrogate’s Court judge applies default rules that may not reflect your wishes.

3. Appoint a Power of Attorney

A durable power of attorney lets a trusted agent manage your finances if you become incapacitated. New York’s statutory form, governed by GOL § 5-1513, was modernized so banks must accept a properly executed form or justify refusal. Be sure to complete the optional Statutory Gifts Rider only if you intend to authorize gifts, which matters for Medicaid planning.

4. Sign a Health Care Proxy

A health care proxy under Public Health Law Article 29-C names someone to make medical decisions for you if you cannot speak for yourself. Pair it with a living will expressing your wishes about life-sustaining treatment. Brooklyn hospitals such as those in the NYC Health + Hospitals system will look for this document when a patient cannot consent.

5. Decide Whether You Need a Trust

Trusts under EPTL Article 7 serve different goals. A revocable living trust can help your estate avoid probate in Surrogate’s Court, but it does not save estate tax. An irrevocable trust may reduce taxable estate value or protect assets for Medicaid, subject to the five-year look-back. A supplemental needs trust under EPTL § 7-1.12 preserves benefits for a loved one with disabilities. Match the tool to the goal.

6. Check Your NY Estate Tax Exposure

For 2026, the New York estate tax exclusion is $7,350,000. Watch the so-called cliff: estates exceeding 105% of the exclusion (about $7,717,500) lose the benefit entirely and tax applies to the whole estate. Given Brooklyn real estate values, even families who feel “middle class” can approach these thresholds.

7. Review Beneficiary Designations

Retirement accounts, life insurance, and payable-on-death accounts pass by designation, not by will. Confirm these forms are current after any marriage, divorce, birth, or death in the family.

8. Store and Revisit Your Documents

Keep originals in a safe, accessible place and tell your executor where to find them. Revisit the whole plan every three to five years or after major life changes.

Talk to a New York Attorney

This checklist is general information, not legal advice. New York’s execution rules, tax cliff, and Medicaid timing are unforgiving when done wrong. A qualified New York estate planning attorney familiar with Brooklyn and Kings County Surrogate’s Court can tailor each step to your family and assets.