Planning for the future is one of the most important steps you can take to protect your loved ones and ensure your wishes are carried out. As an experienced Syracuse estate planning attorney, I help individuals and families throughout Central New York create customized estate plans that bring peace of mind and security for years to come.​ Whether you're drafting your first will, setting up a trust to protect your assets, or administering an estate, we provide personalized guidance tailored to New York State laws. Estate planning isn't just for the wealthy, it's essential for anyone who wants to ensure their wishes are respected, minimize taxes, avoid family disputes, and provide for loved ones. Below, we outline key aspects of wills, trusts, and estates under New York law.

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Why Estate Planning Matters

Without a valid estate plan, your assets may be distributed according to New York’s intestacy laws, not necessarily the way you would have chosen. Estate planning allows you to decide who inherits your property, who will care for minor children, and who will make decisions on your behalf if you become unable to do so.

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Understanding Wills in New York​

A last will and testament is a legal document that outlines how your assets should be distributed after your death. It allows you to specify beneficiaries, name guardians for minor children, and appoint an executor to manage the process. Without a valid will, your estate will be distributed according to New York's intestacy laws which prioritizes spouses, children, parents, siblings, or even the state if no relatives are found. This can lead to unintended outcomes, such as assets going to distant relatives or causing family conflicts.

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Requirements for a Valid Will​

To be valid in New York, a will must meet specific criteria:

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• Be in writing and signed by the testator (the person making the will), who must be at least 18 years old and of sound mind.

• Signed in the presence of at least two witnesses, who also sign the document within 30 days.

• Witnesses should ideally be disinterested (not beneficiaries) to avoid potential challenges, though interested witnesses are permitted if additional safeguards are met.​

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To change or revoke a will, you can create a codicil (an amendment) or draft a new will entirely. Destroying the original with intent to revoke is another option, but it must be done properly to avoid disputes.​

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Trusts: A Powerful Tool for Asset Protection

A trust is a legal arrangement where you transfer assets to a trustee to hold and manage for beneficiaries. Unlike wills, trusts can take effect during your lifetime and often avoid the probate process, providing privacy, efficiency, and control over distributions. Trusts can be customized for various needs, such as protecting assets from creditors or ensuring funds are used responsibly. There exist a number of different types of trusts for use in specific situations. Some common examples include:​

 

• Revocable Living Trusts: You retain control as the initial trustee and beneficiary, allowing changes or revocation during your life. Upon death, assets pass to beneficiaries without probate, making it ideal for incapacity planning. However, they do not offer tax savings or creditor protection since assets remain in your estate.

• Irrevocable Living Trusts: Once created, these cannot be altered, removing assets from your estate for tax and protection purposes. They're useful for reducing estate taxes or qualifying for Medicaid, but require relinquishing control.

• Testamentary Trusts: Created through your will and activated after death and probate. These are irrevocable upon your passing and often used for minors, special needs beneficiaries, or pet care.

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Trusts complement wills and can include pour-over provisions to capture any overlooked assets.

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Estate Administration and Probate in New York

Estate administration involves settling debts, paying taxes, and distributing assets after death. In New York, this occurs in Surrogate's Court in the county of the deceased's residence. If there's a will, the executor files it for validation; without one, an administrator is appointed based on kinship.

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The probate process includes:

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• Validating the will and appointing the fiduciary.

• Notifying beneficiaries and creditors.

• Inventorying assets, paying debts/taxes, and distributing the remainder.

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For small estates (under $50,000 in personal property, no real estate solely owned), a simplified voluntary administration may apply. Assets in trusts or with beneficiary designations avoid probate, reducing time and costs.

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Other Essential Estate Planning Documents

A comprehensive estate plan should also include:

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• Durable Power of Attorney: Appoints an agent for financial decisions during incapacity; must follow General Obligations Law requirements.

• Health Care Proxy and Living Will: Designates medical decision-makers and outlines treatment preferences.

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Review these documents regularly, especially after life events like marriage or relocation.​

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Impact of Divorce on Wills and Estate Planning

In New York, a divorce can have a major impact on your will and other estate planning documents. Under New York law (EPTL § 5-1.4), a divorce automatically revokes any provisions in a will or estate plan that designate your former spouse as a beneficiary, executor, or trustee, unless the will explicitly states otherwise. This means, for inheritance purposes, your ex-spouse will generally be treated as if they had predeceased you.

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Divorce also impacts advance directives. For example, any nomination of your spouse in a durable power of attorney (for financial decisions) or health care proxy (for medical decisions) is revoked upon divorce. Without an update, you might be left without a designated agent, leading to court intervention if you're incapacitated.

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To learn more please see our page on Wills, Trusts, and Estates Planning in New York and our blog post titled The Impact of Divorce on Wills and Estate Planning in New York​

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Contact Us Today​​

Don't leave your estate to chance. Contact us today for a consultation with an experienced Syracuse estate planning law attorney, Let us guide you through the process with expertise and compassion.

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Disclaimer: The information provided on this website is for general informational purposes only and does not constitute legal advice. Viewing this site or contacting us through it does not create an attorney-client relationship. Past results do not guarantee similar outcomes.