Most estate planning mistakes aren’t dramatic. They’re small oversights — a form never updated, a document never signed — that quietly undo years of good intentions. The comfort is that nearly all of them are easy to prevent. Here are the missteps we see most often among New York families, and how to keep your plan working for the people you love.
1. Having No Plan at All
The most common mistake is simply waiting. Without a will, New York’s intestacy rules (EPTL Article 4) decide who inherits, and the Surrogate’s Court chooses guardians for minor children. The result rarely matches what families would have chosen — and it plays out publicly, at a painful time.
2. Forgetting Beneficiary Designations
Retirement accounts, life insurance, and payable-on-death accounts pass by their beneficiary forms, not by your will. A form naming an ex-spouse or a deceased relative will override your carefully drafted will every time. Review these whenever life changes.
2a. Ignoring the New York Estate Tax “Cliff”
This one is unique to New York and easy to stumble into. The 2026 exclusion is $7,350,000, but estates that exceed 105% of that figure — $7,717,500 — lose the exemption entirely and are taxed on the full estate, not just the excess. Families near that threshold can sometimes plan around the cliff with gifting or charitable strategies, but only if they notice it in advance.
3. Assuming a Revocable Trust Saves Taxes
A revocable living trust under EPTL Article 7 is excellent for avoiding probate and keeping affairs private — but it does not reduce estate tax, because you still control the assets. For tax reduction or Medicaid eligibility, an irrevocable trust is the tool, and Medicaid’s five-year look-back means timing matters. Confusing the two leads to false security.
4. Naming the Wrong People — or No Backups
Executors, agents under your power of attorney (GOL §5-1513), and your health care proxy (PHL Article 29-C) should be people you trust who are willing and able to serve. Just as important: name successors. Life changes, and your first choice may not be available when the moment comes.
5. Not Planning for a Loved One with Special Needs
Leaving money directly to a relative who relies on government benefits can disqualify them. A supplemental needs trust under EPTL §7-1.12 lets you provide for that person without jeopardizing their eligibility — a vital protection many families overlook.
6. Signing and Forgetting
An estate plan is a living thing. Marriages, divorces, new children, moves, and new assets all call for a review. A plan that fit your life ten years ago may quietly no longer fit today.
A note before you act: avoiding these mistakes is far easier with guidance. A New York estate planning attorney can review your plan, catch the gaps, and make sure it truly protects your family.
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