Estate Planning in New York for Property and Real-Estate Owners

If you own a co-op in Manhattan, a brownstone in Brooklyn, a two-family home in Queens, or investment parcels upstate, your estate plan is really a property plan. Real estate is illiquid, hard to divide among heirs, and exposed to the Surrogate’s Court if you do nothing. A thoughtful New York estate plan decides who controls your property, how it transfers, and whether your family avoids a public, time-consuming court process.

Why Property Owners Need More Than a Basic Will

A will alone does not avoid probate. In New York, a will must be filed with the Surrogate’s Court and admitted before your executor can deal with titled real estate. For owners with multiple properties, mortgages, or out-of-state holdings, that means parallel proceedings and frozen assets at the worst possible time. The right combination of tools keeps your real estate liquid and your family in control.

The Core Documents

Most New York property owners build their plan around five pieces: a will that meets the strict execution rules of EPTL §3-2.1; a revocable living trust under EPTL Article 7 to hold real estate and avoid probate; a durable power of attorney on the GOL §5-1513 statutory short form; a health care proxy under Public Health Law Article 29-C; and, where taxes or long-term care are concerns, an irrevocable trust. Each links to a dedicated page on this site.

New York Estate Tax and Your Real Estate

New York imposes its own estate tax separate from the federal system. For 2026 the basic exclusion amount is $7,350,000. New York uses a so-called “cliff”: if your taxable estate exceeds 105% of the exclusion (about $7,717,500 in 2026), the exclusion disappears entirely and the whole estate is taxed. Because a single appreciated building or portfolio can push an estate over that edge, valuation and planning matter enormously for property owners.

Avoiding the Surrogate’s Court

Probate in New York runs through the Surrogate’s Court under the Surrogate’s Court Procedure Act (SCPA). It is public, can take many months, and requires notifying heirs even when a valid will exists. Funding a revocable living trust with your deeds is the most direct way to keep real estate out of that process while you retain full control during your lifetime.

Planning for Incapacity

Property does not pause when an owner becomes incapacitated. Mortgage payments, tenant issues, and tax filings continue. A durable power of attorney lets a trusted agent manage real estate and finances, and a health care proxy lets someone make medical decisions. Without them, your family may face a guardianship proceeding to do routine things like sign a lease or refinance.

Speak With a New York Attorney

This site is general information, not legal advice, and reading it does not create an attorney-client relationship. Estate planning depends on your specific property holdings, family situation, and goals. Consult a licensed New York estate planning attorney before signing any documents so your plan reflects current New York law and your real-estate objectives.