Estate Planning Checklist for Westchester County Residents

Download the printable PDF version of this checklist.

Estate planning can feel overwhelming. You have documents to consider, fiduciaries to choose, financial information to organize, and many decisions to make. This comprehensive checklist breaks down the estate planning process into manageable steps.

By working through this checklist, you will organize your information, clarify your intentions, and prepare yourself for productive conversations with your estate planning attorney. Westchester County residents face specific considerations (significant real property values, New York estate taxes, Surrogate’s Court procedures) that this checklist addresses.

Phase 1: Gather Information and Organize Your Affairs

Personal Information

• Full legal name and all former names
• Date and place of birth
• Current address and length of residence in Westchester
• Social Security number
• Marital status and date of marriage (or divorce dates)
• Names and ages of all children (including stepchildren, if applicable)
• Names and contact information for grandchildren, if any
• Information about any special-needs family members

Family Circumstances

• Identify any family members who require special arrangements or support
• Note any strained family relationships that might complicate the estate plan
• Consider whether any beneficiaries have substance abuse, financial, or creditor issues
• Identify any minor children and guardianship preferences
• Document any prior marriages, support obligations, or out-of-wedlock relationships
• Consider whether any family members have special needs that require special trust provisions

List of Assets

Compile a complete list of all assets you own:

Real Property

• Primary residence in Westchester (address, estimated value, mortgage balance)
• Vacation home or investment property in Westchester or other states
• Rental properties or commercial real estate
• Land holdings or agricultural property
• Cooperative apartments or condominiums
• Jointly owned property with spouse or other parties
• Property held in other states (ancillary probate considerations)

Financial Accounts

• Bank accounts (checking, savings, money market)
• Investment accounts (stocks, bonds, mutual funds)
• Brokerage accounts
• 401(k) and retirement accounts
• IRA accounts (traditional or Roth)
• SEP-IRA or other small business retirement plans

Business Interests

• Ownership in family business or operating company
• Ownership percentage and valuation
• Buy-sell agreements or operating agreements
• Partnership interests
• LLC membership interests
• Professional practice assets

Insurance and Beneficiary Designation Accounts

• Life insurance policies (face value and current beneficiary)
• Long-term care insurance
• Annuities and their beneficiary designations
• Payable-on-death bank accounts
• Transfer-on-death securities accounts
• Payable-on-death insurance accounts

Digital Assets

• Email accounts
• Social media accounts
• Cloud storage and digital files
• Cryptocurrency and digital wallets
• Domain names and websites
• Online payment accounts (PayPal, Venmo, etc.)
• Online financial accounts
• Digital photos and videos

Personal Property

• Vehicles (automobiles, boats, aircraft)
• Jewelry, art, and collectibles (including estimated values)
• Household furnishings and heirlooms
• Pets and arrangements for their care
• Firearms, if any

Other Assets

• Receivables owed to you
• Interests in trusts where you are a beneficiary
• Pending lawsuits or claims

Estimate Your Total Estate Value

• Add up approximate values of all real property
• Add up approximate values of financial accounts and investments
• Add up approximate values of business interests
• Add insurance policy face values
• Subtract any mortgages, loans, or liabilities
• Calculate net estate value
• Note whether your estate may exceed NY estate tax threshold ($7,350,000 in 2026)

List of Liabilities and Obligations

• Mortgages (property address, balance, creditor)
• Personal loans
• Credit card balances
• Income taxes owed or anticipated
• Property taxes in arrears, if any
• Support obligations (alimony, child support)
• Business debts or guarantees
• Any pending litigation or claims

Phase 2: Clarify Your Intentions and Goals

Overall Estate Plan Objectives

• Provide for spouse during their lifetime, if applicable
• Provide for minor children’s needs until adulthood
• Equalize distribution among children or explain any unequal distribution
• Minimize probate and estate administration costs
• Minimize federal and state income and estate taxes
• Provide for charities or causes you care about
• Protect assets from creditors or problematic beneficiary choices
• Preserve family business or special assets
• Maintain privacy (through trust-based planning)
• Provide for specific needs or circumstances of individual beneficiaries

Disposition of Your Assets

• Decide who should inherit each significant asset
• Determine whether distributions should be immediate or staggered
• Decide whether distributions should be conditional (tied to age, achievement, etc.)
• Consider whether any beneficiaries should receive assets in trust rather than outright
• Identify any assets that should go to charity
• Consider whether life insurance should pass to your spouse, trust, or specific beneficiaries

Special Considerations for Beneficiaries

• Identify beneficiaries who may need protection from creditors or poor decisions
• Consider whether any beneficiary has substance abuse or financial problems
• Determine if anyone should receive an outright distribution vs. a trust
• Consider staggered distributions (age 30, 35, 40, etc.)
• Plan for individuals with special needs or disabilities

Phase 3: Choose Your Fiduciaries

Executor/Personal Representative

Your executor manages your probate estate, collects assets, pays debts, and distributes property according to your will.

• Decide whether executor should be family member, professional, or combination
• Identify primary executor
• Identify successor executor(s)
• Consider whether executor has financial skills and time availability
• Discuss the role with your chosen executor to confirm they are willing
• Consider successor executors in case your first choice is unable or unwilling to serve
• If executor is professional, research fees and experience

Trustee

Your trustee manages trust assets and makes distributions according to trust terms.

• Decide whether trustee should be family member, professional, or co-trustees
• Identify primary trustee
• Identify successor trustees
• Consider trustee’s investment knowledge and financial acumen
• Confirm chosen trustee is willing to serve
• For corporate trustee, research fees and discuss any special arrangements
• Identify successor trustees for if your first choice cannot serve

Agent Under Power of Attorney (Financial Power of Attorney)

Your agent manages your financial and legal affairs if you become incapacitated.

• Select someone you trust to make financial decisions
• Confirm they understand their responsibilities
• Identify successor agents
• Decide whether the agent should have immediate power or powers that take effect only upon incapacity
• Discuss any limitations or restrictions on agent authority

Health Care Proxy (Healthcare Power of Attorney)

Your health care proxy makes medical decisions if you cannot.

• Select someone who understands your values and wishes regarding medical care
• Have detailed discussions about end-of-life care, artificial nutrition, organ donation, etc.
• Confirm they are willing and able to serve
• Identify successor health care proxies
• Ensure your proxy has a copy of your health care wishes

Guardians for Minor Children (if applicable)

• Identify who should raise your minor children if both parents die
• Identify successor guardians
• Have detailed discussions with potential guardians
• Confirm they are willing to serve
• Consider whether the same person should manage finances (conservator) or if that should be someone else

Phase 4: Review Beneficiary Designations

Beneficiary designations on insurance, retirement accounts, and financial accounts pass outside of probate and should coordinate with your estate plan.

Life Insurance

• List all life insurance policies (employer-provided, individual, term, whole life)
• Document current beneficiary for each policy
• Determine appropriate beneficiary (spouse, children, trust, individual, etc.)
• Ensure beneficiaries are current and appropriate
• Update any outdated designations
• Consider whether naming trust as beneficiary would be beneficial
• Document estimated face value and death benefit for tax planning

Retirement Accounts (IRAs, 401(k)s)

• List all IRAs (traditional, Roth, SEP, inherited)
• List all 401(k) or 403(b) accounts
• Document current designated beneficiary for each account
• Review beneficiary designations for consistency with overall estate plan
• Confirm whether spouse should be primary beneficiary or if children should be named
• Update beneficiary designations if divorce or major family change has occurred
• Consider tax implications (spouse vs. non-spouse beneficiaries)
• Confirm beneficiary designation forms are on file with the custodian

Payable-on-Death (POD) and Transfer-on-Death (TOD) Accounts

• List any bank accounts with POD designations
• List any brokerage accounts with TOD registration
• Review and update designations as needed
• Ensure they coordinate with your estate plan

Other Beneficiary Designation Accounts

• Annuities and their beneficiary designations
• Employer benefits (group insurance, deferred compensation plans)
• Savings bonds or other securities
• Any other accounts with named beneficiaries

Phase 5: Documents You Need

Essential Documents for Everyone

• Will: Specifies who inherits your probate estate, names your executor, and addresses guardianship for minor children
• Financial Power of Attorney (FPOA): Authorizes an agent to manage your financial and legal affairs
• Health Care Proxy (HCP) and Living Will: Designates who makes medical decisions and documents end-of-life wishes
• HIPAA Authorization: Allows your agent and health care proxy to access your medical information

Documents to Consider

• Revocable Living Trust: Holds assets, avoids probate, provides privacy, allows management if you become incapacitated
• Irrevocable Life Insurance Trust (ILIT): Holds life insurance, removes proceeds from taxable estate (if estate tax planning needed)
• Charitable Giving Strategy: If interested in supporting charities (charitable remainder trust, donor-advised fund, etc.)
• Special Needs Trust: If you have a beneficiary with special needs or disabilities
• Qualified Personal Residence Trust (QPRT): For estate tax planning regarding vacation home or second property
• Spousal Lifetime Access Trust (SLAT): For married couples interested in estate tax planning
• Asset Protection Trust: If concerned about creditor protection

Phase 6: Tax Planning Considerations

Federal Estate Tax

• Calculate estimated estate value
• Determine whether federal estate tax (current threshold $15,000,000 in 2026 under the One Big Beautiful Bill Act) is a concern
• Consider portability election if married (if applicable)
• Discuss with tax advisor about lifetime gifting strategy (annual exclusion gifts, etc.)
• Review impact of life insurance on taxable estate

New York Estate Tax

• Calculate estimated estate value
• Determine whether NY estate tax (threshold $7,350,000 in 2026) is a concern
• Consider tax planning strategies specific to NY residents (credit shelter trusts, lifetime gifting)
• Understand the NY estate tax cliff (105% of exclusion amount)
• Plan for potential estate tax liability if your estate exceeds threshold

Income Tax Planning

• Discuss income tax implications of different beneficiary designations
• Consider timing of trust income and distributions
• Discuss tax consequences of life insurance policies
• Plan for basis step-up at death

Property Tax Considerations

• Review property tax assessment for Westchester real property
• Consider implications of property transfer for tax purposes
• Research any available property tax exemptions for surviving spouses

Phase 7: Westchester County Specific Considerations

Real Property

• Address how Westchester real property will be handled (probate, trust, joint ownership)
• Consider whether ancillary probate should be avoided if non-resident owns property
• Address property taxes and maintenance obligations
• Determine whether property should be sold or held for beneficiaries

Surrogate’s Court Jurisdiction

• Understand that probate proceedings will be handled by Westchester County Surrogate’s Court
• Consider whether trust-based planning would be preferable to avoid Surrogate’s Court
• Plan for costs of probate administration in Westchester

Westchester Residency Issues

• If you are moving out of state, consider whether trust-based planning is advisable
• If you own property in multiple states, plan for ancillary probate avoidance
• If you are a non-resident, determine what Westchester property should be addressed in estate plan

Phase 8: Implementation and Document Execution

Review and Finalize Documents

• Review draft documents carefully with your attorney
• Make sure all provisions match your intentions
• Ask questions about anything you don’t understand
• Request any modifications before executing

Execution Ceremony

• Schedule meeting with attorney, witnesses, and notary public
• Bring valid photo identification
• Sign documents in proper order and manner
• Ensure all witnesses and notary requirements are satisfied
• Obtain certified copies of executed documents

Fund Your Trust (if applicable)

• Retitle real property to the trust (deed must be recorded)
• Transfer bank and investment accounts to trust
• Update financial accounts to name trust as payable-on-death beneficiary (if appropriate)
• Transfer business interests to trust (if applicable)
• Update life insurance to name trust as beneficiary (if applicable)
• Ensure digital assets are documented for trust access

File or Record Documents

• File Financial Power of Attorney with relevant financial institutions (if required)
• Record deed transferring real property to trust with county clerk’s office
• File any deed affecting NY real property with Westchester County Clerk
• File any IRS Forms 1096 or other required filings

Notify Relevant Parties

• Provide executors, trustees, and agents with copies of their documents
• Provide copies to your attorney for safekeeping
• Provide copies to family members (or explain location)
• Notify any institutions (banks, insurance companies) of documents you’ve created
• Document digital asset information for your executor/trustee

Organize and Store Documents

• Store original will in safe location (attorney’s office, safe deposit box)
• Keep copies at home in accessible location
• Provide family and fiduciaries with information about document locations
• Maintain organized file with all estate planning documents
• Store digital asset information securely

Phase 9: Ongoing Maintenance and Updates

Review Schedule

• Review estate plan every 3 to 5 years
• Review after any major life event (marriage, divorce, birth, death, relocation)
• Review after significant changes in financial circumstances
• Review upon any change in tax laws affecting estate planning
• Review if any named fiduciaries become unable or unwilling to serve

Life Changes That Trigger Review

• Marriage or domestic partnership
• Divorce or separation
• Birth or adoption of children or grandchildren
• Death of spouse, child, or other significant person
• Relocation to another state or country
• Significant increase or decrease in wealth
• Acquisition of business or real property
• Changes in tax laws
• Change in health status or disability

Annual Tasks

• Review beneficiary designations on life insurance
• Review beneficiary designations on retirement accounts
• Review trust investments and performance
• Check that all trust property remains properly titled
• Ensure financial accounts reflect current intentions
• Update digital assets list and access information

Phase 10: Important Information for Your Family and Executor

Prepare a document (sometimes called an “Information Memorandum” or “Final Instructions”) including:

• Location of all original documents
• Contact information for your attorney
• Contact information for your accountant and financial advisor
• List of all financial institutions and account numbers
• List of insurance policies and contact information
• Information about business interests
• Real property information
• Digital asset list and access instructions
• Special instructions or wishes
• Funeral and burial preferences
• Charitable giving wishes or instructions
• Any personal messages to family members

Store this information in secure location accessible to your executor or trustee.

Conclusion

Estate planning requires careful thought, organization, and attention to detail. This checklist provides a comprehensive roadmap for Westchester County residents to organize their affairs, clarify their intentions, and prepare for productive conversations with their estate planning attorney.

Estate planning is not a one-time event. As your circumstances and the law change, your plan should be reviewed and updated accordingly.

Marc R. Lynde, Esq., guides Westchester County residents through the complete estate planning process, from initial consultation and information gathering to document execution and implementation. Contact our office to schedule a consultation and begin your estate planning journey.