What assets should be considered when planning your estate?

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Estate Planning in New York: Considerations for Your Assets

Estate planning is a crucial process involving deciding how your assets will be managed, preserved, and distributed after your passing. In New York, a well-thought-out estate plan can help protect your assets and ensure they are distributed according to your wishes. This comprehensive guide will cover various types of assets to consider when planning your estate.

1. Real Estate

Your real estate holdings are a significant part of your estate. Consider whether you own residential properties, commercial properties, or vacant land. Determine how you want these properties to be managed or distributed among your beneficiaries.

2. Financial Accounts

Financial accounts include your bank accounts, savings accounts, certificates of deposit (CDs), and brokerage accounts. You’ll need to decide who will have access to these accounts and how they should be distributed upon your passing.

3. Investments

If you have investments in stocks, bonds, mutual funds, or other securities, you’ll need to specify how you want these investments to be handled. This may involve creating trusts or designating beneficiaries for these assets.

4. Retirement Accounts

Your retirement accounts, such as IRAs and 401(k)s, are essential assets to consider. You can name beneficiaries for these accounts, allowing them to inherit the funds while potentially benefiting from tax advantages.

5. Life Insurance Policies

If you have life insurance policies, they can play a vital role in estate planning. You can name beneficiaries who will receive the policy’s death benefit. Ensure these designations are up to date to reflect your current wishes.

6. Personal Property

Personal property encompasses items like furniture, jewelry, artwork, and collectibles. Consider which family members or loved ones should inherit specific personal items and include these instructions in your estate plan.

7. Business Interests

If you own a business or have a significant interest in one, you’ll need to plan for the continuity or transfer of that business. This may involve creating a business succession plan or specifying how your ownership interest should be distributed.

8. Digital Assets

In the digital age, don’t forget about your digital assets, including online accounts, social media profiles, and digital files. Decide whether you want these assets to be preserved, deleted, or passed on to heirs.

9. Debts and Liabilities

Consider your outstanding debts and liabilities, such as mortgages, loans, and credit card balances. Your estate plan should address how these debts will be settled and whether they will impact the inheritance of your assets.

10. Estate Tax Planning

In New York, estate taxes can significantly impact the value of your estate. Consult with an estate planning attorney to explore strategies for minimizing estate taxes and preserving more of your assets for your beneficiaries.


Estate planning in New York involves careful consideration of various assets to ensure they are protected and distributed according to your wishes. By addressing real estate, financial accounts, investments, retirement accounts, life insurance policies, personal property, business interests, digital assets, debts, and estate tax planning, you can create a comprehensive estate plan that provides peace of mind for you and your loved ones.

If you have questions or need assistance with estate planning in New York, contact Morgan Legal Group. Our experienced attorneys specialize in New York State law and can help you create a tailored estate plan that reflects your unique circumstances and goals.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group PLLP.

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