How Does Estate Planning Work in New York?

Probate on a $500,000 estate in New York costs an estimated $35,992 and takes 7 months to 9 months for a simple estate, with attorney fees of typically 2.5% to 4% of the estate. Estates under $50,000 can use a small-estate procedure instead.

A simple estate in New York typically takes 7 months to 9 months through probate, and an average estate 9 months to 15 months; a contested one runs longer. The creditor claim period of 7 months is the floor. A funded revocable trust avoids probate entirely.

New York has not adopted the Uniform Trust Code and requires 2 witnesses for trust execution. Notarization is not required for validity, though many financial institutions require notarized trust documents. New York has no separate trust creditor-notice step and no trust-specific claims bar — the settlor's debts stay subject to the general limitations period, and the trustee settles the known ones before distributing.

A healthcare power of attorney in New York requires 2 witnesses to be valid. A financial power of attorney requires 2 witnesses and notarization. A financial power of attorney is durable by default, so it stays in effect if you become incapacitated.

In New York, the executor files an inventory of the estate's assets within 270 days of appointment. A revocable trust skips the court-supervised inventory, so a trustee distributes without filing one.

In New York, divorce automatically revokes a beneficiary designation that names a former spouse on the covered accounts, so the asset does not pass to the ex-spouse unless the designation is renewed after the divorce.

Estate Planning in New York

Estate planning in New York is shaped most by transfer-on-death deeds. The trade-off between a will and a revocable trust comes down to how that single feature affects your estate's probate path.

A will goes through probate, with attorney fees of typically 2.5% to 4% of the estate. A simple estate typically closes in 7 months to 9 months, and the 7 months creditor-claim window sets the floor. Estates under $50,000 can use the Voluntary Administration and avoid full probate administration. Real property is outside this procedure in New York: it reaches personal property only, and real estate transfers separately. In New York the affidavit is filed with the Surrogate's Court, and holders honor the court's certified copy — but no letters testamentary or of administration issue.

For a revocable trust, New York requires 2 witnesses for trust execution. Notarization isn't required for validity, though banks and title companies typically expect a notarized trust before they'll work with it. New York has not adopted the Uniform Trust Code; trust administration follows the state's own rules, which can affect trustee duties and beneficiary remedies.

New York offers transfer-on-death deeds, which move real estate to a named beneficiary at death without probate. Combined with beneficiary designations on retirement accounts and payable-on-death registrations, these can move significant value outside probate without setting up a trust.

SimplyTrust Editorial·Updated October 17, 2026

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Data sourced from New York statutes and official state code. How we research.

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