The 2026 Estate Planning Checklist for Saratoga Springs and Capital Region Families

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In This Article

Why 2026 Matters for Your Estate Plan Essential Document #1: The Last Will and Testament Essential Document #2: The Revocable Living Trust Essential Document #3: Durable Power of Attorney Essential Document #4: Health Care Proxy Essential Document #5: Living Will (Advanced Directive)

Reviewed by Kent Gross, Esq. — 40+ years handling elder law, estate planning, and guardianship matters in New York.

Estate planning isn't about preparing to die. It's about protecting your family and making sure your wishes are carried out, no matter what happens. Yet most families in Saratoga Springs and the Capital Region put it off until it's too late.

If you've been meaning to get your affairs in order, 2026 is the year to do it. And if you already have an estate plan, this checklist will help you identify what needs updating—because tax laws change, life circumstances shift, and an outdated plan can cost your family thousands in taxes and legal fees.

This estate planning checklist walks you through every essential document, the 2026 tax landscape, and specific considerations for families in Saratoga Springs and surrounding areas.

Why 2026 Matters for Your Estate Plan

If you haven't updated your estate plan since 2017, pay close attention. A major tax change is coming.

The federal estate tax exemption—the amount of wealth you can pass to heirs tax-free—has been increased to $15 million per person effective January 1, 2026, under the One Big Beautiful Bill Act, signed into law in July 2025.

What does this mean? If your estate is worth more than $15 million per person, your heirs could owe significant federal estate taxes after you pass away. Married couples can shelter $30 million before triggering federal taxes.

But here's the thing: New York has its own estate tax. The NY exemption is only $6.94 million per person (2024). So even if you're under the federal exemption, you might owe New York estate taxes.

If your family owns property in Saratoga Springs, a family business, investment accounts, or life insurance, your estate could be larger than you think. 2026 is your window to implement tax-saving strategies—trusts, gifting strategies, and business succession plans that could save your heirs hundreds of thousands of dollars.

Essential Document #1: The Last Will and Testament

Your will is the foundation. It names who gets what after you pass away and who raises your minor children. Without a will, New York's intestacy laws determine everything—which rarely aligns with what families actually want.

Your Checklist for Your Will

[ ] Do you have a valid will? It must be signed, dated, and witnessed by two disinterested parties (people who don't inherit under the will). A will signed in another state is generally valid in New York, but updating it with a New York attorney clarifies intent and avoids questions.
[ ] Have you named an executor? This person will manage your estate, pay debts, and distribute assets. Choose someone trustworthy and organized. A family member is common, but you can also name a professional executor (a bank, law firm, or corporate trustee).
[ ] Does the will reflect your current wishes? If you wrote your will 10 years ago, circumstances have changed. New assets, new relationships, new values. Update it.
[ ] Have you named a guardian for minor children? This is non-negotiable if you have kids under 18. Without a guardianship designation, a court appoints someone—which might not be who you'd choose.
[ ] Is your executor bond appropriate? You can waive the executor bond (a form of insurance), which saves your estate money. If you trust your executor, waive it.

Essential Document #2: The Revocable Living Trust

While a will is necessary, a revocable trust is often the centerpiece of a solid estate plan—especially in the Capital Region where many families own property, vacation homes, or operate businesses.

Here's why: A will goes through probate. Probate in New York is public, expensive (costs 3.5-5% of the estate), and typically takes 9-18 months. A revocable trust avoids probate entirely. Assets transfer directly to your beneficiaries upon your death, privately and quickly.

Your Checklist for a Revocable Trust

[ ] Do you have a revocable living trust created by a NY attorney? Never use an online template for a trust. State law requirements are specific, and mistakes are costly.
[ ] Have you funded the trust? Creating a trust is only half the job. You must transfer assets into it:
[ ] Real estate (homes, vacation properties, rental properties)
[ ] Bank accounts (checking, savings, money market)
[ ] Investment accounts (brokerage, stocks, mutual funds)
[ ] Any valuable personal property you want protected
[ ] Not life insurance or retirement accounts (these use beneficiary designations instead)
[ ] Is the deed recorded for Saratoga Springs properties? If you own a home or land in Saratoga Springs, a new deed transferring it to your trust must be filed with the county clerk. Unfunded property defeats the purpose of the trust.
[ ] Have you named a successor trustee? If something happens to you, who manages the trust? Name someone competent and trustworthy (often a family member or professional trustee).
[ ] Does your trust match your will? Ideally, the two documents work together. Your will catches anything accidentally left out of the trust (a "pour-over will").

Not sure where to start? Talk to an attorney who handles these situations every day.

Schedule a Free 20-Minute Call

Or call: (518) 558-4495

Essential Document #3: Durable Power of Attorney

A power of attorney lets someone else manage your financial affairs if you become incapacitated. "Durable" means it survives your incapacity—which is the whole point.

Your Checklist for Your Power of Attorney

[ ] Do you have a durable power of attorney for financial matters? This document names an "agent" (also called an "attorney-in-fact") to handle your bank accounts, investments, real estate, and business if you can't.
[ ] Is it a "springing" or "immediate" power of attorney? Springing means it only becomes effective if you're incapacitated (requires a doctor's declaration). Immediate means it's effective as soon as you sign it. Choose based on your comfort level.
[ ] Does your agent have broad or limited powers? Broad powers let them handle anything. Limited powers restrict them to specific actions. For incapacity planning, broad powers usually make sense.
[ ] Have you discussed this with your agent? Don't surprise them. Make sure they're willing and able to serve.

Essential Document #4: Health Care Proxy

Who makes medical decisions if you're unconscious or mentally incapable? Without a health care proxy, courts step in—which is slow, expensive, and public.

Your Checklist for Your Health Care Proxy

[ ] Do you have a health care proxy document signed and dated? It must meet New York requirements: signed by you and one or more witnesses (not your health care provider).
[ ] Is your proxy someone you trust completely? This person makes end-of-life decisions. They need to understand your values and be willing to advocate for you even when it's uncomfortable.
[ ] Have you discussed your medical wishes with your proxy? Don't assume they know what you'd want. Tell them explicitly.
[ ] Is your health care proxy available? If you name someone in California but you live in Saratoga Springs, proximity matters. Your proxy should be reachable quickly.

Essential Document #5: Living Will (Advanced Directive)

A health care proxy makes decisions. A living will tells them what decisions to make. It documents your wishes about end-of-life care: resuscitation, feeding tubes, pain management, organ donation.

Your Checklist for Your Living Will

[ ] Do you have a written living will? New York doesn't require a specific form, but a formal document is clearer than a handwritten note.
[ ] Have you thought about your values? This is deeply personal. What kind of life would you want to live if you were seriously ill? What interventions do you want or reject? Be specific.
[ ] Have you shared it with your healthcare proxy and family? A living will in a safe deposit box that no one knows about is useless. Make copies and discuss it.
[ ] Does it align with your religious or cultural values? Healthcare decisions are personal. Your plan should reflect what matters to you.

Have questions about your specific situation? Get clear answers from an experienced attorney.

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Or call: (518) 558-4495

Essential Document #6: HIPAA Authorization

Because of medical privacy laws, doctors won't discuss your condition with your family members unless you authorize it. A HIPAA authorization (Health Insurance Portability and Accountability Act) fixes that.

Your Checklist for HIPAA

[ ] Do you have a signed HIPAA authorization? This one-page document tells doctors and hospitals that they can discuss your medical information with your family.
[ ] Does it name specific people? List by name and relationship: "My spouse," "My adult children," etc.
[ ] Have you given copies to your doctors? They won't look for it—provide it proactively during your next visit.

Beneficiary Designation Review: The $100,000 Mistake

Many families unknowingly sabotage their own estate plans by ignoring beneficiary designations.

Here's the problem: Life insurance, retirement accounts (IRAs, 401(k)s), and transfer-on-death accounts let you name a beneficiary. When you die, that asset passes directly to the named beneficiary—bypassing your will and trust entirely.

If you named an old spouse, an estranged child, or no one at all, your plan falls apart.

Your Beneficiary Designation Checklist

[ ] Life insurance: Who's named as primary and contingent beneficiary? Is it outdated? (Divorce should automatically remove an ex-spouse, but verify.)
[ ] Retirement accounts: Same question. Many people name the wrong person—often by accident.
[ ] Transfer-on-death accounts: Some brokerage accounts and bank accounts allow TOD designations. Review these.
[ ] Alignment with your will and trust: Ideally, beneficiary designations funnel to your trust, which distributes assets according to your wishes. If they bypass the trust, you're creating complications.
[ ] After major life events: Marriage, divorce, birth of a child, or death of a beneficiary? Update beneficiary designations immediately. Don't wait.

Saratoga Springs-Specific Estate Planning Issues

The Capital Region and Saratoga Springs present unique estate planning challenges.

Seasonal Homes and Out-of-State Property

Many Saratoga families own vacation homes in the Adirondacks, Vermont, or Florida. If you own property in multiple states, your estate plan must address it.

Action item: List all real property you own and where it's located. If you own property in Vermont or Florida, your revocable trust should cover it. You may need to file ancillary probate in other states unless everything is in trust.

Family Farms and Business Succession

The Capital Region has many family farms and small businesses. Passing a business to the next generation isn't automatic—it requires planning.

Action item: If you own a business or agricultural property, you need a succession plan. Who runs the business after you? Who inherits it? Can the business support your family? These require specialized planning (buy-sell agreements, trusts designed for business succession, or operating agreements).

Local Real Estate Values

Saratoga Springs real estate has appreciated significantly. What seemed like a modest estate 10 years ago might now exceed the state or federal exemption. A $4 million home might trigger NY estate taxes.

Action item: Get a current valuation of all property you own. Calculate your net worth. If it exceeds $7 million, you likely need tax-saving strategies.

Second Marriages and Blended Families

The Capital Region has many families with remarried parents, step-children, and complex family structures. Generic estate plans don't work here.

Action item: If you're in a second marriage or have children from multiple relationships, you need custom planning. A marital trust (QDOT) or a trust that protects a spouse's inheritance while ultimately passing to your children requires specialized language.

Every family's situation is different. Let's discuss yours.

Schedule a Free Consultation

Or call: (518) 558-4495

The Digital Assets Checklist: Don't Forget Your Online Life

You probably have passwords, online accounts, and digital assets worth real money. Your executor needs access.

Your Digital Assets Checklist

[ ] Passwords and accounts: Create a password manager (like 1Password or LastPass) and store it securely. Give your executor access.
[ ] Email accounts: Your executor will need to access email to notify contacts, retrieve important documents, and manage online accounts.
[ ] Bank and investment accounts: Document where everything is held and how to access it.
[ ] Social media and online businesses: Facebook, Instagram, LinkedIn—decide if these should be memorized accounts or deleted. Document instructions.
[ ] Cryptocurrency: If you own Bitcoin or other digital assets, document where they're held and how to access them. Cryptocurrency lost because no one knew it existed is a tragedy.
[ ] Photos, documents, and digital memories: Cloud storage (Google Drive, iCloud, Dropbox) often contains important family documents and memories. Your family should have access.

When to Update Your Estate Plan

Estate plans aren't set-it-and-forget-it. Life changes.

Update your plan after:

Marriage or divorce
Birth of a child or grandchild
Death of a beneficiary or fiduciary
Significant change in assets or debts
Move to a new state
Major purchase (home, business, investment property)
Change in tax law (like the 2026 exemption drop)
Change in your health or life expectancy
Change in your wishes or values

If any of these apply to you, schedule a review with an attorney now.

Frequently Asked Questions

Q: Can I create my estate plan using an online service or template?

A: Online services are cheap, but they create generic documents. Estate planning is personal. Tax implications are complex. State law is specific. A $300 online service might cost your family $50,000 in unnecessary taxes. Invest in a real attorney for peace of mind.

Q: Is a revocable trust really necessary? Won't my will be enough?

A: A will alone leaves your estate vulnerable to probate (public, expensive, slow). If you have more than modest assets or real property in New York, a trust is usually worth the cost. For Saratoga Springs families, a trust is almost always recommended.

Q: What happens if I don't update my estate plan before 2026?

A: The federal exemption was increased to $15 million per person on January 1, 2026, under the One Big Beautiful Bill Act. If you die with an estate exceeding $15 million per person ($30 million for married couples), your heirs will owe federal estate taxes. Even with the higher exemption, a trust strategy (like an irrevocable life insurance trust) can still protect your wealth and provide other benefits. Schedule a consultation with us to review your plan.

Q: Do I really need a separate living will if I have a health care proxy?

A: They serve different purposes. A health care proxy is a person; a living will is your instructions. The proxy needs guidance about what you want. A living will provides that. Together, they're powerful. Have both.

*The information in this blog post is provided for general informational purposes only and does not constitute legal advice. Reading this content or contacting LGK Lawyers through this website does not create an attorney-client relationship. This post discusses New York law, which may differ from the law in other jurisdictions. For advice specific to your situation, please schedule a consultation.*

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The 2026 Estate Planning Checklist for Saratoga Springs and Capital Region Families

Why 2026 Matters for Your Estate Plan