A client recently walked into my Manhattan office with a leather-bound folder from 1998. Inside were a will and a trust, perfectly drafted for a life that no longer existed. He had two more children, a new business, and a portfolio that looked nothing like it did two decades ago. His documents were artifacts, not a plan. This is a common story. People often think of estate planning as a one-time task, but a true plan is a living framework built through a deliberate process.
At my firm, we don’t start with documents. We start with a conversation about what you intend to build and protect. The process isn’t a checklist; it’s a series of intentional decisions about your family, your assets, and your legacy.
Establishing the Foundation: Intent and Inventory
Before we can draft a single clause, we must understand the landscape. This means taking a clear-eyed inventory of two things: your assets and your relationships. The first is a practical exercise—listing real estate, investment accounts, business interests, and insurance policies. This inventory defines the scope of our work.
The second part is more profound. We discuss your family—the people who depend on you and the people you wish to provide for. Are there children from a previous marriage? A beneficiary with special needs? A family business that requires a specific succession plan? These conversations are the most important part of my work. A will that simply divides assets without considering the human dynamics can create the very conflict it was meant to prevent.
Only when we have a clear picture of the assets and the family goals can we begin to structure a plan that serves as a true work of stewardship.
Appointing Your Stewards and Forging the Instruments
With a clear foundation, the next phase is to choose the people who will execute your plan and to create the legal instruments they will use. I call these individuals your stewards—the executor of your will, the trustee of your trust, the agent under your power of attorney. These are not honorary titles; they are jobs that carry significant legal weight and fiduciary duty.
Choosing the right person is critical. They must be trustworthy, organized, and capable of acting prudently under pressure. New York law is specific about who is qualified to serve. For instance, SCPA §707 outlines who is ineligible to act as a fiduciary, which includes non-domiciliary aliens (with some exceptions), felons, and others deemed unsuitable by the court. The law itself underscores the gravity of this appointment. We will spend considerable time discussing candidates and contingencies—who serves if your first choice is unable?
Once your fiduciaries are chosen, we create the documents that grant them authority and give them instructions:
- The Last Will and Testament: The foundational document that directs the distribution of your assets through the Surrogate’s Court.
- Trusts: Whether revocable or irrevocable, trusts are powerful instruments for managing assets, protecting beneficiaries, and avoiding probate.
- Power of Attorney: Appoints someone to handle your financial affairs if you become incapacitated.
- Health Care Proxy and Living Will: Appoints an agent for medical decisions and outlines your wishes for end-of-life care.
These documents work together, creating a framework to protect you during your life and provide for your family after your death.
The Plan as a Living Commitment
A common mistake is to sign the documents, place them in a safe, and never think about them again. An estate plan is not a static project; it’s an ongoing process. I advise my clients to review their plans every three to five years, or after any major life event—a marriage, a divorce, the birth of a child, a significant change in wealth.
Laws change. Family circumstances change. Your intentions may change. A regular review ensures that the plan we built continues to reflect your wishes and functions effectively under current law. This ongoing commitment is the final, and perhaps most important, part of the process. It is the active stewardship of your own legacy.
Stewardship.
The work begins with a simple act of organization. I suggest you create a one-page summary of your key fiduciaries—your executor, trustee, and agents—and your primary assets. If that list doesn’t reflect your current reality, it is time to schedule a formal review of your estate plan.
