The Importance of a Multigenerational Estate Plan

Estate choices shape the futures of your children and grandchildren. In New York, clear plans and awareness of local court rules prevent outcomes you never intended.

Why multigenerational planning matters

New York’s default inheritance law often conflicts with personal wishes. If you die without a will, your spouse receives $50,000 plus half your estate while your children inherit the rest. Stepchildren and foster children have no automatic rights unless adopted. For blended or extended families, those gaps can cause serious problems.

When you treat your estate as a multigenerational project, you align today’s decisions to protect future generations from confusion or disputes.

Practical ways to plan together

Share roles and boundaries, not every number. Use trusts for special-needs heirs, explore intra-family loans before reverse mortgages and you may review powers of attorney so agents can act early if your capacity declines. You may focus on these key areas that often need input from multiple generations:

• Special-needs coordination: Maintain benefits while funding care.
• Lifetime gifts: Provide help when it creates the most impact.
• Dynasty protection: Guard family wealth from creditors and divorce.
• Long-term care: Put your housing and care preferences in writing.

Each decision strengthens how your family manages money, care and inheritance over time.

Build structure that lasts

Use revocable and irrevocable trusts, beneficiary designations and current powers of attorney. Schedule reviews after major life events. Put clear guidance in writing so future trustees and agents can follow your intent.

Plan together, document your choices and revisit them as life changes. If you do nothing, New York’s default rules will determine outcomes you never wanted.

Protecting your family legacy

Review your plan regularly especially after major life changes. Update wills, trusts and powers of attorney to reflect new relationships or goals. Without clear documents, state law—not your intent—dictates who inherits.

Because estate and probate rules in New York can be complex, it may be recommended to discuss your plan with an experienced estate planning attorney. A knowledgeable professional can help ensure your documents comply with state law and reflect your long-term family goals.