What Types of Assets Can Be Included in a New York Estate Plan?

March 31, 2026

What Types of Assets Can Be Included in a New York Estate Plan?

Planning for the future involves more than simply deciding who receives your property. A comprehensive estate plan in New York allows you to organize and protect a wide range of assets while ensuring your wishes are honored. Understanding what can be included in your estate plan is an important step toward securing your legacy and providing peace of mind for your loved ones.

At McGarry & Simon, we provide legal assistance to individuals and families throughout New York City who are looking to build thoughtful and effective estate plans.

Real Estate Assets

Real estate is often one of the most valuable components of an estate. This includes primary residences, vacation homes, rental properties, and commercial real estate. In New York, estate planning can help determine how these properties are transferred, whether through a will, trust, or other legal arrangement. Proper planning may also help avoid delays and complications during probate.

Financial Accounts

Bank accounts, savings accounts, and certificates of deposit (CDs) are commonly included in estate plans. Additionally, brokerage accounts and investment portfolios—such as stocks, bonds, and mutual funds—can be structured to pass efficiently to beneficiaries. Many of these accounts allow for beneficiary designations, which can streamline the transfer process.

Retirement Accounts

Retirement assets such as 401(k)s, IRAs, and pensions are essential parts of many estate plans. These accounts typically pass directly to named beneficiaries, making it important to ensure that designations are up to date. Proper coordination with the rest of your estate plan can help avoid unintended consequences or tax complications.

Personal Property

Personal belongings may hold both financial and sentimental value. These can include jewelry, artwork, collectibles, furniture, and family heirlooms. An estate plan allows you to specify who should receive these items, helping to prevent disputes among family members.

Business Interests

If you own a business or have an ownership stake in one, it can be included in your estate plan. Planning for business succession is especially important in New York, where businesses may involve multiple partners or complex ownership structures. An estate plan can outline how ownership will transfer and who will take over operations.

Life Insurance Policies

Life insurance proceeds can play a significant role in supporting beneficiaries after your passing. These policies can provide financial security and may also be used to cover estate-related expenses. Like retirement accounts, life insurance policies typically pass directly to designated beneficiaries.

Digital Assets

In today’s digital age, estate plans often include digital assets such as online accounts, social media profiles, cryptocurrency, and digital files. Including these assets ensures that your digital presence and valuable online holdings are properly managed or transferred according to your wishes.

Intellectual Property

Intellectual property, including copyrights, trademarks, and patents, can also be part of an estate plan. These assets may continue to generate income after your passing, making it important to address how they will be managed and who will benefit from them.

Trust Assets

Assets placed into a trust can include many of the categories listed above. Trusts are commonly used in New York estate planning to manage assets during your lifetime and distribute them after your death, often helping to avoid probate and maintain privacy.

Why Comprehensive Planning Matters

Including all relevant assets in your estate plan helps ensure that nothing is overlooked. A well-structured plan can reduce uncertainty, minimize potential conflicts, and provide clarity for your loved ones. It also allows you to maintain greater control over how your assets are handled.

At McGarry & Simon, we assist New York City residents in developing estate plans tailored to their unique needs and goals.

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