Mother’s Day is a time to acknowledge and reflect on the women who shape their families in countless ways. Many women are the ones coordinating school drop-offs, managing doctor’s appointments, juggling work and family schedules, and making sure everyone has what they need, often all at once. Whether you’re raising young children, supporting older ones, helping with grandchildren, or caring for loved ones, your role leaves a lasting impact, even if it isn’t always recognized in the moment.
Amid daily responsibilities, it can be easy to put off thinking about the future. But taking a little time now to plan for the future can be one of the most meaningful ways to support the people you love. Estate planning isn’t just about legal documents. It’s about making thoughtful decisions that help protect your family, provide clarity, and reflect your values.
If you live in New York, here are five key estate planning tips every mom should know:
1. Name a Guardian for Your Children
If you’re a parent of young children, one of the most important things you can do is name a guardian in your will. This gives you a say in who will care for your kids if something happens to you. While a judge makes the final decision, the person you name is usually given serious consideration, and it provides the court with helpful guidance during a difficult time.
Tip: Discuss your decision with the person you intend to name as guardian to ensure they’re willing and prepared for the responsibility.
2. Don’t Leave Assets Directly to Minors
Minors in New York can’t legally receive an inheritance outright. If you leave money or other assets directly to a child, the court may appoint someone to manage the inheritance, and the child could gain full access at 18, even if they are not mature enough to handle it wisely.
Creating a trust lets you choose a responsible adult to manage the assets and control how and when they are distributed to the minor child.
Tip: Many parents structure distributions by age or link them to milestones, such as graduating from college, obtaining employment, or buying a first home.
3. Choose Someone to Make Legal and Medical Decisions if You Can’t
If you become incapacitated due to illness or injury, your family cannot automatically step in to manage your affairs. In New York, you need to sign a Power of Attorney to authorize someone to handle financial matters, and a Health Care Proxy to name an agent to make medical decisions on your behalf.
Without these estate planning tools, your loved ones may have to file a petition and go through a legal process to become your guardian. That process can be costly, stressful, and time-consuming.
Tip: Store these documents in a safe but accessible place, and ensure the agents you appoint or someone you trust knows where to find them in an emergency.
4. Keep Your Plan Up to Date
Your life and your family can change quickly. A new baby, divorce, loss of a loved one, or a change in income may affect your estate plan. New York law also changes from time to time, which could impact how your plan works.
Tip: Review your will, trust, and other estate documents every 3–5 years, or sooner if something significant changes in your life.
5. Coordinate Your Estate Plan with Beneficiary Designations
Even a perfectly drafted will or trust can fall apart if your beneficiary designations don’t match your plan. In New York, the names listed on retirement, life insurance, and payable-on-death bank accounts take legal priority over your will or trust.
This means if you named an ex-spouse as a beneficiary or an individual you are no longer close to they could inherit simply because you never updated your beneficiary designation form.
Tip: Take a moment next week to review the beneficiary designations on your accounts. People often overlook them, but updating your designations is one of the simplest ways to make sure your money ends up in the right hands.
Final Thoughts
As a mom, or someone who fills that role, you spend your life caring for others. This Mother’s Day, take a moment to plan for yourself and the people who count on you most. A well-crafted estate plan can protect your children, reduce future stress, and make sure your wishes are honored.
If you’re ready to put a plan in place or update one that’s outdated, we’re here to help. Schedule a Life, Family, and Legacy Strategy Session or Discovery Call today.
