While some New York parents may wish to split their assets equally among their children, there is no requirement to do so. For instance, a parent may decide to give one child a larger share that the others will be receiving. This could be because a child played a bigger role in caring for a parent or simply had a closer relationship.
For many New York residents, their most valuable asset is their IRA or other retirement account. Therefore, it is often prudent for individuals to find ways in which they can pass these assets to the individuals of their choice.