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Estate planning tips for New York residents

New York residents who are in their 30s may benefit from will planning in regard to their financial future. Such an estate plan can include the distribution of assets such as personal property, life insurance and annuities. Residents of the state may wish to consider a few key suggestions before moving forward with such a process.

Drafting a last will and testament can be an important part of estate planning. These documents allow for the distribution of assets and personal property after death. An individual can also decide who they wish to leave in charge of their estate. Another important piece of the estate planning process is the creation of a living will. In the event that a person becomes severely injured or disabled, living wills allow people to outline their final wishes for their care and treatment. A health care proxy can also be added to the living will.

Establishing a durable power of attorney allows residents to have a trusted individual handle their finances. This power can be transferred when someone becomes incapacitated or even during travel outside of the country. Purchasing a term life insurance policy may also help to secure the financial future of a surviving spouse, while establishment of a retirement plan not only benefits residents of the state in their senior years, but also helps the surviving spouse as well.

Residents should take care to keep the beneficiaries of retirement accounts and life insurance policies up-to-date. An estate plan and specified executor can help avoid a will contest or dispute among heirs. An estate planning attorney may be able to offer guidance and assistance in the creation of a valid will that allows for careful and deliberate distribution of assets and personal property upon death.

Source: Daily Finance, "6 Estate Planning Moves You Should Make in Your 30s", Michele Lerner, October 10, 2014

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