If you do not have children, you may think that estate planning is not as urgent or important as it is for those with children, but this is untrue.
Most married couples assume that their estate will pass to their spouse after their death. However, if your spouse passes before you – or you are unmarried – and you do not have a comprehensive estate plan in place, a court will determine what happens to your assets and financial legacy.
If you have no descendants or family and you live in New York state, your assets will be absorbed by the state.
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