If you are like most people, you have not yet gotten around to creating your estate plan. You may even wonder whether you have an estate worth planning for.
The short answer is: Yes! But in the event you never get around to creating your own plan, you should know that the State of California and the IRS have a one-size-fits-all solution for you. Without a formal estate plan that holds your property in an asset preserving way, the State and the IRS will distribute your estate according to the laws of intestacy.
An executor will be appointed by the probate court. Fees will pile up. Taxes will be owed. And someone you have never even met will determine what happens to everything you have spent your life working for. A properly drafted estate plan avoids all of this, carrying out your wishes at the time of your death, in accord with a plan you have created while you are alive and well.