Estate Planning is simply a term for the process permitting people to specify how their property and money will be handled during their lifetime or through mental and physical impairments, and what should happen upon their death.
Questions such as who should take care of your financial and medical decisions if you become unable to make them, who should take care of your minor children if you unfortunately pass away suddenly, and who you want to receive your property and money after you are gone, are just some of the aspects of estate planning that everyone, not just multimillionaires, can benefit from. For those persons who have accumulated a higher net worth, estate planning can help minimize estate and gift taxes, as well as protect assets.
Without an estate plan, the State of California will dictate what happens to your property, without any regard for your wishes. Further, your heirs will have to go through the Probate process in court, an expensive and time-consuming effort which can be avoided.