The short answer to this question is that you already do have an estate plan, even if you do not prepare one for yourself. The State in which you live has prepared an estate plan for you called “Intestate Succession.” Your State’s plan controls who will receive your home, investments, bank accounts and other assets at the time of your death, who will be in charge of distributing your assets, and who will care for your minor children. Fortunately, you have the choice of creating your own personalized estate plan designed to meet your goals. However, you can only replace the State ’s plan by creating your own personal estate plan.
