If you do NOT have a plan for your family estate, don’t worry the state does. But you won’t like it! Probate is a state legal hierarchy that distributes your assets according to its terms. If you do not have a Living Trust, then your estate will go through state probate. Your family will find themselves trapped in this ancient and archaic system burdened with delays, red tape, taxes, statutory attorney and executor fees, filing fees and publicity. A Living Trust will avoid all of these possible governmental nightmares.
If you choose NOT to plan your own estate, it will be done for you through the Probate and Estate and Gift Tax systems