The purpose of estate planning is three-fold:
Make sure your minor children and your assets go where you want when you die
Avoid the expensive, time-consuming public process of probate
Minimize or eliminate estate and/or inheritance taxes
Just about everyone needs to do at least a little estate planning. Certainly, if you have acquired significant assets ($20,000+) and care about who they go to when you die, you need estate planning. Likewise, if you have even one child, you need to do at least some estate planning.