If you don't have an Estate Plan, what happens to your assets and children?
Your assets will be sold or given away as directed by California law regardless of where you would have had them go.
If you have children under 18 they will be taken care of by someone selected by the Court.
If you have real property it will go through a Court supervised process called Probate. This is an expensive and slow process after which the proceeds from the sale of your property (after paying the Probate and sale costs) will be distributed as the Court sees fit.
If you have pets, hopefully your friends or family will take them in.
If you are in an accident that leaves you unable to make medical or financial decisions it will slow important medical decisions and treatments and may devastate your finances.