1. What happens if I die without a will?      If you die without a will, it is called dying "intestate." California law provides what will happen to your assets. It depends whether you are single or married and have one or more children. Sometimes California law will distribute your assets consistently with your intentions. Your assets still may be subject to probate, if they exceed $100,000 in value, especially if you do not have a spouse. Some assets may pass outside of probate, such as joint tenancy property, insurance, and retirement plans. 2. How do I make my will a "legal document?"      You must sign and date your will in front of at least two witnesses, who are not relatives and who do not benefit from your will. If you have a "holographic" will, which is completely handwritten by you on plain paper without anything printed on it (including letterhead), you may sign and date it without witnesses and it will be valid. 3. When should I update my will?      When you marry, divorce, or have children, you should revise your estate plan promptly. If a major revision in the estate tax laws occurs, which happened in 2001, it is a good time to review your estate plan. 4. How is a trust different from a will? Under what circumstances should I prefer a trust to a will?      They are both estate plan documents. A "revocable" or "family" or "living" trust describes how your assets are handled while you are alive and can act as trustee, and what happens to them if you become incapacitated or die. Your successor trustee can distribute the assets in the trust at your death without the probate process. Assets that are not in a trust may be subject to probate. See FAQ's #1and #5.      It is also possible to plan an estate, through either a properly drafted trust or will, to take advantage of estate and gift tax exclusions.      Generally, a trust is useful for an estate larger than $100,000, unless most assets can pass through joint tenancy, or by beneficiary designation, such as life insurance and retirement accounts. No matter what the size of the estate, a trust is useful for an incapacitated client, although a durable power of attorney may be appropriate under certain circumstances. See FAQ #6. 5. What exactly is "probate?" Is it avoidable?      "Probate" is a court process that provides supervision for transferring assets from a deceased person to his or her heirs. It is a matter of public record and typically lasts a minimum of six months from the date the probate is started until the assets are distributed. Attorneys can charge fees based on the value of the assets passing through probate. The probate court is also responsible for supervising the administration of assets of incapacitated persons in a conservatorship. Probate can be avoided principally through the use of a living trust. See FAQ #4. 6. What is a durable power of attorney?      A durable power of attorney for assets allows someone to appoint a spouse or other agent (attorney-in-fact) to handle financial matters for the principal, usually if he or she becomes incapacitated. A durable power of attorney for health care appoints an agent to make health care decisions on behalf of the principal if he or she is incapacitated. 7. What is a conservatorship?      It is a probate proceeding, in which a family member, other designated person, or sometimes a public agent, is appointed by the court to handle financial affairs for an incapacitated person. The court often requires the conservator to file periodic accountings and to seek permission to sell assets belonging to the conservatee. If you have a living trust in place, into which you have transferred your assets, you can generally avoid a conservatorship.