Read about Conservatorships Read about Types of Trusts Read about Guardianships ABOUT PROBATE: What is probate? Probate is a public legal process which the court controls the distribution of your assests when you die. Also, through probate, your debts are paid and your assets are distributed according to your will. If you don't have a valid will, your assets are distributed according to California state law. Probate attorney fees and costs are currently approximately 5% of your estate's total assets. $42,000.00 for an estate with a gross value of $1,000,000.00 and $8,000.00 for a gross value of $150,000.00. Probate generally takes 9 months to 15 months to complete. Probate accomplishes three areas: 1. Determines what property is owned by the decendent 2. Pays the decendent's debts and taxes 3. Distributes all property that is left to the appropriate beneficiaries What is not probated? Real property valued at the date of death under $100,000 (small estate proceeding only); Personal property valued at the date of death under $60,000; Joint tenancy property; Life Insurance with a named living beneficiary; Pension plans; Property in living trust; Money in a bank account that has a named living beneficiary who is to be paid on death (Totten Trust); Individual retirement accounts (IRA's) or other retirement plans that have a named living beneficiary. What is a living Trust? A living trust is a legal document that contains your instructions for what you want to happen to your assets and minor children when you die. A living trusts avoids probate. At the time you die your trust manager can control all of your assets. A living trust also prevents the courts from controlling your assets in the event you should become incapacitated. A living trust generally takes 2-3 weeks to complete. What is a power of attorney? A power of attorney is a legal document indicating whom you have selected to manage your health and/or financial affairs in the event you should become incapacitated. What is a medical health care directive? A medical health care directive is a legal document indicating your wishes in case you are unable to make medical decisions. For instance if you wish not to remain on life support, or not want to be kept alive under artificial means, the health care directive gives instructions to the person you choose to 'unplug" the life support machines. This document also allows you to give instruction as to giving or not to give your organs for research at the time of your death.