Estate Planning, Probate, and Trust Administration
Estate planning is the process of establishing a plan for managing and distributing your assets upon your death and a plan for handling health care and finance decisions when you cannot handle them yourself.
Important benefits of estate planning:
- Providing for your minor children
- Avoidance of probate costs and lengthy delays
- Substantial tax savings
Non-monetary benefits are peace of mind knowing that you are prepared should you be hospitalized or incapacitated, and promoting harmony among the family members through open communication.
We create a personalized and comprehensive estate plan tailored to your unique needs.
The following documents are the main documents in estate planning.
In your Will, you will designate an executor for your estate. You will also name your beneficiaries and direct the disposition of your estate assets. If you have a minor child or children, you will name your child’s guardian if you pass away while your child is a minor.
Revocable Living Trust
Depending on the nature of your assets and family situation, setting up a revocable living trust as part of your estate plan may be desirable.
The benefits of establishing a revocable living trust include the following:
- During your life, you will continue to have full control over your assets;
- If you become incapacitated due to illness or old age, your successor trustee will manage your assets for your benefit; and
- After your death, your assets will not be subject to probate. They will be either distributed to your beneficiaries or held for the benefit of your beneficiaries, depending on your wishes.
Your successor trustee may be your family member, relative, or friend. It may be appropriate to choose a professional fiduciary, depending on the situation.
A living trust allows you to plan your estate in the most flexible manner taking into account possible changed circumstances.
Power of Attorney
In your Power of Attorney, you will designate a power of attorney for finance (attorney-in-fact) so that during your incapacity, your finance can be handled for you by someone you trust.
Advance Health Care Directive
In your Advance Health Care Directive, you will designate a power of attorney for health care, who will make health care decisions for you during your incapacity. You may also clarify your wishes concerning health care and end-of-life decisions.
Probate is a court process wherein the decedent’s assets are distributed according to the terms of the will or the California Probate Code.
Organizing the financial and personal affairs of the estate, accounting for the estate’s assets, transferring the assets to beneficiaries, and probate court filings. The probate process usually takes one to one-and-a-half years, although it may sometimes take longer. The California statute sets the attorney’s fees. We assist clients in administering the decedent’s estate and probate proceedings.
After a person with a revocable living trust passes away, steps must be taken to carry out the terms of the trust.
This process typically involves:
Our firm works with the successor trustee to identify the assets held in the trust, marshal the assets, and distribute the assets to the intended beneficiaries. We assist clients with trust administration for both short and long-term duration.
Native Japanese Speaking and Bilingual in English
As native Japanese speakers and bilingual in English, we are especially interested in acting as a trusted partner to support people in the Asian community in California.