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Estate Planning
Estate Planning is a responsibility, as well as a tremendous gift to your loved ones.
Estate planning is not just for older people or people who have accumulated significant wealth. Estate planning is for parents, life partners, young families, blended families, business owners, and everyone who wants to be prepared for the uncertainties of life, including unexpected death or sudden incapacity. Estate planning helps ensure your loved ones are taken care of, whether that includes naming guardians for your minor children, paying for college, caring for a special needs child or elderly parent, or avoiding interference by harmful relatives. Estate planning can ensure your business will remain operational in the event you are sidelined with an unexpected illness or injury, and will remain viable if you retire or die.
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Estate planning is as important for the present, as it is for the future. Peace of mind comes from knowing your objectives and wishes are set forth clearly in legal documents that will be honored and respected.
You need estate planning if you:
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Have assets you want to go to specific people
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Want a specific person you trust to be in charge of handling your financial affairs, business matters, and health decisions while alive, and your estate after death
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Want to make a gift to a cause close to your heart upon your death
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Want to simplify things as much as possible for your loved ones
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Have experienced certain life events – marriage, divorce, the purchase of a home, or the birth or adoption of children or grandchildren
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Are concerned a dispute could arise about your estate
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Estate planning requires more than transcribing your wishes into form documents. An experienced estate planning attorney will ask questions to gain a thorough understanding of your assets and family, evaluate potential issues you may not have considered, and explain options and recommendations for your circumstances so that clear, understandable documents are drafted.
The Law Office of Rhea Ikemiya offers comprehensive estate planning services for individuals of all ages and income levels and is here to help.
Estate Administration
When someone dies, the transfer of his or her estate can be a daunting and overwhelming task during an emotional and difficult time. After an initial determination is made about whether the person had an estate plan and who will be handling the estate, information about the person's assets and heirs and beneficiaries needs to be gathered. The estate will be transferred through probate, trust administration, or sometimes, specific procedures established by a bank, insurance company, or government entity.
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Probate is a formal proceeding where the personal representative acts under the supervision of the court, to perform specific duties which include:
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Filing the Will (if one exists) and Petition for Probate with the court
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Demonstrating to the court the Will is valid
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Obtaining Letters Testamentary or Letters of Administration, which authorize the personal representative to perform duties
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Establishing an estate banking account
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Taking inventory of the estate assets and obtaining appraisals for real estate, collectibles, jewelry, and other valuables and filing the inventory with the court
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Identifying debtors
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Paying taxes and other bills
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Resolving any disputes
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Requesting court approval to distribute remaining assets and to close the estate
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Trust administration is conducted by the person identified in the trust document as the successor trustee. This person has certain duties, to keep trust beneficiaries informed and ensure trust assets are properly distributed as set forth in the trust document, which include:
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Notifying beneficiaries and heirs within 60 days of death
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Filing the Will with the Clerk of the Court
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Changing title on real property and changing ownership on bank accounts
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Filing claims for insurance and government benefits
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Paying bills, expenses, and taxes out of the trust estate
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Collecting, managing, investing, and distributing assets appropriately
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Both probate and trust administration can be complicated and time-consuming. Personal representatives and trustees have fiduciary duties and must comply with requirements set forth by law. We offer experience, insight, and personal attention to guide you through the process, whether through formal probate proceedings or trust administration.
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