Estate Planning

estate planning

Estate planning is the process of anticipating and arranging for the disposal of an estate during a person’s life. It typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. However, the ultimate goal of an estate plan is determined by your specific goals and may be as simple or complex as you want.

There are two basic types of estate plans: trust centered plan and will centered plan.

Everyone has heard the terms “will” and “trust,” but not everyone knows the differences between the two. Both are useful estate planning devices that serve different purposes, and both can work together to create a complete estate plan.

Wills and Trusts

One main difference between a will and a trust is that a will goes into effect only after you die, while a trust takes effect as soon as you create it. A will is a document that directs who will receive your property at your death and it appoints a legal representative to carry out your wishes. By contrast, a trust can be used to begin distributing property before death, at death or afterwards.

Another difference between a will and a trust is that a will passes through probate. That means a court oversees the administration of the will and ensures the will is valid and the property gets distributed the way the deceased wanted. A trust passes outside of probate, so a court does not need to oversee the process, which can save time and money. Unlike a will, which becomes part of the public record, a trust can remain private.

For those who own a piece of real property or have more than $150,000 in his/her name would most likely need the TRUST centered estate plan. The TRUST centered and the WILL centered plan are similar in that they consist of similar documents:

Will Centered

  • Will
  • Durable Power of Attorney for Finances
  • Advance Health Care Directive
  • HIPAA Authorization

Trust Centered

  • Revocable Trust
  • Certification of Trust
  • Pour Over Will
  • Durable Power of Attorney for Finances
  • Advance Health Care Directive
  • HIPAA Authorization
  • Funding of Trust

Frequently Asked Questions

Q: What is probate?

A: Probate is a court process. Generally, there are several steps to this process. The court appoints a person to be in charge of the decedent’s estate. This person is called the personal representative. This individual gathers, sells, and distributes the decedent’s assets to the appropriate persons or entities, pays the decedent’s appropriate bills, and files tax returns. All of this is done under the court’s supervision.

Q: Why do people want to avoid probate?

A: It can be a time consuming and costly process. Proper estate planning can avoid Probate. If you do need to go through the Probate process, I can help you through every step of the process.

Q: What happens if I die without a Will?

A: In California, if you die without a Will the State of California and the Superior Court will decide who will be in charge of your estate and who will inherit your estate.

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Testimonials

Sharon Yoon is trusted and relied upon by many. See what others say about her.

Estate Planning Attorney

CHRIS P. – FACEBOOK

“Sharon takes something that could be stressful and emotional and turns it into an easy process that gives me peace of mind. She is very organized, friendly and approachable. She is very knowledgeable in helping out how to protect family’s assets.”

Estate Planning Attorney

ALEEM K. – YELP

“Sharon was great! Very thorough, very on top of things. She made the process very easy. I would highly recommend her for trust formation.”

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Trust and Estate Planning Attorney Near Me

S. Sharon Yoon is a licensed attorney offers estate planning services to those living in Ventura County.

S. Sharon Yoon is a Certified Specialist in Estate Planning, Trust and Probate Law

Probate

Probate is the court supervised process for identifying a decedent’s assets, taxes, debts, and expenses and distributing the balance to beneficiaries.

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Estate Planning and Living Trust

Let Sharon advise you on the differences between a living trust and a will, and how they will benefit you and loved ones.

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Medi-Cal Planning

Medi-Cal is California’s version of Medicaid. There are certain eligibility requirements for this program that can be hard to overcome.

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Trust Administration

People create trusts during their lifetimes to protect their families from the costly & timely process of probate, to reduce estate taxes, to protect a loved one.

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