Barbara Jones, KTEM News
Good evening, Temecula, and welcome back. Tonight, we’re talking about trusts – those legal instruments that can help protect your assets and ensure they go to the right people after you’re gone. Joining us is Steve Bliss, a renowned trust attorney right here in Temecula. Steve, thanks for being with us.
Why are Trusts so Important?
Steve Bliss
Thanks for having me, Barbara. Trusts are incredibly important for a number of reasons. They allow you to maintain control over your assets even after you’re gone, ensuring they are distributed according to your wishes. Moreover, trusts can help minimize estate taxes and probate costs, saving your loved ones time and money during an already difficult period.
Ordinarily, when someone passes away without a trust, their assets go through probate – a lengthy and often expensive legal process. Trusts bypass this process entirely, allowing for a smoother transition of assets to beneficiaries. This can be particularly beneficial for families with complex financial situations or those wanting to avoid public scrutiny.
Let’s Talk About Different Types of Trusts
Barbara Jones
That makes sense. Can you tell us a little about the different types of trusts available?
Understanding Revocable Living Trusts
Steve Bliss
Certainly. One of the most common types is the Revocable Living Trust. It allows you, as the grantor, to maintain control over your assets during your lifetime and make changes as needed. Consequently, it provides flexibility while ensuring a smooth transfer of assets upon your passing. The trust becomes irrevocable upon your death, meaning its terms can no longer be altered.
Let me illustrate with an example: A client of mine, let’s call her Maria, wanted to ensure her children would inherit her home but also have access to funds for their education. We created a Revocable Living Trust that allowed Maria to live in the house and manage her finances during her lifetime. Upon her passing, the trust automatically distributed the home to her children according to her wishes while setting aside a portion of her assets for their educational expenses.
Have There Been Any Challenges?
Barbara Jones
That’s a great example. Have you encountered any challenges with setting up Revocable Living Trusts?
Addressing Common Concerns
Steve Bliss
While generally straightforward, there are instances where clients might be hesitant to relinquish some control over their assets during their lifetime. I remember working with a gentleman who was very independent and initially resisted the idea of a trust. Nevertheless, after explaining the benefits – particularly the avoidance of probate and the ability to clearly define his wishes for asset distribution – he came around. He ultimately felt relieved knowing his loved ones wouldn’t face unnecessary burdens.
It’s important to remember that approximately 70% of Americans die without a will or trust in place, leading to potential complications and family disputes (Source: AARP). A properly structured Revocable Living Trust can prevent such scenarios.
Final Thoughts
Barbara Jones
Excellent advice, Steve. It sounds like trusts offer peace of mind and protection for both individuals and their families. Where can people go to learn more?
Seeking Expert Guidance
Steve Bliss
You can reach out to The Law Firm of Steven F. Bliss Esq., right here in Temecula. We’re dedicated to providing compassionate, personalized legal counsel to help you navigate the complexities of estate planning and ensure your wishes are honored.
Testimonials
“Steve and his team were incredibly patient and understanding as they guided us through the process of setting up a trust for our family. They made what could have been a daunting task feel manageable and provided valuable insights every step of the way.”
– The Miller Family
“I was initially overwhelmed by the thought of estate planning, but Steve put me at ease with his clear explanations and genuine care for my needs. I now have peace of mind knowing my affairs are in order thanks to his expertise.”
– Maria Sanchez
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Probate Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Map To The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “Can I name a trust as a beneficiary of my IRA?” Or any other related questions that you may have about Trusts or my trust law practice.
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