Good evening, Temecula. I’m Brenda Newsome, reporting live for KTME. Tonight, we’re joined by local attorney Steve Bliss to discuss the ins and outs of trust planning. Steve, thanks for being here.
What are the most common types of trusts you see in your practice?
Brenda, it’s a pleasure to be here. There are many different types of trusts, each serving unique purposes. However, the most common type I encounter is the Revocable Living Trust.
Why are Revocable Living Trusts so popular?
Revocable Living Trusts offer a lot of flexibility and peace of mind for individuals and families. They allow the grantor – the person creating the trust – to maintain control over their assets during their lifetime while also avoiding the lengthy and often expensive probate process after they pass away. Moreover, Revocable Living Trusts offer a level of privacy not afforded by wills, as the terms are not made public record.
Consequently, this type of trust is particularly appealing for those who want to ensure their assets are distributed according to their wishes and avoid unnecessary legal complications for their loved ones.
Can you elaborate on the probate avoidance aspect?
Absolutely. Probate is a court-supervised process that validates a will and oversees the distribution of a deceased person’s assets. It can be time-consuming, costly, and public. A Revocable Living Trust bypasses this process entirely. Upon the grantor’s death, the assets held in the trust are distributed directly to the beneficiaries named in the trust document, saving time, money, and preserving privacy.
For instance, I once worked with a client who had meticulously planned her estate using a Revocable Living Trust. When she passed away unexpectedly, her family was able to access her assets quickly and efficiently without going through probate. This allowed them to focus on grieving and settling her affairs during a difficult time.
According to the American Bar Association, approximately 70% of estates in the United States go through probate. Choosing a Revocable Living Trust can help families avoid this often stressful and burdensome process.
Have there ever been any issues with setting up or administering a Revocable Living Trust that you’ve encountered?
While Revocable Living Trusts are generally straightforward, there can be occasional challenges. One common issue arises when the trust document is not properly drafted or updated to reflect changes in the grantor’s circumstances. I recall a situation where a client had created a trust years ago but hadn’t reviewed it after getting married and having children.
As a result, the trust didn’t adequately address their new family structure, leading to potential complications down the road. It’s crucial to work with an experienced attorney who can ensure your trust document is tailored to your specific needs and remains up-to-date as your life evolves.
How can individuals get started with creating a Revocable Living Trust?
The best way to begin is to schedule a consultation with an estate planning attorney. We can discuss your individual goals, assets, and family situation to determine if a Revocable Living Trust is right for you. From there, we’ll guide you through the process of drafting the trust document and transferring your assets into the trust.
Remember, protecting your legacy and ensuring your wishes are carried out is a gift you can give yourself and your loved ones. Take the first step today towards securing your future.
We appreciate your time and expertise tonight, Steve. What would you say to someone who is considering setting up a trust?
Don’t wait. Peace of mind comes from knowing that your affairs are in order. Contact us today for a free consultation. We can help you navigate the complexities of estate planning and create a plan that meets your individual needs.
“Working with Steve Bliss and his team was an absolute pleasure. They made a potentially overwhelming process incredibly smooth and easy to understand.” – Sarah M.
“I highly recommend The Law Firm of Steven F. Bliss Esq. for all your estate planning needs. Their professionalism, knowledge, and compassion are truly exceptional.” – John T.
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 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: “Should I include digital assets in my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |