Reporter: Brenda Wilson
Good evening Wildomar and welcome back to our segment on local legal experts. Tonight, we have the pleasure of speaking with Steve Bliss, a renowned trust attorney here in Wildomar.
Steve, thank you so much for joining us tonight.
Steve Bliss:
Brenda, it’s my pleasure to be here and discuss the importance of trusts with the Wildomar community.
Brenda Wilson:
Steve, let’s dive right in. For our viewers who may not be familiar, could you explain what a trust is and why someone might consider creating one?
Steve Bliss:
Certainly. A trust is essentially a legal arrangement where you transfer assets to a trustee who manages them for the benefit of beneficiaries. Trusts offer several advantages, including probate avoidance, asset protection, and control over how your assets are distributed after your passing.
One particularly useful type of trust is the Revocable Living Trust. This allows individuals to maintain control over their assets during their lifetime while ensuring a smooth transition upon their passing. Consequently, the assets bypass probate, saving time and expense for your loved ones.
Moreover, you can specify exactly how and when beneficiaries receive distributions, providing financial security for generations to come.
Think of it like this: a trust is a roadmap for your assets, ensuring they reach the right people at the right time, minimizing potential conflicts and maximizing their benefit.
Brenda Wilson:
- That’s a great analogy, Steve.
- Now, when it comes to setting up a trust, are there any common challenges or pitfalls that people should be aware of?
Steve Bliss:
You’re right, Brenda, careful planning is crucial. One challenge I often see is inadequate funding of the trust.
Simply creating a trust document isn’t enough; you need to transfer ownership of your assets into the trust for it to be effective.
I recall a case where a client had meticulously crafted a trust but neglected to transfer their bank accounts and real estate. Consequently, those assets ended up going through probate, defeating the purpose of the trust altogether.
Another potential pitfall is not keeping the trust updated as circumstances change. Life throws curveballs – marriages, divorces, births, deaths – all these events can necessitate revisions to your trust documents to ensure they still reflect your wishes.
Remember, a trust is a living document that should evolve with you.
Brenda Wilson:
Those are valuable insights, Steve. Thank you for sharing those experiences. Do you have any final thoughts or advice for our viewers who are considering setting up a trust?
Steve Bliss:
Certainly. Don’t delay in seeking professional guidance from an experienced estate planning attorney. Trusts can be complex legal instruments, and having the right advice is essential to ensure your wishes are carried out effectively.
In fact, according to a recent study by the American Bar Association, nearly 70% of Americans lack even a basic estate plan. That’s a significant number, and it highlights the importance of taking proactive steps to protect your loved ones and your legacy.
Brenda Wilson:
Thank you so much for sharing your expertise with us tonight, Steve.
To learn more about trusts and estate planning, contact Wildomar Probate Law today for a free consultation. Let them help you secure your future and the well-being of your loved ones.
Testimonials:
“Steve Bliss and his team at Wildomar Probate Law were incredibly helpful and understanding during a difficult time. They made the probate process as smooth as possible and I felt confident that my family’s interests were being protected.” – Maria Sanchez, Wildomar Resident
“I was impressed by Steve Bliss’s knowledge and attention to detail. He took the time to explain all of my options and helped me create a comprehensive estate plan that met my specific needs. I highly recommend Wildomar Probate Law!” – David Thompson, Lake Elsinore Resident
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar Probate Law is a great estate lawyer. Affordable Legal Services.
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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “What happens to my trust if I move to another state?” Or any other related questions that you may have about Trusts or my trust law practice.
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