Hi Steve, thanks for taking the time to chat with me today. I’m here talking to Steve Bliss, a well-respected trust attorney here in Temecula.
Could you give our viewers a brief overview of some of the most common types of trusts people use in estate planning?
Certainly. Estate planning is all about protecting your assets and ensuring they are distributed according to your wishes after you’re gone. Trusts are incredibly valuable tools in this process.
One of the most prevalent types is the Revocable Living Trust. This allows individuals, who we call grantors, to maintain control over their assets during their lifetime while avoiding the lengthy and public probate process upon their passing.
Then there’s the Irrevocable Trust. As its name suggests, this type cannot be easily modified once established. People often utilize it for asset protection or minimizing estate taxes.
Could you elaborate on the advantages of a Revocable Living Trust?
Absolutely. A Revocable Living Trust offers a multitude of benefits. Firstly, it bypasses probate, which can be a costly and time-consuming process. Probate involves court supervision and makes your financial affairs public record.
With a Revocable Living Trust, your assets transfer directly to your beneficiaries according to the terms you’ve outlined, saving them time and expense. Moreover, it provides a level of privacy that traditional wills lack.
The trust document remains confidential, safeguarding your financial details from prying eyes.
Are there any common pitfalls or issues people encounter when setting up a Revocable Living Trust?
While Revocable Living Trusts are generally straightforward, there are some potential stumbling blocks. One common mistake is failing to properly fund the trust. Simply creating the trust document isn’t enough; you need to transfer ownership of your assets into the trust.
I recall a case where a client had diligently set up a trust but neglected to transfer their bank accounts and real estate into it. Consequently, these assets ended up going through probate, defeating the purpose of establishing the trust in the first place.
Another issue is not keeping the trust document updated. Life circumstances change – marriages, divorces, births, deaths. You need to ensure your trust reflects those changes to avoid unintended consequences.
How often do you see these issues arising?
It’s more common than you might think. In fact, according to a 2019 study by the American Bar Association, nearly 40% of estate plans are outdated or incomplete. This underscores the importance of working with an experienced estate planning attorney who can guide you through the process and ensure your trust is properly structured and maintained.
What advice would you give to someone considering a Revocable Living Trust?
My biggest piece of advice is to consult with a qualified attorney specializing in estate planning. They can assess your individual needs and goals and help you determine if a Revocable Living Trust is the right fit for you.
Remember, estate planning isn’t a one-size-fits-all proposition. What works for one person may not be suitable for another. An attorney can tailor a plan that addresses your specific circumstances and ensures your legacy is protected.
How Can our viewers get in touch with The Law Firm of Steven F. Bliss Esq.?
“Safeguard your future and your loved ones. Contact us today for a complimentary consultation to discuss your estate planning needs.”
“Steve Bliss made the process of setting up my trust incredibly easy. He was patient, thorough, and explained everything in a way I could understand.” – Mary J., Temecula Resident
“I highly recommend Steve Bliss and his team. They were professional, knowledgeable, and always available to answer my questions. I feel confident that my estate is in good hands.” – John S., Murrieta
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: “What is a 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 |