Today we’re talking with San Diego Probate Attorney Steve Bliss of San Diego Probate Law about estate planning and the various types of trusts available to help individuals protect their assets and ensure their wishes are carried out after they pass away.
What are some of the most common types of trusts used in estate planning?
Steve explains that there are several types of trusts, each serving a different purpose. “Revocable living trusts are by far the most popular,” he says. “They offer flexibility during your lifetime and allow you to avoid probate, which can be a lengthy and expensive process.
A revocable trust lets you manage your assets while you’re alive and make changes as needed. It becomes irrevocable upon your death, ensuring your assets are distributed according to your wishes.”
Can you elaborate on the benefits of a revocable living trust?
Steve highlights several key advantages. “Firstly, probate avoidance is a major benefit,” he explains. “Probate can be time-consuming and costly for your heirs. A revocable living trust bypasses this process entirely, allowing your assets to be distributed directly to your beneficiaries.”
He continues, “Secondly, privacy is another important factor. Unlike wills which become public record during probate, the terms of a revocable living trust remain confidential. This can be especially appealing for individuals who value their privacy.”
Steve adds that a revocable living trust also provides asset protection. “While you are alive, assets held in the trust are generally shielded from creditors.” He notes, however, that this protection may vary depending on individual circumstances and state laws.
Have you encountered any challenges or unique situations involving revocable living trusts?
Steve recalls a case where a client had neglected to update their revocable living trust after a significant life event. “Their daughter had gotten married, and they wanted to ensure she inherited her portion of the estate with her husband,” he explains. “Fortunately, we were able to amend the trust before the client’s passing, avoiding potential conflict and ensuring their wishes were fulfilled.”
He emphasizes the importance of regularly reviewing and updating your trust documents as circumstances change. “Life is unpredictable, and it’s crucial to ensure your trust reflects your current desires,” he advises.
What advice would you give to someone considering establishing a revocable living trust?
Steve urges individuals to consult with an experienced estate planning attorney. “Creating a trust involves careful consideration of various legal and financial factors,” he says.
“An attorney can guide you through the process, tailor the trust to your specific needs, and ensure it complies with California law.”
According to the American Bar Association, over 50% of Americans die without a will or trust in place.
A well-crafted revocable living trust can provide peace of mind knowing that your loved ones will be taken care of and your assets distributed according to your wishes.
Discover the Benefits of San Diego Probate Law
“Steve Bliss and his team were incredibly helpful in guiding me through the complex process of setting up my estate plan,” says one satisfied client. “They took the time to understand my needs and goals, and they explained everything clearly and patiently.”
Another client shares, “I was impressed with San Diego Probate Law’s professionalism and attention to detail. They made what could have been a stressful experience surprisingly smooth and reassuring.”
Empower yourself and your loved ones by planning for the future today. Contact San Diego Probate Law to schedule a consultation and discover how a revocable living trust can protect your legacy.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “Can a trust go on forever?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Estate Lawyers |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyers San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyers |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Estate Lawyers |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyers San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Estate Lawyers in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |