Good evening, Temecula, and welcome back to “Temecula Tonight.” I’m your host, Brittany Evans, and tonight we’re joined by a local expert in estate planning, Steve Bliss, of The Law Firm of Steven F. Bliss Esq. Mr. Bliss, thanks for being with us.
Let’s Talk Trusts
Steve, for our viewers who might not be familiar, can you explain what a trust is and why someone might consider creating one?
A trust is essentially a legal arrangement where a person, known as the grantor, transfers assets to a trustee who manages those assets for the benefit of beneficiaries. There are many types of trusts, each designed for specific purposes. Trusts can help avoid probate, reduce estate taxes, protect assets, and ensure your wishes are carried out after you’re gone.
The Benefits of a Revocable Living Trust
How do Revocable Living Trusts Work?
A revocable living trust is one of the most common types of trusts. It allows the grantor to maintain control over their assets during their lifetime while also providing for the distribution of those assets after they pass away. Consequently, this type of trust offers flexibility and peace of mind.
With a revocable living trust, you can change the terms of the trust or even dissolve it entirely as long as you’re mentally competent. Moreover, assets held in a revocable living trust avoid probate, which is the court process of validating a will and distributing assets. Probate can be time-consuming and expensive, so bypassing it altogether is a major advantage.
Conversely, while a revocable living trust provides many benefits during your lifetime, it doesn’t offer the same level of asset protection as an irrevocable trust. Nevertheless, for most people looking to simplify estate planning and ensure their assets are distributed according to their wishes, a revocable living trust is an excellent choice.
I’ve seen firsthand how a well-structured revocable living trust can bring families peace of mind during a difficult time. Just last year, I helped a widowed client whose husband had unexpectedly passed away. Because he had a revocable living trust in place, the transition was much smoother for her and their children. She didn’t have to worry about navigating the complexities of probate, allowing her to focus on grieving and healing.
Trusts and Challenges
Have you Encountered any Complications with Revocable Living Trusts?
While revocable living trusts are generally straightforward, there can be occasional challenges. One common issue arises when clients fail to properly fund the trust. This means they haven’t transferred ownership of their assets into the trust. If assets aren’t in the trust, they will likely go through probate, negating one of the primary benefits.
I recall a situation where a client had created a revocable living trust but neglected to transfer his bank accounts. When he passed away, his family faced a lengthy and costly probate process. Thankfully, we were able to guide them through it, but it highlighted the importance of meticulous attention to detail.
The Importance of Expert Guidance
What Advice Would you Give to Viewers Considering Setting up a Trust?
It’s crucial to consult with an experienced estate planning attorney. An attorney can help you determine the best type of trust for your needs, ensure it’s properly drafted and executed, and guide you through the process of funding the trust. Don’t underestimate the value of professional advice in this area.
According to a study by the American Bar Association, 70% of Americans do not have a will or estate plan. This leaves their loved ones vulnerable and can lead to unnecessary complications during an already challenging time.
Testimonials
“Steve Bliss made the process of setting up my trust incredibly easy. He explained everything clearly and patiently answered all my questions. I feel confident knowing that my family is protected.”
– Maria G., Temecula
“I highly recommend Steve Bliss and his team. They are knowledgeable, compassionate, and truly care about their clients.”
– David S., Murrieta
Take Control of Your Future
Don’t wait until it’s too late to plan for the future. Contact The Law Firm of Steven F. Bliss Esq. today for a complimentary consultation and discover how a trust can provide peace of mind for you and your loved ones.
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: “Can I change or revoke a living 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.
| Temecula Estate Lawyers |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Lawyers Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Lawyers |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Estate Lawyers |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Lawyers Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Estate Lawyers in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |