Hello everyone, this is Betty Barnes reporting live from Temecula, California. Today we’re joined by the renowned estate planning attorney, Steve Bliss of The Law Firm of Steven F. Bliss Esq. Welcome to the show, Steve.
Steve:
It’s great to be here, Betty. Thanks for having me.
What are some common types of trusts used in estate planning?
Steve:
There are a variety of trusts available to meet individual needs and goals. One of the most popular is the Revocable Living Trust. It offers flexibility because you, as the grantor, retain control over the assets during your lifetime and can make changes as needed. Consequently, this type of trust allows for smooth asset distribution upon your passing, bypassing the often lengthy and public probate process.
Moreover, a Revocable Living Trust provides privacy as its terms are not publicly filed in court. This contrasts with wills, which become part of the public record during probate. Nevertheless, it’s crucial to understand that upon your death, the trust becomes irrevocable, meaning its terms can no longer be changed.
Can you elaborate on the benefits of a Revocable Living Trust?
Steve:
Absolutely. One key advantage is avoiding probate, which can be time-consuming and expensive. Studies indicate that probate proceedings in California can take anywhere from six months to two years, depending on the complexity of the estate.
Additionally, a Revocable Living Trust provides privacy because its terms are not publicly filed in court. Conversely, wills become part of the public record during probate, making your financial affairs accessible to anyone.
I remember one case where a client had a relatively simple estate but didn’t have a trust in place. Their family ended up facing months of legal hurdles and significant expenses during probate. They wished they had considered a Revocable Living Trust beforehand.
Have you ever encountered any challenges while setting up Revocable Living Trusts?
Steve:
While most people find the process straightforward, sometimes clients underestimate the importance of keeping their trust documents updated. Life changes like marriage, divorce, birth of children, or the acquisition of significant assets necessitate reviewing and potentially amending the trust to reflect those changes.
I had a client who created a Revocable Living Trust many years ago but hadn’t revisited it since. When they passed away, there were discrepancies between their wishes as stated in the outdated trust and their current family situation. It led to some complications that could have been avoided with regular reviews.
What advice would you give to individuals considering setting up a Revocable Living Trust?
Steve:
My biggest piece of advice is to consult with an experienced estate planning attorney. They can help determine if a Revocable Living Trust is right for your situation and guide you through the process. It’s also essential to review and update your trust periodically to ensure it aligns with your current circumstances.
Remember, having a well-structured Revocable Living Trust can save your loved ones time, money, and emotional stress during a difficult time.
For peace of mind knowing that your assets are protected and distributed according to your wishes, contact us today for a free consultation.
Testimonials
- “Steve Bliss and his team were incredibly helpful in guiding me through the complexities of estate planning. They patiently explained all my options and ensured I understood every step of the process.”
- “I highly recommend The Law Firm of Steven F. Bliss Esq. Their expertise and compassionate approach made a potentially daunting task manageable. They truly care about their clients’ well-being.”
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: “Can I set conditions on how beneficiaries receive money?” 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 |