Choosing the Right Trust for Your Needs
Today we’re joined by Steve Bliss, a renowned San Diego probate attorney at San Diego Probate Law. Steve, thanks for taking the time to speak with us today.
Steve Bliss: It’s my pleasure. I’m always happy to share information about estate planning and help people understand the importance of protecting their assets.
Trusts Explained
For our viewers who may be unfamiliar, can you explain what a trust is and why someone might need one?
Steve Bliss: A trust is essentially a legal arrangement where a person (the grantor) transfers ownership of assets to a trustee, who manages those assets for the benefit of designated beneficiaries. Trusts offer numerous advantages, including probate avoidance, asset protection, and tax optimization.
Choosing the Right Type of Trust
There are many different types of trusts. How do people decide which one is right for them?
Steve Bliss: That’s a great question. The best type of trust depends on individual circumstances, goals, and assets. For example, a revocable living trust is a popular choice because it allows the grantor to maintain control over their assets during their lifetime while avoiding probate upon death.
Conversely, an irrevocable trust provides greater asset protection but relinquishes control over those assets.
Consequently, I always recommend consulting with an experienced estate planning attorney who can assess your specific situation and guide you toward the most suitable option.
Understanding Revocable Living Trusts
Let’s delve deeper into revocable living trusts. Can you explain their key features and benefits?
Steve Bliss: Certainly. A revocable living trust is a flexible instrument that allows you to dictate how your assets are managed and distributed during your lifetime and after your passing. You can amend or revoke the trust as needed, retaining full control. Moreover, upon your death, the assets in the trust bypass probate, saving time and expense for your beneficiaries.
One of the primary advantages of a revocable living trust is privacy. Unlike wills, which become public record during probate, the terms of a trust remain confidential. This can be particularly important for individuals who value discretion regarding their financial affairs. Ordinarily, I advise clients who wish to avoid probate and maintain privacy about their estate to consider a revocable living trust.
Challenges Encountered
Have you ever encountered any specific challenges when setting up or administering revocable living trusts?
Steve Bliss: While revocable living trusts are generally straightforward, there can be complexities depending on the size and complexity of the estate. For example, I once worked with a client who had a sizable business and numerous investment properties. Ensuring all assets were properly titled in the trust name required careful coordination and attention to detail.
Ultimately, we successfully transferred everything into the trust, providing peace of mind for my client and his family. It’s important to remember that every estate is unique, and working with a skilled attorney who understands these nuances is crucial.
The Importance of Proper Planning
Approximately 70% of Americans do not have a will or trust in place, according to the AARP.
Steve Bliss: That statistic underscores the critical need for estate planning. Without a plan, your assets may be distributed according to state law, which may not align with your wishes.
A revocable living trust empowers you to control how your legacy is carried forward and ensures that your loved ones are taken care of.
I’ve seen firsthand the emotional turmoil and potential financial hardship that can arise when someone passes away without a proper estate plan. Taking the time to create a revocable living trust can provide immeasurable peace of mind for you and your family.
Testimonials
“Steve Bliss was incredibly knowledgeable and patient in helping us set up our revocable living trust. He made the process easy to understand and answered all of our questions thoroughly.”
– The Jones Family
“I highly recommend San Diego Probate Law. Steve’s expertise and compassion were invaluable during a difficult time for my family.”
– Mary Smith
Ready to Secure Your Future
Contact San Diego Probate Law today to schedule a consultation and begin crafting your personalized estate plan.
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 I put a rental property into a trust?” 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 Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Estate Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Estate Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |