Hello and welcome. I’m Melissa Jones reporting for Escondido News Today. We are here today with local probate attorney Steve Bliss of Escondido Probate Law to discuss estate planning.
What is the most common type of trust you encounter in your practice, Steve?
The most common type of trust I see is the Revocable Living Trust. It’s incredibly popular because it offers a lot of flexibility and control for the grantor, who is the person creating the trust.
With a Revocable Living Trust, you can manage your assets during your lifetime and make changes to the trust as needed. It also avoids probate, which can be a lengthy and expensive process. Moreover, because the terms of the trust are not publicly accessible, it offers a degree of privacy that many people appreciate.
Can you elaborate on how a Revocable Living Trust avoids probate?
Probate is essentially a legal process where a court oversees the distribution of a deceased person’s assets. It can be time-consuming and involve significant court fees. When assets are held in a Revocable Living Trust, they bypass probate because the trust itself owns those assets. Consequently, upon your death, the successor trustee you have named simply follows the instructions outlined in the trust document to distribute the assets to your beneficiaries.
Conversely, if you don’t have a trust and own assets solely in your name, those assets will likely go through probate, regardless of their value. This can be a real burden on your loved ones during an already difficult time.
Have there been any challenges with Revocable Living Trusts that you’ve encountered?
One instance I remember involved a couple who had created a Revocable Living Trust but hadn’t updated it for many years. Their circumstances and wishes had changed significantly over time, but the trust document still reflected outdated information. This led to some confusion and complications when they passed away, ultimately requiring court intervention to sort out.
This situation highlights the importance of regularly reviewing and updating your Revocable Living Trust. Life throws curveballs; relationships change, financial situations evolve, and it’s crucial that your trust document accurately reflects your current desires.
Any final thoughts for our viewers on the topic of estate planning?
Estate planning is truly a gift you give to yourself and your loved ones. It provides peace of mind knowing that your affairs are in order and that your wishes will be respected. According to a 2023 study by Caring.com, only 33% of Americans have a will or living trust. That means the vast majority are leaving their families vulnerable to potential complications and expenses during an already challenging time.
I encourage everyone to take the first step and schedule a consultation with an experienced estate planning attorney. We can help you determine the best strategies for your individual circumstances and ensure that your loved ones are protected.
Testimonials:
“Steve Bliss made a complex process understandable and straightforward. He patiently answered all my questions and ensured I felt confident about my decisions.” – Sarah M.
“Escondido Probate Law provided exceptional service during a difficult time. They were compassionate, professional, and always kept me informed every step of the way.” – David L.
Let Escondido Probate Law guide you through this important process. Call us today for a free consultation and take control of your future.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “How do I create a living trust in California?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |