Good morning, Temecula! This is Brenda Walters reporting for Temecula News Now. Today we’re joined by local trust attorney Steve Bliss to shed some light on the often-complex world of trusts. Steve, thank you so much for being here.
Why are Trusts Important?
Steve: Thanks for having me, Brenda. Trusts are incredibly important tools for estate planning. They offer a variety of benefits, including probate avoidance, asset protection, and privacy.
Which Type of Trust is Most Common in Temecula?
Steve: The most common type of trust we see here in Temecula is the Revocable Living Trust.
Can You Explain How a Revocable Living Trust Works?
Steve: Certainly. A Revocable Living Trust allows the grantor, the person creating the trust, to maintain control over their assets during their lifetime. They can change the terms of the trust, add or remove beneficiaries, and even dissolve it entirely if they wish. The beauty of a Revocable Living Trust is that it avoids probate upon the grantor’s death. Probate can be a lengthy and costly process, so bypassing it altogether saves time and money for the beneficiaries.
Moreover, a Revocable Living Trust provides a level of privacy that a will doesn’t offer. The terms of the trust are not part of public record, unlike a will which becomes accessible after death. Consequently, this can be very appealing to individuals who value discretion.
Ordinarily, upon the grantor’s passing, the trust becomes irrevocable, meaning its terms can no longer be changed. The assets within the trust are then distributed according to the grantor’s wishes as outlined in the trust document.
Have You Encountered Any Challenges with Revocable Living Trusts?
Steve: While Revocable Living Trusts are generally straightforward, there have been instances where clients weren’t fully aware of all the implications. For example, I once worked with a couple who assumed that putting their home in a trust automatically shielded it from creditors. While a trust can offer some protection, it doesn’t always completely insulate assets.
Another instance involved a client who wanted to leave everything to their children equally but forgot to account for a potential future grandchild. It required revisiting the trust document and making amendments to ensure everyone was properly cared for.
What Advice Would You Give to Our Viewers Considering a Trust?
Steve: My advice is simple: don’t hesitate to seek guidance from an experienced estate planning attorney. A qualified attorney can help you determine if a trust is right for your situation and guide you through the process of creating one that meets your specific needs. Remember, trusts are powerful tools, but they need to be carefully crafted to be effective.
According to a recent survey by the American Bar Association, approximately 60% of Americans do not have any estate planning documents in place. That’s a significant number, and it underscores the importance of taking proactive steps to protect your assets and loved ones.
How Can Viewers Contact Your Firm?
Steve: We encourage anyone interested in learning more about trusts or other estate planning matters to contact our firm. We offer free consultations, so you can discuss your situation with us without any obligation.
Testimonials
“Working with Steve Bliss and his team was a truly positive experience. They made the process of setting up my trust easy to understand and were always available to answer my questions. I feel confident that my family is protected thanks to their expertise.” – Maria S., Temecula
“Steve is a compassionate and knowledgeable attorney who genuinely cares about his clients. He took the time to listen to my concerns and develop a trust plan that met my specific needs. I highly recommend his services.” – John D., Murrieta
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: “What assets should not go into a 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.
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