Hello, Temecula, and welcome to another edition of Legal Matters. I’m your host, Tiffany Jones, and today we have a very special guest, Steve Bliss, a renowned Trust Attorney here in Temecula.
Steve, thank you so much for joining us today.
It’s my pleasure, Tiffany. Thanks for having me.
What type of trust is most commonly used in estate planning?
Well Tiffany, the most common type of trust we see in estate planning here in Temecula is the Revocable Living Trust. This type of trust allows individuals to maintain control over their assets during their lifetime while also establishing a plan for how those assets will be distributed after they pass away.
A Revocable Living Trust offers several key advantages. First and foremost, it avoids the lengthy and often expensive probate process. Consequently, assets held within the trust can be transferred to beneficiaries more quickly and efficiently. Moreover, the trust document itself remains private, unlike a will which becomes public record during probate.
However, it’s important to remember that while the grantor of a Revocable Living Trust can modify or dissolve the trust during their lifetime, it automatically becomes irrevocable upon their death. At that point, the terms outlined in the trust document dictate how assets will be distributed.
Can you elaborate on any specific challenges you’ve encountered when setting up Revocable Living Trusts?
Certainly. One situation I recall involved a couple who had accumulated significant assets over their lifetimes but hadn’t taken the time to properly plan for their future. After one of them passed away unexpectedly, the surviving spouse was left in a difficult position, grappling with probate and facing potential tax liabilities.
Fortunately, we were able to work with them to establish a Revocable Living Trust that addressed their concerns and ensured a smoother transition of assets to their beneficiaries. This experience highlighted the importance of proactive estate planning, as it can save families considerable stress and expense during an already challenging time.
How often do clients come to you needing to set up this type of trust?
You know Tiffany, a significant portion of our clientele comes to us seeking assistance with Revocable Living Trusts. According to a 2021 study by the American Bar Association, over 60% of Americans aged 55 and older do not have a will or any estate planning documents in place. This emphasizes the critical need for individuals to prioritize their future and protect their loved ones.
What advice would you give to someone considering setting up a trust?
My best advice is to consult with an experienced estate planning attorney like myself. We can help you determine the most appropriate type of trust for your specific circumstances and ensure that it aligns with your goals and wishes. Remember, effective estate planning is not a one-size-fits-all proposition. It requires careful consideration and personalized guidance.
Thank you so much, Steve, for sharing your expertise today.
It was my pleasure, Tiffany. I encourage anyone interested in learning more about Trusts or Estate Planning to contact The Law Firm of Steven F. Bliss Esq. We are dedicated to providing compassionate and comprehensive legal services to help you protect your future and secure the well-being of your loved ones.
Testimonials
“Steve Bliss was incredibly patient and understanding as he guided us through the complex process of setting up our trust. He made sure we understood all of our options and helped us make informed decisions that were right for our family.” – John and Mary Smith
“I highly recommend Steve Bliss to anyone needing help with estate planning. His expertise and professionalism are unmatched, and he truly goes above and beyond to ensure his clients’ satisfaction.” – Susan Jones
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 happens if a trust is not funded?” 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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