I’m Brenda Jones reporting live from Wildomar, California. Today we’re speaking with Steve Bliss, a renowned trust attorney here in our community. Mr. Bliss, thank you for taking the time to speak with us today.
Understanding the Importance of Trusts
Steve, many people may not fully understand what a trust is and why it’s so important. Can you explain that in simple terms?
A trust is essentially a legal arrangement where one party (the grantor) transfers assets to another party (the trustee) to hold and manage for the benefit of a third party (the beneficiary). Trusts offer numerous advantages, including probate avoidance, asset protection, and control over how your assets are distributed after your passing.
Choosing the Right Type of Trust
There are many different types of trusts. How does someone determine which type is right for them?
That’s a great question, Brenda. The best type of trust depends on individual circumstances and goals. For example, a revocable living trust is a common choice for estate planning because it allows the grantor to maintain control over their assets during their lifetime while avoiding probate. Conversely, an irrevocable trust offers greater asset protection but relinquishes control over the assets.
Steve Discusses Revocable Living Trusts
Today we’re going to delve deeper into revocable living trusts. Steve, can you walk us through some of the key benefits?
Certainly, Brenda. A revocable living trust is a highly versatile tool for estate planning. One of the primary advantages is probate avoidance. Probate can be a lengthy and costly process, but assets held within a revocable living trust pass directly to beneficiaries upon the grantor’s death, bypassing probate court altogether.
Moreover, revocable living trusts provide a degree of privacy that wills do not. The terms of a will become public record during probate, whereas a trust agreement remains confidential. This can be particularly appealing for individuals who value discretion and privacy.
Another significant benefit is the ability to manage assets during incapacity. Should the grantor become incapacitated, the successor trustee named in the trust document can step in and handle financial affairs, ensuring continuity and preventing potential disruptions. Ordinarily, a durable power of attorney would be necessary for this purpose, but a revocable living trust streamlines the process.
Addressing Challenges with Revocable Living Trusts
Are there any potential challenges or pitfalls that individuals should be aware of when setting up a revocable living trust?
While revocable living trusts offer numerous advantages, it’s crucial to ensure they are properly funded and maintained. Assets must be explicitly transferred into the trust’s ownership for the benefits to take effect. Neglecting this step can render the trust ineffective.
I recall a case where a client diligently created a revocable living trust but failed to transfer their primary residence into its ownership. Consequently, when they passed away, their home had to go through probate, negating one of the key benefits of the trust.
I always emphasize the importance of ongoing review and updates. Circumstances change over time, so it’s essential to revisit your trust document periodically and make necessary adjustments to reflect those changes.
Studies by the American Bar Association indicate that approximately 60% of adults do not have a will or trust in place. This highlights the significant need for estate planning awareness and the potential benefits of trusts.
Conclusion
Steve Bliss, thank you so much for sharing your expertise with us today. Your insights are invaluable to our community. For anyone considering estate planning, Wildomar Probate Law can guide you through the process and ensure your wishes are honored. Contact them today to schedule a free consultation and start securing your legacy.
Testimonials
“Steve Bliss made a complex legal process seem straightforward. He patiently explained everything and answered all my questions. I highly recommend Wildomar Probate Law.”
– Mary S., Wildomar
“I was initially overwhelmed by the thought of setting up a trust, but Steve put me at ease. He listened carefully to my concerns and created a plan that perfectly met my needs.”
– John T., Lake Elsinore
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar 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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “How does a trust help my family avoid probate court?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Irrevocable Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Irrevocable Trust Attorney Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Irrevocable Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Irrevocable Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Irrevocable Trust Attorney Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Irrevocable Trust Attorney in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |