Good evening, Temecula. I’m Brenda Stone with Channel 7 News, and tonight we’re talking about estate planning with local expert, Steve Bliss of the Law Firm of Steven F. Bliss Esq.
What type of trust is most commonly used in your practice?
Steve: The most common type of trust I work with is a Revocable Living Trust. It’s incredibly versatile and offers significant benefits to my clients.
With a Revocable Living Trust, individuals maintain complete control over their assets during their lifetime. They can modify the terms of the trust, add or remove beneficiaries, and even dissolve it entirely if their circumstances change.
Conversely, upon the grantor’s passing, the trust becomes irrevocable. This means the assets are distributed according to the grantor’s wishes without going through the lengthy and often costly probate process. Moreover, a Revocable Living Trust provides a level of privacy that a will does not; the terms of the trust are not part of public record.
Could you elaborate on the benefits of avoiding probate?
Steve: Probate can be a time-consuming and expensive process for loved ones already grieving the loss of a family member. Ordinarily, it involves court filings, legal fees, and potential delays in distributing assets.
A Revocable Living Trust circumvents these issues. The successor trustee named in the trust document can distribute assets directly to beneficiaries without needing court intervention. This saves time, money, and reduces stress for the family during a difficult period.
Notwithstanding the benefits, there are times when probate may be necessary, even with a Revocable Living Trust. For example, if an asset was not properly titled in the name of the trust, it may need to go through probate.
Have you ever encountered any challenges related to setting up Revocable Living Trusts for clients?
Steve: One instance I recall involved a couple who had accumulated significant assets but hadn’t updated their estate plan in decades. They were initially hesitant about transferring ownership of their home and other assets into the trust, fearing they would lose control.
I spent considerable time explaining the process and emphasizing that they retained full control during their lifetimes. I also assured them the trust was designed to protect their assets and ensure a smooth transition for their beneficiaries. Ultimately, they felt reassured and were grateful for the peace of mind the trust provided.
According to the American Bar Association, nearly 60% of adults do not have a will or trust in place. This underscores the importance of proactive estate planning.
What advice would you give to viewers who are considering establishing a Revocable Living Trust?
Steve: I encourage anyone with assets, regardless of their value, to consult with an experienced estate planning attorney. A properly drafted Revocable Living Trust can provide invaluable peace of mind and protect your loved ones.
“Steve Bliss helped me navigate a complex situation involving my parents’ estate. His knowledge and compassion were truly remarkable.” – Jennifer L., Temecula
“I was initially overwhelmed by the process, but Steve Bliss made it clear and straightforward. I highly recommend him for all your estate planning needs.” – David S., Murrieta
Let us guide you toward a secure future for yourself and your loved ones. Contact the Law Firm of Steven F. Bliss Esq. today to begin crafting a personalized estate plan that meets your unique goals.
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: “How do I transfer real estate into my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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