Today we’re sitting down with Steve Bliss, a renowned San Diego Probate Attorney known for his expertise in estate planning and probate matters. Steve, thank you so much for joining us.
Understanding Trusts: A Cornerstone of Estate Planning
Steve, for our viewers who may be unfamiliar, could you explain the basic concept of a trust and why it’s such an important tool in estate planning?
A trust is essentially a legal arrangement where a person (the grantor) transfers assets to a trustee who manages them for the benefit of designated beneficiaries. It’s like a safe container for your assets, with clear instructions on how they should be distributed after you’re gone.
Trusts offer numerous advantages, including avoiding probate – a lengthy and often expensive legal process – preserving privacy, and providing for loved ones with special needs.
Delving into the Revocable Living Trust
Steve, let’s focus on one specific type of trust: the revocable living trust. Could you elaborate on its features and benefits?
The revocable living trust is incredibly popular because it offers flexibility and control. As the grantor, you can amend or even dissolve the trust during your lifetime. This means you retain full access to and control over your assets while ensuring they are distributed according to your wishes after you pass away.
Moreover, a revocable living trust avoids probate, saving your heirs time, money, and stress. Your beneficiaries can inherit the assets directly without going through the court system. This privacy aspect is also appealing to many people who prefer to keep their financial affairs confidential.
Real-World Challenges with Revocable Living Trusts
Steve, like any legal tool, trusts can sometimes present challenges. Have you encountered any common issues with revocable living trusts in your practice?
While generally straightforward, I’ve seen instances where clients neglect to properly fund the trust. This means they haven’t transferred ownership of their assets into the trust, rendering it ineffective. It’s crucial to work closely with an experienced attorney who can guide you through the funding process and ensure everything is in order.
I recall one case where a client had created a revocable living trust but hadn’t updated it after a major life event – like a divorce or the birth of a child. Consequently, the distribution plan no longer reflected their current wishes. We were able to amend the trust and address these changes, but it highlighted the importance of regularly reviewing and updating your estate plan.
According to a 2021 survey by the American Bar Association, over 60% of Americans don’t have a will or trust in place. This underscores the need for individuals to prioritize their estate planning and seek professional guidance.
Seeking Expert Guidance
Steve, what advice would you give to our viewers who are considering setting up a revocable living trust?
The first step is to consult with an experienced probate attorney. They can assess your individual circumstances, explain the different types of trusts available, and help you choose the best option for your needs. Remember, estate planning is not a one-size-fits-all endeavor.
Testimonials
“Working with San Diego Probate Law was a lifesaver during a difficult time. They were incredibly compassionate, knowledgeable, and efficient in handling my mother’s estate.”
“Steve Bliss and his team are true professionals. They guided me through the complex process of setting up a trust for my family with clarity and expertise.”
Take Control of Your Legacy
Let us help you build a secure future for yourself and your loved ones. Schedule a complimentary consultation today to discuss your estate planning goals.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “Can I have more than one trustee?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Living Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Living Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Living Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |