Hello Temecula, and welcome back to Legal Lines. I’m your host, Brenda Pierce, and today we have the pleasure of speaking with Steve Bliss, a renowned trust attorney right here in our community. Steve, thank you for joining us.
Understanding Trusts
Why Do People Choose Trusts?
Steve, can you tell our viewers why someone might choose to create a trust?
Avoiding Probate and Ensuring Privacy
Steve explains that trusts are incredibly valuable tools for estate planning. “Many people opt for trusts to avoid the lengthy and often public process of probate,” he says. “Probate is the legal procedure for distributing assets after someone passes away. It can be time-consuming, expensive, and expose your financial affairs to public scrutiny.” Conversely, assets held in a trust are distributed according to the terms outlined by the grantor (the person who creates the trust), bypassing probate altogether.
“Furthermore,” Steve continues, “trusts offer a level of privacy that wills cannot. The details of a trust are not part of the public record, safeguarding your family’s financial information.”
What Type of Trust is Most Common?
Steve, what type of trust do you see most frequently?
The Revocable Living Trust: Flexibility and Control
Steve explains that a revocable living trust is the most common type he encounters. “This type of trust allows individuals to maintain control over their assets during their lifetime while ensuring a smooth transfer of those assets after they pass away,” he says. “With a revocable living trust, you can modify or even dissolve the trust as needed.
Consequently, it provides flexibility and peace of mind knowing that your wishes will be carried out according to your desires.” The trust becomes irrevocable upon the grantor’s death, meaning its terms cannot be changed.
Challenges with Revocable Living Trusts
Steve, are there any challenges or potential pitfalls associated with revocable living trusts?
The Importance of Proper Funding
“One common issue we see is incomplete funding of the trust,” Steve explains. “If assets are not properly transferred into the trust during the grantor’s lifetime, they will still be subject to probate. It’s essential to work with an experienced attorney who can guide you through the process of transferring all necessary assets into the trust.”
He goes on to share a story about a client who came to him after her father passed away. “She had assumed her father’s house was part of his living trust, but it turned out he hadn’t officially transferred ownership. This resulted in a lengthy and costly probate process that could have been avoided with proper planning.”
“Moreover,” Steve adds, “it’s crucial to update the trust periodically, especially after major life events like marriage, divorce, or the birth of children. Trusts need to reflect your current circumstances and wishes.”
The Value of Experienced Legal Guidance
Steve, why is it important for people to seek legal counsel when creating a trust?
Personalized Planning and Peace of Mind
“Creating a trust involves many legal complexities,” Steve emphasizes. “An experienced attorney can help you choose the right type of trust for your needs, ensure it complies with all applicable laws, and guide you through the process of funding the trust properly.
Remember, every individual’s situation is unique. What works for one person may not be suitable for another. That’s why personalized legal guidance is essential to create a trust that effectively achieves your goals.”
Ready to Secure Your Future?
Contact The Law Firm of Steven F. Bliss Esq. today and let us help you build a secure future for yourself and your loved ones.
Testimonials
“Steve Bliss helped me navigate the complex process of setting up a trust for my family. He was patient, knowledgeable, and always available to answer my questions. I highly recommend him.” – Susan M., Temecula
“As a small business owner, I needed to ensure my assets were protected. Steve Bliss provided expert guidance on creating a trust that met my specific needs. His professionalism and attention to detail were truly impressive.” – John D., Temecula
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 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 are trusts taxed?” 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.
| The Law Firm of Steven F. Bliss Esq.yer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Trust Lawyer Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Trust Lawyer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| The Law Firm of Steven F. Bliss Esq.yer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Trust Lawyer Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Trust Lawyer in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |