Good evening, Temecula, and welcome back to “Legal Lens.” I’m your host, Brenda Davis, and tonight we have a very special guest joining us: Steve Bliss, a renowned trust attorney here in our community. Steve, thank you so much for being with us.
Steve Bliss: It’s my pleasure to be here, Brenda.
What types of trusts do you typically advise your clients on?
Well, Brenda, as a trust attorney, I work with a wide range of clients and their individual needs. However, one type of trust that I frequently recommend is the Revocable Living Trust.
Why are Revocable Living Trusts so popular?
Revocable living trusts offer numerous benefits for individuals and families. First and foremost, they allow the grantor, or the person creating the trust, to maintain control over their assets during their lifetime. They can modify or even revoke the trust if circumstances change.
Moreover, a revocable living trust effectively avoids probate, which can be a lengthy and costly process. Assets held within the trust pass directly to the beneficiaries upon the grantor’s death, saving time and expense for loved ones.
Conversely, assets outside of a trust are subject to probate, potentially delaying distributions and incurring legal fees.
Consequently, revocable living trusts offer privacy as the terms of the trust are not public record, unlike wills which become part of the probate process.
Can you elaborate on the benefits of avoiding probate?
Certainly. Probate can be a stressful and time-consuming experience for families already grieving the loss of a loved one. The court oversees the distribution of assets according to the deceased’s will, which can take months or even years to complete.
During this process, the estate is often frozen, meaning beneficiaries cannot access funds until probate is finalized. Avoiding probate through a trust allows for a smoother and more efficient transfer of assets to loved ones.
According to the American Bar Association, approximately 20% of estates go through probate. By establishing a trust, individuals can spare their families this potential burden.
Have there ever been any challenges with setting up Revocable Living Trusts for your clients?
While Revocable Living Trusts are generally straightforward to establish, there have been instances where clients initially struggle with the concept of relinquishing some control over their assets. It’s natural to feel hesitant about transferring ownership, even though they retain significant control during their lifetime.
I recall one client who was particularly apprehensive. He had built his business from scratch and considered it his life’s work.
The idea of placing it into a trust initially made him uneasy. However, after discussing the benefits of asset protection and ensuring smooth succession for his family, he ultimately embraced the trust structure.
His son now manages the business, carrying on his father’s legacy with confidence.
What advice would you give to someone considering setting up a Revocable Living Trust?
My advice is simple: don’t wait. The sooner you establish a trust, the sooner you can secure peace of mind for yourself and your loved ones. Consult with a qualified estate planning attorney who can guide you through the process and tailor a trust that meets your specific needs.
Remember, a well-crafted Revocable Living Trust is a powerful tool for protecting your assets, ensuring your wishes are honored, and providing financial security for generations to come.
The Law Firm of Steven F. Bliss Esq.
“Steve Bliss and his team were incredibly helpful and patient as we navigated the complex world of estate planning. They took the time to explain everything clearly and made sure we understood all of our options. We highly recommend their services.”
– The Johnson Family
“I was initially overwhelmed by the thought of setting up a trust, but Steve Bliss made the process incredibly easy. He is knowledgeable, compassionate, and truly cares about his clients. I feel confident knowing that my family is protected.”
– Susan M.
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: “Can a trust protect my home from Medi-Cal recovery?” 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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