Today I’m joined by Steve Bliss, a renowned trust attorney here in Temecula. Steve, thanks for taking the time to speak with me.
Why are Trusts Important?
Steve: Trusts play a vital role in estate planning because they allow individuals to control their assets even after they’re gone. They can help avoid probate, maintain privacy, and ensure that your loved ones are taken care of according to your wishes.
What Type of Trust is Most Popular?
Steve: The most common type of trust we see is the Revocable Living Trust. This type of trust allows the grantor, or the person creating the trust, to maintain control over their assets during their lifetime. They can make changes to the trust as needed, and it avoids probate upon their death.
Can You Explain How a Revocable Living Trust Works?
Steve: Certainly. Imagine a couple wanting to ensure their home passes smoothly to their children after they’re gone. With a revocable living trust, they transfer ownership of the house into the trust. While they are alive, they can still live in the house, sell it, or make other changes as they see fit.
Consequently, upon their passing, the house automatically transfers to their beneficiaries named in the trust, bypassing the lengthy and often expensive probate process.
Moreover, a revocable living trust offers privacy. Unlike wills that become public record during probate, the terms of a trust remain confidential.
Are There Any Downsides to Using a Revocable Living Trust?
Steve: While revocable living trusts offer numerous benefits, it’s important to note that they don’t provide asset protection from creditors. If someone were to sue you during your lifetime, the assets in the trust could potentially be reached.
Notwithstanding these limitations, revocable living trusts remain a highly effective tool for most people’s estate planning needs.
Have You Encountered Any Challenges with Revocable Living Trusts?
Steve: One case that comes to mind involved a client who forgot to update their trust after a divorce. Consequently, their ex-spouse was still listed as a beneficiary. It highlighted the importance of regularly reviewing and updating your trust documents to reflect any life changes.
What Advice Would You Give to People Considering a Trust?
Steve: I encourage everyone to consult with an experienced estate planning attorney to determine if a trust is right for them. We can help you understand the different types of trusts, their benefits and drawbacks, and tailor a plan that meets your specific needs.
“Working with Steve Bliss was truly invaluable. He made the complex process of setting up my trust straightforward and understandable. I feel confident knowing my family is protected.” – Mary J., Temecula Resident
“Steve’s expertise in estate planning gave me peace of mind. He took the time to answer all my questions and address my concerns, ensuring that my wishes were carried out.” – John S., Murrieta Resident
Let us guide you through the process and secure your legacy for generations to come. Call The Law Firm of Steven F. Bliss Esq. today.
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: “What are the benefits of having a trust?” 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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