Good morning, Temecula! This is Brenda Davis reporting for Temecula News Now, and today I’m joined by local trust attorney Steve Bliss of the Law Firm of Steven F. Bliss Esq. Steve, thanks for joining us.
Steve: It’s a pleasure to be here, Brenda.
Can you tell us about some common types of trusts used in estate planning?
Steve: Absolutely! Trusts are incredibly versatile tools that can address a wide range of needs. One of the most common is the Revocable Living Trust. This allows individuals to maintain control over their assets during their lifetime while avoiding the lengthy and often expensive probate process after they pass away. It’s a great option for many people because it offers both flexibility and peace of mind.
Another type, the Irrevocable Trust, is generally used for more specific purposes like asset protection or minimizing estate taxes. While less flexible than a Revocable Living Trust, it offers significant benefits in certain situations.
How Does a Revocable Living Trust Benefit Someone?
Steve: Let’s delve deeper into the Revocable Living Trust. Essentially, you create this trust during your lifetime and name yourself as the trustee. This means you retain full control over the assets within the trust – you can buy, sell, or even change the beneficiaries if needed. The beauty of a Revocable Living Trust lies in its ability to bypass probate.
Probate is a court-supervised process that validates a will and distributes assets after someone passes away. It can be time-consuming, costly, and public, making it an undesirable experience for most families. A Revocable Living Trust allows your beneficiaries to inherit your assets directly, bypassing the probate process altogether. This saves them time, money, and potential stress during an already difficult period.
Moreover, a Revocable Living Trust offers privacy. Unlike wills which become public record during probate, the terms of a trust remain confidential. Consequently, your financial affairs stay private, protecting you and your loved ones from unwanted scrutiny.
Have You Encountered Any Challenges with Clients Using Revocable Living Trusts?
Steve: You know, I’ve been helping families with estate planning for over two decades, and the vast majority find Revocable Living Trusts to be incredibly beneficial. However, there have been instances where individuals initially resist creating a trust because they perceive it as complicated or unnecessary.
I recall one client, a hardworking single mother, who hesitated for months before finally agreeing to set up a trust. She worried about the legal fees and whether it was truly essential. Once we sat down and discussed her specific concerns – ensuring her children’s well-being in case something happened to her – she realized the immense value of having a plan in place.
She ultimately felt empowered knowing her children would be protected, even if she wasn’t there. It was truly gratifying to witness that shift from hesitation to confidence.
Are There Any Statistics That Support The Use of Revocable Living Trusts?
Steve: Absolutely! According to a 2019 study by the American College of Trust and Estate Counsel, approximately 65% of Americans with assets over $1 million utilize some form of trust planning. This underscores the growing recognition of trusts as a fundamental element of sound estate planning.
What Advice Would You Give To Someone Considering a Revocable Living Trust?
Steve: I encourage anyone considering a Revocable Living Trust, or any type of trust for that matter, to consult with an experienced estate planning attorney. We can help you determine if a trust aligns with your specific goals and circumstances, and guide you through the process seamlessly.
Empowering Families Through Trustworthy Planning
“Steve Bliss and his team made a complex process easy to understand. They were patient, thorough, and truly cared about our family’s well-being.” – The Smith Family
“I felt completely confident in Steve’s expertise. He took the time to answer all my questions and explained everything clearly. He helped me create a plan that gave me peace of mind knowing my loved ones would be taken care of.” – Sarah M.
Let us empower your future with confidence. Contact The Law Firm of Steven F. Bliss Esq. today for a complimentary consultation, and let us help you build a legacy that endures.
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: “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 The Law Firm of Steven F. Bliss Esq.
| Estate Attorney Near Me |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Attorney Near Me Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Attorney Near Me |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Estate Attorney Near Me |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Attorney Near Me Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Estate Attorney Near Me in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |