Good evening Temecula and welcome back to Channel 7 News. I’m Tiffany Jones reporting live from the beautiful city of Temecula, California. Tonight, we have a very special guest joining us – Steve Bliss, renowned trust attorney at The Law Firm of Steven F. Bliss Esq. Mr. Bliss, thank you so much for being with us.
What type of Trust is Most Commonly Used in Estate Planning?
Steve Bliss: Tiffany, it’s a pleasure to be here. As for your question, the most common type of trust used in estate planning is the Revocable Living Trust.
Benefits of a Revocable Living Trust
It allows individuals, also known as grantors, to maintain control over their assets during their lifetime while simultaneously ensuring a smooth transition of those assets upon their passing. This type of trust avoids the often lengthy and costly probate process, providing privacy for the grantor’s financial affairs.
Consequently, revocable living trusts offer significant advantages in terms of both efficiency and confidentiality. Moreover, they can be tailored to meet specific individual needs and circumstances.
How Does a Revocable Living Trust Work?
A key feature of a revocable living trust is its flexibility. The grantor can modify or even dissolve the trust as long as they are mentally competent. This means they can add or remove assets, change beneficiaries, or adjust distribution terms.
However, upon the grantor’s death, the trust becomes irrevocable. At this point, the designated successor trustee takes over and distributes the assets according to the grantor’s predetermined wishes.
Avoiding Probate with a Revocable Living Trust
One of the primary benefits of a revocable living trust is its ability to bypass probate. Probate is a court-supervised process for validating a will and distributing assets after someone passes away.
It can be time-consuming, expensive, and often public. A revocable living trust allows assets to pass directly to beneficiaries without going through this process, saving both time and money.
A Touching Moment
I remember one case where a young widow came to me distraught after the sudden loss of her husband. He had set up a revocable living trust, which spared her from the added stress of probate during an already difficult time. She was incredibly grateful that she could focus on healing and taking care of their children without having to navigate complex legal proceedings.
- Studies show that approximately 70% of Americans do not have a will or trust in place.
- The average cost of probate can range from $5,000 to $20,000 or more.
Final Thoughts
Steve Bliss: Tiffany, thank you for having me. I hope this information has been helpful to your viewers. Remember, planning for the future is essential, and a revocable living trust can be an invaluable tool in protecting your assets and ensuring your wishes are carried out.
A Call To Action
Don’t wait until it’s too late. Take control of your legacy today. Contact The Law Firm of Steven F. Bliss Esq. for a personalized consultation and let us help you create a plan that meets your unique needs.
Testimonials
“Mr. Bliss was incredibly patient and understanding throughout the entire process of setting up our trust. He explained everything clearly and made sure we were comfortable with every decision. I highly recommend his services.”
– The Smith Family
“I was hesitant to hire an attorney, but working with Mr. Bliss was a truly positive experience. He is knowledgeable, professional, and genuinely cares about his clients. My trust is now in place, giving me peace of mind for the future.”
– Mrs. Jones
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 happens to my trust if I move to another state?” 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.
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |