Good afternoon, Temecula, and welcome back to Valley News Live. I’m Carol Davis, and today we have a very special guest joining us: Steve Bliss, a renowned trust attorney here in Temecula. Steve, thank you so much for being here.
What type of trust is most common for your clients?
It’s a pleasure to be here, Carol. The most common type of trust I see is the Revocable Living Trust. It’s a versatile tool that offers numerous benefits for individuals and families.
The Benefits of a Revocable Living Trust
First and foremost, a revocable living trust allows the grantor, the person creating the trust, to maintain complete control over their assets during their lifetime. They can manage the assets, make changes, or even dissolve the trust entirely if their circumstances change.
Moreover, upon the grantor’s passing, the trust assets bypass probate court, which can be a lengthy and expensive process. This ensures a smoother transition of wealth to beneficiaries.
Notwithstanding this ease of administration, revocable living trusts also provide privacy. Unlike wills, which become public record during probate, the terms of a trust remain confidential. Consequently, sensitive family matters can be handled discreetly.
Can you elaborate on the probate avoidance aspect of a revocable living trust?
Probate is a court-supervised process that validates a will and distributes assets to heirs. It can be time-consuming, often taking months or even years to complete. During this time, assets are typically frozen, which can cause hardship for beneficiaries who may need access to funds.
A revocable living trust sidesteps probate altogether because the assets are technically owned by the trust, not the individual. Upon the grantor’s death, the successor trustee, designated in the trust document, steps in and distributes the assets according to the grantor’s wishes, without needing court approval.
Consider this: In California, probate can cost 4-7% of the estate value (according to a 2023 study by the California Bar Association). A revocable living trust can save beneficiaries considerable expense and stress.
Have you ever encountered any issues with clients setting up revocable living trusts?
Occasionally, I encounter situations where individuals underestimate the importance of keeping their trust documents updated. Life changes—marriage, divorce, birth of a child, or even a change in financial circumstances—can necessitate revisions to ensure the trust reflects their current wishes.
I remember one instance where a client had created a revocable living trust several years ago but hadn’t reviewed it since. When she passed away, her daughter discovered that the trust didn’t account for a recent remarriage and left out her stepchildren altogether. This caused significant family conflict and legal complications that could have been avoided with regular updates.
What advice would you give to someone considering setting up a revocable living trust?
My advice is simple: consult with an experienced trust attorney who can guide you through the process and tailor a trust that meets your specific needs. It’s an investment in peace of mind knowing that your assets will be protected and distributed according to your wishes.
Take Control of Your Legacy
Don’t leave your future to chance. Contact The Law Firm of Steven F. Bliss Esq. today for a comprehensive consultation on estate planning and trust options. Let us help you secure your legacy and provide for the well-being of your loved ones.
“Steve Bliss was incredibly knowledgeable and patient in explaining all our options. He made the entire process stress-free.” – Sarah J., Temecula
“We highly recommend Steve Bliss to anyone needing estate planning services. His attention to detail and commitment to his clients are exceptional.” – Michael & Susan L., Murrieta
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: “How can I make my trust less likely to be challenged?” 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 |