Good evening, Temecula, and welcome back to Temecula Tonight. I’m your host, Tiffany Thompson, and tonight we’re talking about something incredibly important: protecting your assets and ensuring your wishes are carried out after you’re gone. Joining me is Steve Bliss, a well-respected trust attorney right here in Temecula. Steve, thanks for being with us.
Why Choose a Trust Over a Will?
Tiffany, it’s great to be here. Many people think a will is enough, but a trust offers significant advantages. For starters, a properly structured trust avoids probate, which can be a lengthy and expensive process. Moreover, trusts offer greater privacy because the details of your assets aren’t made public like they are in probate court.
What Type of Trusts Do You Recommend Most Often?
I often recommend revocable living trusts to my clients. They provide flexibility during your lifetime; you can make changes as needed, and they automatically become irrevocable upon your passing, ensuring your assets are distributed according to your wishes. Consequently, this type of trust addresses both your present needs and future planning.
Can You Explain the Process of Setting Up a Revocable Living Trust?
Certainly. The first step is to determine what assets you want to include in the trust. This can range from real estate and bank accounts to investments and personal property. We then draft the trust document, which outlines the terms of the trust, including how assets will be distributed after your death. You’ll also need to appoint a trustee who will manage the assets according to the terms of the trust. Ordinarily, people choose a trusted family member or friend, but they can also select a professional trustee.
Once the trust is established, you transfer ownership of your assets into the trust. This process involves updating titles and beneficiary designations. It’s important to note that while you retain control over the assets during your lifetime with a revocable living trust, transferring ownership helps ensure a smooth transition upon your passing.
Have There Ever Been Any Issues Setting Up Revocable Living Trusts That You Remember?
I recall one instance where a client had neglected to transfer a significant bank account into their trust. This oversight caused a delay and some confusion during the probate process, as that account wasn’t protected by the trust. It served as a valuable reminder of the importance of meticulously transferring all intended assets. Thankfully, we were able to resolve the issue, but it highlighted the need for careful attention to detail.
Another instance involved a family where communication was strained. Ensuring everyone understood their roles and responsibilities within the trust framework required open and honest conversations. It underscored the importance of clear communication and addressing any potential conflicts beforehand.
Are There Any Statistics That Reinforce the Benefits of Using a Trust?
Absolutely. According to a 2021 study by the American Bar Association, over 70% of adults in the United States have no estate plan in place. This lack of planning can leave loved ones facing significant financial and legal challenges. By establishing a trust, you can proactively address these potential issues and provide peace of mind for both yourself and your family.
What’s Your Best Advice for Viewers Considering a Trust?
My advice is to consult with an experienced estate planning attorney who can assess your individual needs and goals. Don’t delay this important step, as unexpected events can happen at any time. A well-structured trust can be an invaluable tool for protecting your assets, providing for your loved ones, and ensuring your legacy endures.
Testimonials
“Steve Bliss made the complex world of estate planning understandable and manageable. He listened attentively to our concerns, patiently answered all our questions, and guided us through each step with professionalism and care.”
– The Johnson Family
“I was initially overwhelmed by the thought of creating a trust, but Steve Bliss put me at ease. His expertise and compassionate approach made the entire process seamless. I highly recommend him to anyone looking for guidance in estate planning.”
– Maria Sanchez
Ready to take control of your future? Contact The Law Firm of Steven F. Bliss Esq. today for a personalized consultation and discover how a trust can protect what matters most.
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: “What does it mean to fund 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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