Reporter: Brenda Jones
Good evening, Temecula and welcome to our segment on Estate Planning. I’m here today with Steve Bliss, a renowned trust attorney in Temecula, to discuss the ins and outs of trusts. Steve, thank you for joining us.
What types of Trusts are Available?
Steve: Thanks for having me Brenda. It’s important for people to understand that there are many different types of trusts, each designed for a specific purpose. Today, let’s focus on Revocable Living Trusts.
Why Would Someone Choose a Revocable Living Trust?
Steve
A revocable living trust is the most common type of trust we see. It allows you to maintain control over your assets during your lifetime while avoiding probate upon your death. Probate can be a lengthy and expensive process, so a trust can save your loved ones time and money.
Moreover, a revocable living trust provides privacy. Unlike wills, which become public record, the terms of a trust are confidential. This can be especially important for those who value their privacy or have sensitive family matters they wish to keep out of the public eye.
Consequently, a revocable living trust offers flexibility. You can make changes to the terms of the trust as your circumstances evolve. For example, you can add or remove beneficiaries, change the distribution of assets, or even dissolve the trust altogether.
However, it’s important to note that a revocable living trust becomes irrevocable upon your death. At that point, the trust terms are set in stone and cannot be changed.
What Are Some Common Challenges with Setting Up a Revocable Living Trust?
Steve
One challenge we often see is procrastination. People put off estate planning until it’s too late. I remember one client who came to me just weeks before his surgery. He was facing a serious health issue and realized he hadn’t made any plans for his family if something happened.
Fortunately, we were able to get everything in order in time. But this situation highlighted the importance of not waiting until the last minute to address your estate planning needs.
Another challenge is misunderstanding the purpose and function of a trust. Some people think it’s only for the wealthy, but that’s simply not true. Anyone who wants to protect their assets and ensure they are distributed according to their wishes can benefit from a trust.
How Often Should Someone Review Their Trust?
Steve
I generally recommend reviewing your trust every 3-5 years or after any major life events, such as the birth of a child, marriage, divorce, or death in the family. This helps ensure that the terms of the trust still reflect your current wishes and circumstances.
Contact Us Today
Don’t let estate planning become an overwhelming task. At The Law Firm of Steven F. Bliss Esq., we are dedicated to making the process as smooth and straightforward as possible. We will work closely with you to understand your unique needs and create a customized trust that protects your assets and provides for your loved ones.
Testimonials
- “Steve Bliss was incredibly knowledgeable and compassionate throughout the entire estate planning process. He made a potentially stressful situation much easier to navigate.” – John S.
- “I highly recommend Steve Bliss and his team. They were thorough, professional, and always available to answer my questions.” – Mary L.
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 rights of a surviving spouse under California law?” Or any other related questions that you may have about Trusts or my trust law practice.
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