Choosing The Right Type of Trust for Your Needs
Good afternoon, Escondido and welcome back to the show. Today we are joined by local probate attorney, Steve Bliss, to discuss estate planning and the importance of choosing the right type of trust. Steve, thank you so much for being here.
Steve Bliss:
Thank you for having me. It’s a pleasure to be here.
The Variety of Trusts Available: Navigating the Options
For our viewers who may not be familiar, can you briefly explain what a trust is and why someone might need one?
Steve Bliss:
Certainly. A trust is a legal entity that holds and manages assets for the benefit of designated beneficiaries. There are many different types of trusts, each with its own unique advantages and disadvantages. The type of trust that’s right for you will depend on your individual circumstances, such as your age, health, financial situation, and goals for your assets.
For instance, a young family with minor children might choose to establish a testamentary trust through their wills. Conversely, someone looking to minimize estate taxes or protect assets from creditors might opt for an irrevocable trust.
Deep Dive into Revocable Living Trusts: Flexibility and Control
Today we’d like to focus on revocable living trusts. Could you elaborate on why these are so popular?
Steve Bliss:
Revocable living trusts are indeed very common, and for good reason. They offer a great deal of flexibility and control. The grantor, or person who creates the trust, retains full access to and control over the assets during their lifetime. They can modify or dissolve the trust at any time.
Moreover, revocable living trusts bypass probate upon the grantor’s death. This means that the beneficiaries receive the assets more quickly and privately than they would if the assets were distributed through a will. It’s estimated that probate can take anywhere from 6 to 18 months, and it’s a public process.
I recall one case where a client’s only asset was her home. She didn’t have a trust in place and unfortunately passed away suddenly. Her son had to go through the lengthy and costly probate process. Had she established a revocable living trust, he would have been able to inherit the house directly without court intervention.
Addressing Concerns: Is A Revocable Living Trust Right for Everyone?
That’s a powerful illustration. Are there any downsides to using a revocable living trust?
Steve Bliss:
While revocable living trusts are generally advantageous, they may not be the best choice in every situation. For instance, if you have very limited assets, the cost and complexity of setting up a trust might outweigh the benefits.
- However, for those with significant assets or who want to avoid probate and ensure privacy, a revocable living trust can be an excellent tool.
Testimonials
“Steve Bliss and his team were incredibly helpful in guiding me through the complex process of setting up a trust. They explained everything clearly and patiently answered all my questions. I highly recommend Escondido Probate Law.”
– John S., Satisfied Client
“As a financial advisor, I frequently refer my clients to Steve Bliss for estate planning needs. He is knowledgeable, experienced, and truly cares about his clients’ well-being.”
– Sarah L., Financial Advisor
Next Steps: Secure Your Legacy
Steve, thank you so much for sharing your expertise today. How can our viewers get in touch with Escondido Probate Law to learn more about trusts and estate planning?
Steve Bliss:
We invite anyone with questions or concerns about estate planning to contact us for a free consultation. We’re here to help you create a plan that protects your loved ones and secures your legacy.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “How do I transfer property into a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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