Reporter: Steve, thanks for taking the time to speak with us today about probate and estate planning.
We know it can be a complex topic, but it’s crucial for people to understand.
Steve: You’re welcome. I’m happy to help demystify things.
Reporter: Could you explain the different types of trusts available and when someone might choose one over another?
Steve: Certainly. Trusts are powerful tools for managing assets and ensuring they’re distributed according to your wishes. There are many different types, each with its own purpose. For instance, a revocable living trust is very common. It allows you to maintain control over your assets during your lifetime while avoiding probate upon your death. Conversely, an irrevocable trust permanently transfers ownership of assets, potentially offering benefits like asset protection or estate tax reduction.
Another option is a testamentary trust, created through a will and taking effect only after your passing. These are often used to provide for minor children or beneficiaries with special needs. Choosing the right type depends on individual circumstances and goals.
Reporter: Today let’s focus on revocable living trusts. Can you elaborate on their advantages?
Steve: Absolutely. A revocable living trust is a cornerstone of many estate plans. It allows individuals to dictate how their assets are managed and distributed after they pass away, all while avoiding the time-consuming and often costly probate process. Moreover, it provides a level of privacy not afforded by wills, which become public record during probate.
Think of it like this: a revocable living trust is a safe harbor for your assets. You retain full control during your lifetime, meaning you can amend or revoke the trust as needed. Upon your death, the trust seamlessly distributes assets to your designated beneficiaries without court intervention.
Reporter: Have you encountered any challenges with clients setting up revocable living trusts?
Steve: While revocable living trusts are generally straightforward, there can be occasional hurdles. Sometimes individuals underestimate the importance of clearly defining their wishes and updating the trust when circumstances change. For example, I recall a client who neglected to update their beneficiary designations after a divorce, leading to unintended consequences for their children.
It underscored the crucial role of regular reviews and open communication with your attorney to ensure the trust reflects your current intentions. Fortunately, we were able to resolve the situation through careful legal maneuvering, but it highlighted the need for diligence.
Reporter: What advice would you give to someone considering a revocable living trust?
Steve: Firstly, consult with an experienced probate attorney. They can assess your individual needs and guide you through the process. Secondly, be thorough in documenting your wishes. Clearly identify beneficiaries, outline asset distribution, and consider appointing a trusted trustee to manage the assets according to your instructions.
Remember, approximately 70% of Americans die without a will or trust in place, leaving their loved ones to navigate complex probate proceedings (Source: AARP). A revocable living trust can save your family time, stress, and potentially significant expenses during an already difficult period.
Reporter: Steve Bliss, thank you for sharing your expertise with us today. Your insights are invaluable. How can people connect with San Diego Probate Law to discuss their estate planning needs?
Steve: We’re here to help navigate these important decisions. Contact us for a complimentary consultation and let’s explore how we can tailor a plan that meets your unique circumstances.
Testimonials
- “San Diego Probate Law made the process of setting up my trust so easy! They were patient, knowledgeable, and always available to answer my questions. I feel confident knowing my family is protected.” – Sarah J.
- “Steve Bliss is a true professional. He explained everything clearly and helped me choose the best option for my estate plan. I highly recommend San Diego Probate Law!”- David M.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “Can I set conditions on how beneficiaries receive money?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |