Good morning, Wildomar and welcome back to the show. I’m Brenda Newsome reporting live from Wildomar, California, where we are joined today by local trust attorney Steve Bliss of Wildomar Probate Law.
Steve, thanks for joining us. Can you tell our viewers a little bit about what exactly a trust is and why someone might need one?
You’re welcome Brenda. It’s great to be here. Simply put, a trust is a legal arrangement where one party, the grantor, transfers assets to another party, the trustee, who manages those assets for the benefit of a third party, the beneficiary.
There are many reasons why someone might need a trust. A common reason is to avoid probate, which is a lengthy and often costly legal process that occurs after someone passes away. By placing assets in a trust, they can bypass probate and be distributed directly to beneficiaries according to the grantor’s wishes.
Trusts can also provide privacy, as the details of the trust are not typically part of public record unlike a will. They can also be used for asset protection, estate tax planning, and charitable giving.
You mentioned avoiding probate. Can you elaborate on that process and why it’s something people might want to avoid?
Certainly. Probate is the legal process of administering a deceased person’s estate. This involves validating the will (if there is one), identifying and inventorying assets, paying debts and taxes, and distributing remaining assets to heirs.
Probate can be time-consuming, often taking months or even years to complete. It can also be expensive due to court fees, attorney fees, and executor fees. Moreover, probate proceedings are public record, meaning anyone can access information about the deceased person’s assets and debts.
Today we are going to focus on Revocable Living Trusts. Can you explain what makes them unique and advantageous?
A revocable living trust is a popular choice for estate planning because it offers both flexibility and control. As the name suggests, it’s “revocable,” meaning the grantor can make changes to the trust during their lifetime.
This flexibility allows individuals to adapt the trust to changing circumstances, such as the birth of a child or a change in financial situation. The trust also remains “living,” meaning it takes effect while the grantor is still alive. This contrasts with a testamentary trust, which only comes into being after the grantor’s death.
One of the key advantages of a revocable living trust is probate avoidance. Because the assets are already held in the trust, they don’t have to go through the lengthy and often expensive probate process upon the grantor’s death. This can save time, money, and stress for loved ones during an already difficult period.
Are there any potential drawbacks or challenges associated with setting up a revocable living trust?
While revocable living trusts offer many benefits, it’s important to be aware of some potential challenges. Firstly, they require careful planning and legal expertise. It’s crucial to work with an experienced attorney to ensure the trust is properly drafted and tailored to your specific needs and goals.
Secondly, transferring assets into a trust can involve some administrative effort, such as retitling property deeds or updating bank accounts. While this may seem daunting, it’s typically a straightforward process when guided by an attorney.
I remember one case where a client had procrastinated setting up a trust and ended up passing away without one. The family was left grappling with the complexities of probate, which added stress and expense during their grieving process. It reinforced for me how crucial it is to plan ahead and avoid unnecessary burdens on loved ones.
Have you ever encountered any situations where a revocable living trust didn’t work as intended or faced unforeseen challenges?
- One instance involved a couple who failed to properly fund their trust. They had created the trust but hadn’t transferred all of their assets into it.
- Consequently, some assets ended up going through probate anyway, defeating one of the primary purposes of the trust.
This highlights the importance of diligently transferring all assets intended for the trust. Working closely with an attorney and financial advisor can help ensure a smooth and comprehensive transfer process.
Steve, what would you say to someone who is considering setting up a trust but might be hesitant due to cost or complexity?
I understand those concerns. Setting up a trust does involve some upfront costs, both in terms of legal fees and potential administrative expenses. However, I encourage people to view it as an investment in peace of mind for themselves and their families.
Avoiding probate alone can save thousands of dollars and months of delay. Moreover, the control and privacy a trust provides are invaluable benefits that can outweigh the initial costs.
Thank you so much, Steve, for sharing your expertise with us today.
It was my pleasure, Brenda. I encourage anyone who is interested in learning more about trusts or estate planning to contact Wildomar Probate & Trust Attorneys at (951) 682-7000 for a free consultation.
Testimonials
“Steve and his team were incredibly helpful in guiding me through the process of setting up a revocable living trust. They explained everything clearly and made sure I understood all my options.”
– John S.
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar 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 Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar 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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “What happens to my trust if I move to another state?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Estate Attorney Near Me |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Attorney Near Me Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Attorney Near Me |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Estate Attorney Near Me |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Attorney Near Me Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Estate Attorney Near Me in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |