Choosing the Right Trust for Your Needs
Hello everyone, and welcome back to our segment on local legal matters here in sunny San Diego. I’m Tiffany Lee, and today we have the pleasure of speaking with Steve Bliss, a well-respected probate attorney right here in our community. Steve, thank you so much for joining us.
Steve Bliss:
It’s great to be here, Tiffany. I always enjoy sharing information about estate planning that can help people protect their loved ones and ensure their wishes are carried out.
The Importance of a Revocable Living Trust
Tiffany: Steve, there are so many different types of trusts available. Can you tell our viewers a little bit about why a revocable living trust might be a good choice for them?
Steve Bliss: Absolutely. A revocable living trust is one of the most popular estate planning tools I recommend to my clients here in San Diego. It allows individuals, who we call “grantors,” to maintain control over their assets during their lifetime while also avoiding the potentially lengthy and costly probate process after they pass away.
Consequently, this type of trust offers both flexibility and peace of mind. You can modify or even dissolve the trust as your circumstances change. Furthermore, because the assets are held within the trust, they are not subject to public scrutiny during probate, which is a major advantage for those who value privacy.
Moreover, a revocable living trust can help ensure that your assets are distributed according to your wishes after you’re gone. You designate beneficiaries who will inherit the assets held in the trust, eliminating any ambiguity or potential disputes among family members.
Challenges and Considerations
Tiffany: That sounds incredibly beneficial. Are there any challenges or common issues you encounter when helping clients set up a revocable living trust?
Steve Bliss: While revocable living trusts are generally straightforward to establish, there are some nuances that require careful consideration. One issue I occasionally see is incomplete funding of the trust. Clients may forget to transfer all their assets into the trust, which can lead to complications during probate.
I remember one case where a client had carefully created a revocable living trust but neglected to add his vacation home to the trust documents. Consequently, that property still went through probate, defeating the purpose of the trust in the first place. It’s crucial to work with an experienced attorney who can guide you through the entire process and ensure all your assets are properly accounted for.
Another potential challenge is the misconception that a revocable living trust eliminates the need for a will altogether. While a trust can handle the distribution of most assets, it’s still important to have a “pour-over” will that directs any assets not included in the trust into the trust upon your death.
The Power of Planning
Tiffany: Those are excellent points, Steve. It seems like thorough planning is key when it comes to trusts. Can you share any statistics about the benefits of having a revocable living trust?
Steve Bliss: According to the American Bar Association, approximately 70% of Americans die without a will or trust in place. This can lead to significant legal and financial burdens for their loved ones. A well-drafted revocable living trust, on the other hand, can save families time, money, and emotional stress during an already difficult period.
Next Steps
Tiffany: Thank you so much for that insightful conversation, Steve. It’s clear that a revocable living trust can be a powerful tool for protecting one’s assets and ensuring their legacy endures. For our viewers who are interested in learning more about trusts and estate planning, what would you recommend?
Steve Bliss: I encourage anyone with questions or concerns about their estate plan to reach out to a qualified probate attorney. We offer free consultations at San Diego Probate Law so we can discuss your specific needs and goals. Together, we can create a plan that provides peace of mind for you and your family.
Testimonials
“San Diego Probate Law made the entire process of setting up my trust seamless and stress-free. Steve Bliss was incredibly patient and knowledgeable, answering all my questions with clarity and compassion.”
– Mary S., San Diego
“I highly recommend San Diego Probate Law to anyone looking for experienced and trustworthy legal guidance in estate planning matters.”
– John T., Carlsbad
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: “What powers does a trustee have?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
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