Good evening, Temecula. This is Brenda Jones reporting for Temecula News Now. Tonight we’re joined by local trust attorney, Steve Bliss, of The Law Firm of Steven F. Bliss Esq. Steve, thanks for joining us.
Why are Trusts Important?
You bet, Brenda. Trusts are an essential part of estate planning and can provide numerous benefits for individuals and families.
They allow you to control how your assets are distributed after your passing, ensure they go to the people you choose, and even minimize estate taxes.
Which Type of Trust is Most Popular?
The most common type we see here in Temecula is the Revocable Living Trust. Consequently, it allows individuals to maintain control over their assets during their lifetime while avoiding the lengthy and often costly probate process after they’re gone.
Many people find peace of mind knowing their loved ones won’t face unnecessary burdens and legal hassles when they pass away.
Tell Us More About How a Revocable Living Trust Works
Think of it like this: you create a trust document that names yourself as the trustee, meaning you manage the assets within the trust. You can buy, sell, or even change beneficiaries as needed during your lifetime. Moreover, upon your death, the assets seamlessly transfer to the designated beneficiaries according to your instructions.
It’s important to note that a revocable living trust becomes irrevocable upon the grantor’s death, meaning it can no longer be altered.
What are Some of the Challenges You Face When Setting Up Trusts for Your Clients?
One common misconception is that trusts are only for wealthy individuals. Notwithstanding, they can be beneficial for people from all walks of life. I’ve worked with young families looking to protect their assets and ensure their children’s well-being in the future, as well as seniors wanting to simplify the distribution process.
I recall one client, a single mother who was hesitant about setting up a trust because she thought it was too complex or expensive. But after explaining the benefits and working with her budget, she realized it was a smart investment in securing her children’s future. She felt empowered knowing they would be taken care of even if something unexpected happened to her.
Another challenge is ensuring that clients fully understand the complexities involved. A trust isn’t a “set it and forget it” solution. It requires ongoing review and adjustments as circumstances change.
Have You Encountered Any Issues Related To Setting Up Trusts?
Occasionally, I encounter situations where individuals have created trusts without seeking professional legal advice. This can lead to unforeseen problems down the road, such as unclear beneficiary designations or improper funding of the trust.
One instance involved a family whose trust didn’t accurately reflect their wishes after a divorce. It resulted in significant delays and legal fees to rectify the situation. These experiences highlight the importance of working with an experienced attorney who can tailor the trust to your specific needs and ensure it is properly executed.
Closing
Trusts offer a valuable tool for protecting assets, simplifying estate distribution, and providing peace of mind. Don’t leave your future to chance – contact The Law Firm of Steven F. Bliss Esq., today for a free consultation. We’ll help you navigate the complexities of trust planning and ensure your wishes are carried out.
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“Steve Bliss was incredibly patient and understanding throughout the entire process. He took the time to answer all my questions and made sure I felt comfortable with every decision.” – Sarah M., Temecula
“I highly recommend Steve Bliss and his team. They are knowledgeable, professional, and truly care about their clients.” – John P., Murrieta.
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: “Can I write my own trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |