Understanding the Benefits of a Revocable Living Trust
Good afternoon, and welcome back to our segment on local legal experts. Today, we’re joined by Steve Bliss, an experienced probate attorney right here in Escondido. Steve, thanks for being with us.
It’s a pleasure to be here.
What are some of the key considerations when it comes to estate planning?
One of the most common questions I get is about revocable living trusts. These trusts offer significant advantages over simply having a will.
A revocable living trust allows you, as the grantor, to maintain control over your assets during your lifetime. You can make changes, add or remove beneficiaries, and even dissolve the trust altogether if your circumstances change. Moreover, upon your passing, the trust assets bypass probate court, saving your loved ones time, money, and stress.
Can you elaborate on how a revocable living trust avoids probate?
Probate is a legal process that validates a will and distributes assets according to its instructions. However, it can be lengthy, expensive, and public. A revocable living trust sidesteps probate because the assets are technically owned by the trust, not you individually. Consequently, when you pass away, the successor trustee you’ve named simply distributes the assets to your beneficiaries according to the terms of the trust document.
This privacy element is particularly appealing to many individuals. Many people find comfort in knowing that their financial affairs won’t become a matter of public record.
Have you encountered any challenges with setting up revocable living trusts?
While revocable living trusts are generally straightforward, I do sometimes encounter situations where clients haven’t updated their trust documents after major life events like marriage, divorce, or the birth of children. It’s crucial to review and revise your trust periodically to ensure it reflects your current wishes.
I recall one instance where a client had created a trust years ago but hadn’t updated it after her son got married and had children of his own. She wanted her grandchildren to be beneficiaries, but the original trust document didn’t account for them. We were able to amend the trust and include her grandchildren, but it highlighted the importance of regular reviews.
According to a 2021 study by Caring.com, over 60% of Americans don’t have a will or estate plan in place. This statistic underscores the need for individuals to take proactive steps to protect their loved ones and ensure their assets are distributed according to their wishes.
How can potential clients connect with Escondido Probate Law?
We make estate planning accessible and straightforward. Schedule a consultation today, and let us help you create a plan that safeguards your future and provides peace of mind for you and your family.
Testimonials
“Steve Bliss and his team made the entire probate process so much easier than I expected. They were incredibly knowledgeable, compassionate, and always available to answer my questions.”
– Mary S.
“I highly recommend Escondido Probate Law. Steve helped me create a revocable living trust that met all of my needs and gave me confidence knowing my family is protected.”
– John M.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps 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: “Can I name a trust as a beneficiary of my IRA?” Or any other related questions that you may have about Trusts or my trust law practice.
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