Good morning, Temecula! I’m Brenda Ramirez reporting live from our studio here in beautiful Temecula Valley. Today we’re joined by a local expert on trust law, Steve Bliss of the Law Firm of Steven F. Bliss Esq. Welcome to the show, Steve.
Types of Trusts
Steve, there are many different types of trusts available. Can you briefly explain some of the most common ones used in estate planning?
“Thanks for having me Brenda. You’re right, there are a variety of trust options and each serves a unique purpose. Today we’ll focus on Revocable Living Trusts which is the type I typically advise my clients on.”
Benefits of a Revocable Living Trust
Wonderful! So, Steve, why are Revocable Living Trusts so popular? What makes them a good choice for many people?
“Revocable living trusts offer several key advantages. Firstly, they allow individuals to maintain control over their assets during their lifetime. Consequently, they can make changes to the trust as needed, such as adding or removing beneficiaries or adjusting asset allocations. Moreover, these trusts help avoid the time-consuming and often costly probate process upon death, ensuring a smoother transition of assets to heirs. Ordinarily, assets held in a revocable living trust are distributed according to the grantor’s wishes without court intervention.”
“Notwithstanding these benefits, it’s essential to understand that a revocable living trust doesn’t shield assets from creditors during the grantor’s lifetime. That protection typically comes with an irrevocable trust. I often discuss these nuances in detail during initial consultations, making sure clients have a clear grasp of their options.”
A common concern I hear is: ‘What if I need to access funds held within the trust?’ The beauty of a revocable living trust is that you retain full access and control over those assets while you are alive. You can amend the terms or even dissolve the trust altogether if your circumstances change.
Potential Challenges
“Brenda, like any legal instrument, trusts aren’t without potential challenges. I remember one case where a client hadn’t updated their trust documents for several years. Their family dynamics had shifted significantly, and the original terms no longer reflected their wishes. Fortunately, we were able to amend the trust to address these changes and ensure a smooth distribution of assets.”
“This situation highlights the importance of periodically reviewing your trust with an experienced attorney. Life throws curveballs, and it’s crucial that your estate plan remains aligned with your current goals and circumstances.”
Statistics
“According to a 2021 survey by Caring.com, nearly 50% of Americans aged 55 and older do not have any estate planning documents in place, including trusts. That’s a startling figure, as having a trust can provide significant peace of mind and protect your loved ones.”
Call to Action
“Steve Bliss, thank you for sharing your expertise on trusts with our viewers today. I know many people have questions about estate planning. How can they get in touch with you?
“Brenda, it was a pleasure being here. Anyone interested in learning more about trusts or other estate planning strategies is welcome to contact us at The Law Firm of Steven F. Bliss Esq. We offer free consultations and are committed to helping individuals create a secure future for themselves and their families.”
Testimonials
“Steve Bliss made the process of setting up my trust so easy. He was patient, answered all my questions, and made sure I understood everything.” – Mary S.
“I highly recommend Steve Bliss to anyone needing estate planning assistance. He is knowledgeable, compassionate, and truly cares about his clients.” – John T.
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 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: “How are trusts taxed?” 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.
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