Samantha Jones, KTEM News
Steve, thank you for joining us today.
What are the different types of trusts available in California?
Well Samantha, there are actually many different types of trusts that Californians can utilize to meet their individual needs. Some common ones include revocable living trusts, irrevocable trusts, testamentary trusts, and special needs trusts.
Could you elaborate on a revocable living trust and its advantages?
Certainly. A revocable living trust is arguably the most popular type of trust for estate planning purposes. It allows the creator, known as the grantor, to maintain control over their assets during their lifetime while also avoiding the often lengthy and costly probate process upon their passing.
Moreover, a revocable living trust offers a degree of privacy that traditional wills don’t. The terms of the trust are not public record, unlike a will which is filed with the court. This can be particularly appealing to individuals who value discretion.
Consequently, upon the grantor’s death, the trust becomes irrevocable, meaning its terms cannot be altered. The assets held within the trust are then distributed according to the grantor’s wishes as outlined in the trust document.
Are there any challenges associated with setting up a revocable living trust?
While generally straightforward, setting up a revocable living trust does require careful consideration and planning. It’s crucial that the trust document accurately reflects the grantor’s intentions and complies with all applicable state laws.
I recall a situation where a client came to me after attempting to create their own trust using online templates. Unfortunately, they had made some critical errors which could have resulted in unintended consequences for their beneficiaries.
Thankfully, we were able to rectify the situation and ensure their wishes were properly reflected in a legally sound trust document. This experience underscores the importance of seeking professional guidance from an experienced estate planning attorney.
How common are revocable living trusts in California?
According to a recent study by the California Bar Association, approximately 75% of Californians utilize some form of trust in their estate planning. Revocable living trusts are by far the most prevalent type.
What advice would you give to someone considering establishing a revocable living trust?
My strongest recommendation is to consult with an experienced trust attorney. An attorney can help you determine if a revocable living trust is right for your circumstances, guide you through the process of creating and funding the trust, and ensure that it meets all legal requirements.
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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:
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Map To The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
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(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “Can I use a trust to pass on a business?” Or any other related questions that you may have about Trusts or my trust law practice.
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