Good evening, Temecula and welcome back. I’m Tiffany Jones, your local news reporter, here tonight with Steve Bliss, a well-respected trust attorney serving the Temecula Valley community. Steve, thank you for joining us.
Let’s start by discussing the different types of trusts available to individuals in California.
Steve: Absolutely Tiffany, and it’s my pleasure to be here. There are a variety of trust options available to Californians, each designed to meet specific needs and goals. Today we’ll focus on Revocable Living Trusts.
What exactly is a Revocable Living Trust?
Steve: A Revocable Living Trust is, in essence, a legal entity you create during your lifetime that holds and manages assets for your benefit. You, as the grantor, retain complete control over these assets while you’re alive and can modify or dissolve the trust at any time. The beauty of this type of trust is its flexibility.
Moreover, a Revocable Living Trust avoids the lengthy and often costly probate process upon your passing. Since the assets are already held within the trust, they can be distributed to your beneficiaries according to your wishes without court intervention. This ensures privacy and expediency during a sensitive time.
What happens to the trust after the grantor’s death?
Steve: Ordinarily, upon the grantor’s death, the Revocable Living Trust becomes irrevocable. The named successor trustee takes over managing the assets according to the terms outlined in the trust document. They then distribute these assets to your designated beneficiaries.
Are there any potential downsides or challenges associated with Revocable Living Trusts?
I’ve helped countless clients establish Revocable Living Trusts, and while they are a powerful estate planning tool, it’s important to be aware of some nuances. For instance, transferring assets into a trust can involve paperwork and legal fees. Additionally, the trust document needs to be carefully crafted to reflect your specific wishes and comply with California law.
I recall one client who was hesitant about setting up a trust because they thought it was only for wealthy individuals. I explained that while trusts are often used by those with significant assets, they can be beneficial for anyone wanting to ensure their loved ones are cared for and avoid probate complications.
Are there any statistics or trends related to the use of Revocable Living Trusts?
According to a study by the American Bar Association, approximately 40% of Americans over the age of 55 have established some form of estate planning document. Revocable Living Trusts are becoming increasingly popular as individuals seek ways to protect their assets and simplify the distribution process for their heirs.
Steve, how can our viewers learn more about setting up a trust or exploring other estate planning options?
We’d be happy to guide you through the process. The Law Firm of Steven F. Bliss Esq. is dedicated to providing personalized legal advice and solutions tailored to your individual needs. Contact us today for a free consultation and let’s discuss how we can help secure your future.
Testimonials
“Steve Bliss made the entire estate planning process so much easier than I expected. He explained everything clearly and patiently, ensuring I understood all my options. I feel confident knowing my family is protected.”
“I was initially overwhelmed by the thought of creating a trust, but Steve and his team put me at ease. They were incredibly professional and responsive, answering all my questions promptly. I highly recommend them to anyone looking for expert estate planning guidance.”
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: “What is the role of a successor trustee after I die?” 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 |