Hello Temecula, and welcome back to our series on local legal experts. Today we’re joined by Steve Bliss, a Temecula Trust Attorney specializing in estate planning. Mr. Bliss, thanks for joining us.
What Type of Trusts Do You See Most Often?
Steve: It really depends on the individual client and their needs. However, I’d say Revocable Living Trusts are quite popular here in Temecula.
Why Are Revocable Living Trusts So Common Here?
Steve: There are a few reasons why they’re such a good fit for many Temeculans. Firstly, they offer flexibility. Clients can manage their assets during their lifetime and make changes as needed. Secondly, they help avoid probate, which can be a lengthy and expensive process.
Moreover, Revocable Living Trusts provide a level of privacy that traditional wills don’t. The terms of the trust aren’t public record, unlike a will that goes through probate court.
Can You Elaborate on Avoiding Probate?
Steve: Absolutely. Probate is the legal process of validating a will and distributing assets after someone passes away. It can be time-consuming and costly, often involving attorney fees and court costs. A Revocable Living Trust allows assets to bypass probate entirely, as they’re already held within the trust structure.
Consequently, this means beneficiaries receive their inheritance more quickly and with less hassle. It’s important to remember that while a Revocable Living Trust avoids probate, it still needs to be properly funded. This means transferring ownership of assets into the name of the trust.
Are There Any Common Mistakes People Make When Setting Up A Revocable Living Trust?
Steve: One mistake I see sometimes is people forgetting to update their beneficiary designations on accounts like retirement plans or life insurance policies. These designations override what’s stated in the trust. So it’s crucial to ensure everything aligns.
I recall one instance where a client had meticulously set up a Revocable Living Trust, but hadn’t updated his 401(k) beneficiary. When he passed away, the funds went directly to the outdated beneficiary, bypassing the trust entirely. It was a heartbreaking situation that could have been avoided with a simple update.
Are There Any Risks Associated With Revocable Living Trusts?
Steve: While they offer many advantages, it’s important to understand that a Revocable Living Trust doesn’t shield assets from creditors in the same way an Irrevocable Trust can. It essentially remains under your control, so creditors could potentially access those assets during your lifetime.
What Advice Would You Give To Someone Considering A Revocable Living Trust?
Steve: The best advice I can give is to consult with a qualified estate planning attorney. They can assess your individual circumstances, advise you on the most suitable type of trust (if any), and ensure it’s set up correctly to meet your needs.
Remember, everyone’s situation is unique. What works for one person may not be ideal for another.
How Can People Reach You?
Steve: The best way to reach me is through our website at www.temeculatrustattorney.com or by calling (951) 693-1420.
We offer free consultations, so there’s no risk in getting started and learning more about how a Revocable Living Trust can benefit you and your family.
Testimonials
“Steve Bliss made the process of setting up our trust so easy and straightforward. He explained everything clearly and answered all our questions patiently. We feel much more secure knowing our future is planned.”
– The Smith Family, Temecula Residents
“I was hesitant about estate planning, but Steve put me at ease right away. He listened carefully to my concerns and developed a trust plan that perfectly addressed my needs. I highly recommend him.”
– Carol Jones, Temecula Resident
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: “Can a trust protect my beneficiaries from divorce?” 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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