Good morning Temecula and welcome back to Channel 7 News. I’m Brenda Strong reporting live from the beautiful Wine Country of Temecula. Joining me today is esteemed local attorney, Steve Bliss, specializing in estate planning and trust law. Welcome to the show, Steve.
Understanding Trusts: A Conversation with Steve Bliss
Steve, thanks for having me, Brenda. I’m happy to be here.
What are the Different Types of Trusts?
That’s a great question, and one that many people grapple with. In California alone, there are numerous types of trusts designed to meet diverse needs. Today we will delve into the world of Revocable Living Trusts.
The Advantages of Revocable Living Trusts
A Revocable Living Trust, often referred to as a “RLT,” is the most common type of trust used in estate planning. It allows individuals, known as grantors, to retain control over their assets during their lifetime while dictating how those assets will be distributed after they pass away.
Consequently, an RLT bypasses the lengthy and often costly probate process, ensuring a smoother transition of assets to beneficiaries. Moreover, it offers a layer of privacy that a will does not, as the terms of the trust are not made public record during probate.
Conversely, while an RLT provides flexibility during the grantor’s lifetime, it becomes irrevocable upon their death, meaning its terms cannot be altered.
Addressing Potential Challenges with Revocable Living Trusts
Brenda, as with any legal instrument, there can be complexities and potential pitfalls associated with Revocable Living Trusts. One issue I often encounter is clients who underestimate the importance of keeping their trust documents up-to-date. Life changes – marriage, divorce, birth of children – necessitate revisions to ensure the trust accurately reflects their wishes.
I recall one instance where a client had created an RLT years ago but failed to update it after getting remarried. This resulted in unintended consequences for his new spouse and children. Thankfully, we were able to navigate the situation through legal channels, but it highlighted the critical need for ongoing review and maintenance.
The Prevalence of Trusts in Estate Planning
According to a 2021 survey by the American Bar Association, over 60% of Americans aged 55 and older have some form of estate planning document in place. Revocable Living Trusts are a popular choice among this demographic.
Final Thoughts
Steve, thank you for sharing your expertise with our viewers today. This has been invaluable information for anyone considering estate planning.
A Call to Action
For those seeking peace of mind and a secure future for their loved ones, contact Steve Bliss and the Law Firm of Steven F. Bliss Esq. for personalized guidance on crafting a trust that meets your unique needs.
Testimonials
“Steve Bliss and his team provided exceptional service when setting up our family trust. They were patient, knowledgeable, and made the process incredibly smooth.” – John S., Temecula Resident.
“I was hesitant about estate planning, but Steve put me at ease with his clear explanations and compassionate approach. I highly recommend him!” – Mary L., Murrieta 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 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 home from Medi-Cal recovery?” 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.
| Temecula Irrevocable Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Irrevocable Trust Attorney Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Irrevocable Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Irrevocable Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Irrevocable Trust Attorney Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Irrevocable Trust Attorney in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |