Hello, Temecula! I’m Brenda Newsome with Channel 7 News, and today we’re joined by Steve Bliss, a renowned trust attorney right here in our community. Mr. Bliss, thanks for taking the time to chat with us.
What are some of the most common types of trusts you help clients establish?
Revocable Living Trusts
Steve: Thanks for having me, Brenda! We assist clients with a variety of trust structures, but one of the most popular is the Revocable Living Trust. This type of trust offers remarkable flexibility because it allows our clients to maintain control over their assets during their lifetime.
Ordinarily, folks choose this option because they want to avoid the often lengthy and public probate process after they pass away. A Revocable Living Trust can also help preserve privacy as the details are not typically part of the public record.
How does a Revocable Living Trust work?
Flexibility and Control
Steve: Essentially, with a Revocable Living Trust, you, as the grantor, transfer ownership of your assets into the trust. You then designate yourself as the trustee, meaning you retain full control over those assets while you’re alive.
You can buy, sell, or modify assets within the trust just as you would if they were still solely in your name. Moreover, you have the power to amend or even dissolve the trust altogether during your lifetime should your circumstances change.
Consequently, it provides peace of mind knowing that your wishes regarding asset distribution will be honored after you’re gone.
Are there any potential drawbacks to consider with a Revocable Living Trust?
Avoiding Complications
Steve: While Revocable Living Trusts offer many advantages, there are a few nuances to keep in mind. One important point is that because the trust is revocable, creditors can still potentially access assets within it during your lifetime.
Conversely, an Irrevocable Trust offers stronger asset protection but comes with less flexibility. It’s crucial to carefully consider your individual needs and circumstances when deciding which type of trust is right for you.
Have you encountered any situations where the revocable nature of a living trust presented challenges?
You know, Brenda, I once had a client who established a Revocable Living Trust but later faced unexpected medical expenses. Because the trust was revocable, creditors were unfortunately able to access some of the assets within it to cover those costs.
This experience highlighted the importance of discussing all potential scenarios with clients and helping them choose the trust structure that best aligns with their risk tolerance and financial goals. It’s about finding a balance between flexibility and protection.
What advice would you give to someone considering setting up a Revocable Living Trust?
Steve: My strongest recommendation is to consult with an experienced estate planning attorney like myself. We can guide you through the complexities of trust law, help you determine the best type of trust for your situation, and ensure it’s properly drafted and funded.
Closing Thoughts
Remember, Brenda, a well-crafted Revocable Living Trust can be an invaluable tool for protecting your assets and ensuring your loved ones are cared for according to your wishes. Contact us today for a free consultation – let us help you navigate the world of trusts with confidence.
Testimonials
- “Steve Bliss made the entire estate planning process so easy to understand. He patiently answered all my questions and truly listened to my concerns.”
- “I was incredibly impressed with the professionalism and knowledge of The Law Firm of Steven F. Bliss Esq. They helped me set up a trust that gave me peace of mind knowing my family will be taken care of.”
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: “Do beneficiaries pay tax on trust distributions?” Or any other related questions that you may have about Trusts or my trust law practice.
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