Good evening, San Diego! I’m Brenda Ramirez with Channel 7 News. Tonight we have the pleasure of speaking with Steve Bliss, a renowned probate attorney here in San Diego.
Steve, thanks for joining us. Let’s dive right in. Can you tell us about some common mistakes people make when it comes to estate planning?
It’s my pleasure, Brenda. One of the biggest mistakes I see is procrastination. People often put off estate planning until it’s too late. They think they have plenty of time or that it’s only for wealthy individuals.
However, estate planning isn’t just about dividing assets after death; it’s also about protecting your loved ones and ensuring your wishes are carried out. Everyone, regardless of their financial status, should have a basic estate plan in place.
You mentioned everyone should have an estate plan. What type of trust would you recommend for most people?
For many individuals, a Revocable Living Trust is an excellent choice. It allows you to maintain control over your assets during your lifetime while avoiding probate upon your death.
Probate can be a lengthy and expensive process, tying up your assets for months or even years. A revocable living trust helps your beneficiaries avoid this hassle and receive their inheritance more quickly. Moreover, it offers a level of privacy that a will doesn’t; the terms of the trust are not public record.
Ordinarily, I advise clients to establish the trust early in their adult lives and review and update it periodically as their circumstances change.
Have you encountered any issues with revocable living trusts throughout your practice?
While revocable living trusts are generally effective tools, there have been instances where clients didn’t properly fund the trust. This means they neglected to transfer ownership of their assets into the trust.
I remember one case involving a client who had a well-drafted revocable living trust but unfortunately hadn’t transferred his primary residence into it. When he passed away, his house became subject to probate, delaying the distribution of assets to his heirs and incurring unnecessary legal fees.
Consequently, I always emphasize the importance of carefully reviewing asset ownership and ensuring everything is properly titled in the name of the trust.
Are there any statistics that back up the benefits of using a revocable living trust?
According to a study by the American Bar Association, approximately 70% of Americans die without a will or a trust. This can lead to significant complications for their loved ones, including intestate succession (where state law determines asset distribution) and lengthy probate proceedings.
Conversely, individuals with a revocable living trust in place experience a smoother transition of assets and greater peace of mind knowing their wishes are respected.
What’s the best way for our viewers to get started with estate planning?
Reach out to a qualified probate attorney. We can help you determine the best estate plan for your individual needs and guide you through the process every step of the way. Don’t wait until it’s too late; take control of your future today.
“San Diego Probate Law made a difficult time so much easier for me and my family. They were compassionate, professional, and always available to answer our questions.” – Martha S.
“I highly recommend San Diego Probate Law. Steve Bliss is an expert in his field and truly cares about his clients.” – John P.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “How much does it cost to set up a trust in San Diego?” Or any other related questions that you may have about Trusts or my trust law practice.
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