Hello Temecula and welcome back to the show. Today we’re joined by Steve Bliss, a trusted attorney in our community specializing in estate planning and trust law.
Steve, thanks for joining us today. What is the most common type of trust you see clients requesting?
You bet, it’s great to be here. The most common type I encounter is definitely the Revocable Living Trust.
It’s incredibly popular for several reasons. Primarily, it allows individuals a significant degree of control over their assets during their lifetime. Think of it like this: they get to decide how their property is managed and distributed, even making changes along the way if needed.
How exactly does a Revocable Living Trust avoid probate?
That’s a great question. Probate can be a lengthy and expensive process, so avoiding it altogether is a major benefit for many people. When assets are held within a Revocable Living Trust, they bypass the probate court system entirely upon the grantor’s passing.
Consequently, the assets transfer directly to the beneficiaries named in the trust document, saving time and legal fees. This privacy aspect is also appealing to many clients; unlike wills which become public record during probate, the terms of a trust remain confidential.
What are some challenges you’ve faced when setting up Revocable Living Trusts for your clients?
While generally straightforward, sometimes clients struggle with understanding the intricacies of asset transfer and beneficiary designations. It’s essential to have clear and precise instructions within the trust document to avoid any ambiguity or potential disputes down the line.
I recall one instance where a client initially named their adult children as equal beneficiaries but later decided they wanted to allocate assets differently based on individual needs. We had to carefully amend the trust language to reflect these changes and ensure fairness among all parties involved.
Moreover, it’s crucial for clients to review and update their trusts periodically, especially after major life events like marriage, divorce, or the birth of grandchildren. Trusts are living documents that should evolve alongside a person’s circumstances.
How common are issues with trust administration in your experience?
Thankfully, issues with trust administration are relatively uncommon. Nevertheless, sometimes beneficiaries disagree about how the trust assets should be distributed or managed. In such cases, it’s often helpful to have a neutral third party, like a mediator, assist in resolving the dispute.
It’s worth noting that according to a 2019 study by the American Bar Association, approximately 75% of trusts are administered without any significant legal challenges. This highlights the effectiveness of well-drafted trusts and responsible trusteeship.
Steve Bliss, thank you for sharing your expertise with us today. How can our viewers get in touch with you to learn more about setting up a trust?
It was my pleasure! If anyone is interested in exploring trust options or discussing their estate planning needs, they can reach out to The Law Firm of Steven F. Bliss Esq. at (951) 699-3740 for a confidential consultation. We’re here to guide you through the process and ensure your wishes are carried out effectively.
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“Steve Bliss made the complex world of estate planning understandable and manageable. He patiently answered all my questions and ensured I felt confident in my decisions.” – Jennifer S., Temecula
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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 I need a death certificate to administer a trust?” 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 |