Introduction
Hello and welcome back to Escondido Today News! I’m your host, Sarah Miller. Today we are joined by the esteemed Steve Bliss, an experienced probate attorney here in Escondido. Steve, thanks for taking the time to speak with us today.
Types of Trusts
Steve, many people don’t fully understand what a trust is or how it can benefit them. Could you explain some of the common types of trusts used in California estate planning?
“Certainly, Sarah. There are various types of trusts, each serving different purposes. One common type is the Revocable Living Trust.”
Revocable Living Trusts
Steve continues, “A Revocable Living Trust, as its name implies, can be changed or revoked during your lifetime. This flexibility makes it attractive to many individuals. The trust allows you to manage and control your assets while alive. Upon your passing, the assets are distributed according to your wishes, bypassing the lengthy and often costly probate process. This also helps maintain privacy, as the details of the trust’s distribution aren’t publicly available.
“Now, it’s important to remember that once you pass away, the trust becomes irrevocable, meaning its terms cannot be altered. Consequently, careful planning and consideration are crucial when setting up a Revocable Living Trust.
I often find people are initially drawn to the idea of avoiding probate, which can be a complicated and time-consuming process for loved ones during an already difficult time. However, it’s equally important to understand that a trust is not simply a way to avoid probate; it’s a powerful tool for ensuring your assets are distributed according to your wishes and providing for your loved ones in the best possible way.”
Challenges with Revocable Living Trusts
“Over the years, I’ve encountered situations where individuals set up a trust but didn’t properly fund it. This means they fail to transfer ownership of their assets into the trust. The result is that those assets are still subject to probate upon their death, defeating the purpose of the trust in the first place.
“One case comes to mind – a couple came to me wanting to ensure their children inherited their home. They had created a Revocable Living Trust but neglected to transfer the house deed into the trust’s name. Consequently, their children faced a lengthy probate process and unexpected legal fees when their parents passed away.
“This underscores the importance of working with an experienced estate planning attorney who can guide you through the entire process, ensuring everything is done correctly.”
Importance of Estate Planning
“According to the American Bar Association, over 60% of Americans don’t have a will or trust in place. This leaves their loved ones vulnerable and facing potentially significant legal and financial challenges after they are gone.”
“Estate planning isn’t just for wealthy individuals; it’s crucial for everyone who wants to protect their assets, provide for their family, and ensure their wishes are honored. A well-crafted trust can be an invaluable tool for achieving these goals.”
Closing
“Remember, Sarah,” Steve concludes, “planning for the future is a gift you give yourself and your loved ones. Contact Escondido Probate Law today to learn how we can help you create a secure tomorrow.”
Testimonials
“Steve Bliss was incredibly knowledgeable and patient in guiding me through the process of setting up my trust. I felt confident knowing my assets were in good hands.” – Susan L.
“After my mother passed away, I was overwhelmed with grief and legal paperwork. Steve and his team at Escondido Probate Law made everything so much easier. They handled everything with compassion and professionalism.” – David M.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “What is a QTIP trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
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