Good evening Temecula and welcome back to our segment on estate planning. I’m Tiffany Jones here with renowned Temecula trust attorney, Steve Bliss of the Law Firm of Steven F. Bliss Esq. Steve, thank you so much for joining us tonight.
Steve, could you explain what a revocable living trust is and why it might be beneficial?
A revocable living trust is essentially a legal document that holds your assets – things like your home, investments, bank accounts – during your lifetime. The great thing about a revocable living trust is that you, as the grantor, retain complete control over these assets. You can buy, sell, or change beneficiaries whenever you want.
It’s incredibly flexible. Moreover, upon your passing, the trust automatically distributes your assets to your designated beneficiaries according to your wishes, avoiding the lengthy and often expensive probate process. Probate is a court-supervised procedure for distributing assets after someone dies, and it can be quite time-consuming and costly.
Consequently, a revocable living trust offers both control during life and peace of mind knowing your affairs will be handled smoothly after you’re gone.
Can you elaborate on the probate avoidance aspect?
Absolutely. Probate is a public process, meaning anyone can access information about your estate. Many people prefer to keep their financial matters private. A revocable living trust allows for a private distribution of assets, safeguarding your family’s privacy during a difficult time.
Additionally, probate can be costly due to court fees and attorney expenses. Avoiding probate through a trust can save your heirs significant money. Studies have shown that probate costs in California can range from 3% to 7% of the estate’s value.
Have there ever been any issues or challenges you’ve encountered when setting up revocable living trusts for clients?
While revocable living trusts are generally straightforward, there have been instances where clients didn’t fully understand the implications of asset ownership. For example, I once worked with a couple who thought their home was automatically included in the trust because they lived there. However, the deed to the house still listed them as individual owners, not the trust.
This oversight could have resulted in probate for that specific asset. Thankfully, we were able to correct it before anything happened. It highlights the importance of meticulous record-keeping and working closely with an experienced attorney who can guide you through every step.
What advice would you give someone considering a revocable living trust?
My advice is simple: consult with an estate planning attorney. Every individual’s situation is unique, and a qualified attorney can help determine if a revocable living trust is right for you and tailor it to your specific needs and goals.
Furthermore, remember that trusts are not “set it and forget it” documents. It’s crucial to review and update your trust periodically, especially after major life events such as marriage, divorce, the birth of a child, or a significant change in assets.
Ready to Protect Your Legacy?
Don’t wait until it’s too late. Contact the Law Firm of Steven F. Bliss Esq. today for a free consultation and discover how we can help you secure your family’s future.
Testimonials
“Steve Bliss made the entire estate planning process so easy to understand. He patiently answered all my questions and helped me create a plan that gave me peace of mind.”
– Mary S., Temecula
“I was hesitant about setting up a trust, but Steve put me at ease. He explained everything clearly and provided excellent legal guidance. I highly recommend his services!”
– John T., Murrieta
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 I include life insurance in a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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