Good evening Wildomar and welcome back to our segment on local legal experts. I’m Brenda Lawson here tonight with Steve Bliss, a trusted attorney specializing in trust law right here in our community.
Brenda Lawson
Steve, thank you so much for joining me tonight. For those unfamiliar, can you explain what exactly a trust is and why someone might need one?
Steve Bliss
It’s my pleasure to be here, Brenda. A trust, in its simplest form, is a legal arrangement where one party (the grantor) transfers assets to another party (the trustee) to hold and manage for the benefit of third parties (the beneficiaries). There are many reasons someone might need a trust.
Ordinarily, people create trusts for estate planning purposes. A trust can help avoid probate, which is a lengthy and often costly legal process that occurs after someone passes away. Probate proceedings are public record, whereas the terms of a trust remain private.
Moreover, trusts offer flexibility in managing assets and distributing them according to your wishes. For example, you could set up a trust to provide for a minor child’s education or to support a loved one with special needs.
Brenda Lawson
That’s fascinating information. Could you elaborate on the different types of trusts available?
Steve Bliss
Certainly. There are various types of trusts, each designed for specific purposes. A common type is a revocable living trust, which allows the grantor to retain control over their assets during their lifetime and make changes as needed.
Conversely, an irrevocable trust cannot be altered once established, providing greater asset protection but limiting the grantor’s flexibility. Testamentary trusts are created through a will and take effect after the grantor’s death, often used to provide for minor children.
Special needs trusts benefit individuals with disabilities without jeopardizing their eligibility for government assistance. Charitable trusts support charitable organizations and can offer tax advantages.
Brenda Lawson
That’s quite a range of options. Steve, could you dive deeper into the benefits and drawbacks of one specific type of trust? Let’s say…a revocable living trust.
Steve Bliss
Happy to do so. A revocable living trust offers several advantages. Firstly, it avoids probate, saving your loved ones time and expense after you’re gone. Probate can be a lengthy and stressful process for those grieving the loss of a loved one. Secondly, it provides privacy as the terms of the trust are not public record unlike a will which becomes part of probate court filings.
Thirdly, it allows for greater control over your assets during your lifetime. You can specify how and when your beneficiaries receive their inheritance.
However, there are some considerations. Modifying or dissolving a revocable living trust requires legal paperwork. While this process is relatively straightforward, it does involve some time and expense.
Brenda Lawson
That’s helpful information. Have you encountered any challenges with setting up revocable living trusts for clients?
Steve Bliss
While most individuals understand the benefits of a revocable living trust, sometimes there can be initial hesitation in transferring assets into the trust. People understandably feel a sense of attachment to their assets and may worry about losing control.
I remember one client who was reluctant to transfer her home into the trust because it held so many memories for her family. We had a heartfelt conversation, discussing how placing the home in the trust would actually protect it for future generations while still allowing her to live there comfortably.
Ultimately, she realized that establishing the trust was not about relinquishing control but about ensuring the well-being of her loved ones long after she was gone.
Brenda Lawson
That’s a touching story. Steve, could you share some insights on how common revocable living trusts are in estate planning?
Steve Bliss
They are indeed quite prevalent. According to the American Bar Association, roughly 70% of individuals with assets exceeding $1 million have a trust as part of their estate plan.
The popularity stems from the benefits we discussed earlier: probate avoidance, privacy, and control over asset distribution. I encourage everyone, regardless of their wealth, to consult with an experienced attorney to determine if a trust is right for them.
Brenda Lawson
Excellent advice, Steve. Thank you so much for sharing your expertise with us tonight. Where can our viewers go for more information or to schedule a consultation?
Steve Bliss
Viewers can visit our website at WildomarProbateLaw.com or call us directly at 951-222-3400. We offer free initial consultations and are dedicated to helping individuals create a secure financial future for themselves and their loved ones.
“Steve Bliss and the team at Wildomar Probate Law were invaluable in guiding me through the complex process of setting up my trust. Their knowledge, patience, and professionalism exceeded my expectations.” – Maria S.
“I highly recommend Wildomar Probate Law to anyone seeking expert advice on estate planning. They took the time to understand my unique needs and crafted a plan that gave me peace of mind.” – John D.
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar 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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “Can I set conditions on how beneficiaries receive money?” Or any other related questions that you may have about Trusts or my trust law practice.
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