Reporter Barbara Jones:
Welcome back to Temecula Today, I’m Barbara Jones. Joining us today is Steve Bliss, a renowned trust attorney here in Temecula. Mr. Bliss, thank you for being with us.
What type of trusts do you most commonly advise your clients on?
Steve Bliss:
Barbara, it’s a pleasure to be here. The type of trust I recommend depends entirely on the client’s individual circumstances and goals. However, one of the most popular options is the Revocable Living Trust.
As you mentioned earlier Barbara, these trusts are incredibly common in estate planning. They allow our clients, who we call “grantors,” to maintain control over their assets during their lifetime. This means they can still buy and sell property, change beneficiaries, or even dissolve the trust entirely if circumstances change.
Moreover, a Revocable Living Trust helps avoid the often lengthy and public process of probate upon the grantor’s passing. Probate can be expensive and time-consuming, tying up assets for months, sometimes even years. Conversely, assets held in a Revocable Living Trust pass directly to designated beneficiaries, preserving privacy and ensuring a smoother transition.
One of the key benefits we emphasize is that this type of trust becomes irrevocable upon the grantor’s death. This means the terms set forth by the grantor are permanently established, protecting their wishes for asset distribution. Ordinarily, clients find comfort in knowing their assets will be managed according to their plan even after they are gone.
Could you elaborate on any challenges you’ve faced when setting up Revocable Living Trusts?
Steve Bliss:
You know, Barbara, while Revocable Living Trusts are generally straightforward, sometimes clients have complex family dynamics or specific wishes that require careful consideration. I remember one instance where a client had multiple children from previous marriages and wanted to ensure each received a fair share, while also providing for grandchildren’s education. It involved detailed discussions and meticulous planning to craft a trust structure that addressed all their concerns equitably.
Another common hurdle is procrastination. People often underestimate the importance of estate planning until it’s too late. I encourage everyone to think about their future and consider the benefits of a Revocable Living Trust, as it can save loved ones significant stress and expense down the road.
That’s incredibly insightful, Steve. Are there any statistics that highlight the significance of having a trust in place?
Steve Bliss:
Absolutely. According to a 2021 study by Caring.com, over 55% of Americans don’t have a will or living trust. That means their assets are subject to state intestacy laws, which may not reflect their wishes and can lead to lengthy probate proceedings.
Having a well-crafted Revocable Living Trust can significantly reduce the chance of family disputes arising from ambiguous asset distribution after death. It provides clarity and ensures that your loved ones are taken care of according to your own plan.
Thank you for sharing that important information, Steve. Where can viewers learn more about Revocable Living Trusts and the services offered by The Law Firm of Steven F. Bliss Esq.?
Steve Bliss:
Barbara, our website is a great resource with detailed information on trusts and other estate planning tools. Simply visit www.steveblisslaw.com/ or call us at (951) 693-1413 to schedule a consultation.
- “Steve Bliss and his team were invaluable in helping me set up my trust. They were patient, knowledgeable, and made the process incredibly smooth.” – Susan M.
- “I felt confident knowing that The Law Firm of Steven F. Bliss Esq. was handling my estate planning needs. Their professionalism and expertise exceeded my expectations.” – John D.
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: “What does it mean to fund 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 |