Reporter: Steve, thanks for taking the time to speak with me today. Many people are unfamiliar with trusts and how they can be beneficial in estate planning. Can you give our viewers a general overview of what a trust is?
It’s my pleasure to be here. You’re right, many folks don’t fully grasp the power of trusts. Simply put, a trust is a legal arrangement where a person (the grantor) transfers assets to another entity (the trustee) to hold and manage those assets for the benefit of designated individuals (the beneficiaries). Trusts can serve a variety of purposes, from minimizing estate taxes to providing for loved ones with special needs.
Reporter: You mentioned different types of trusts. Can you elaborate on some common ones and their specific benefits?
Absolutely! There are many types of trusts tailored to address various needs. For instance, a revocable living trust is incredibly popular in estate planning. It allows individuals to maintain control over their assets during their lifetime while avoiding the often lengthy and costly probate process after they pass away.
Conversely, an irrevocable trust offers greater asset protection but relinquishes control to the trustee.
Reporter: Let’s focus on revocable living trusts for a moment. What are some of the key steps involved in setting one up?
Creating a revocable living trust involves several important steps. First, you need to clearly identify your assets – things like real estate, bank accounts, investments – that will be placed into the trust. Next, you’ll choose a trustee, someone trustworthy who will manage the assets according to your wishes.
Ordinarily, individuals appoint themselves as trustees during their lifetime and designate a successor trustee to take over upon their incapacity or death. The trust document itself outlines how and when beneficiaries will receive distributions from the trust.
Concurrently, you’ll want to ensure all assets are properly titled in the name of the trust. This crucial step avoids probate complications down the road.
Reporter: Have you encountered any challenges or unforeseen issues when setting up revocable living trusts for your clients?
While generally straightforward, there have been instances where individuals forget to transfer all their assets into the trust, leading to unintended consequences during probate. I recall a case where a client overlooked transferring a retirement account.
Consequently, it had to go through probate, defeating one of the primary benefits of the trust – avoiding court involvement.
That experience underscored the importance of meticulous attention to detail and ensuring all assets are properly accounted for.
Reporter: That’s a valuable reminder. What advice would you give someone considering setting up a revocable living trust?
Consulting with an experienced estate planning attorney is crucial. We can guide you through the process, ensure your trust document accurately reflects your wishes, and help avoid potential pitfalls. Remember, a well-crafted trust can provide peace of mind and protect your loved ones for years to come.
It’s important to note that over 70% of Americans do not have a will or trust in place, leaving their families vulnerable during a difficult time, according to the American Bar Association. Don’t let your family become part of that statistic.
Reporter: Thank you so much for sharing your expertise, Steve. Where can viewers learn more about San Diego Probate Law and your services?
“Secure your legacy today. Contact us at San Diego Probate Law to schedule a complimentary consultation and explore how we can help you create a secure future for yourself and your loved ones.”
Testimonial 1:
“Steve Bliss made the entire probate process so much easier than I anticipated. He was incredibly patient, explained everything clearly, and always kept me informed. I highly recommend San Diego Probate Law!” – Margaret S.
Testimonial 2:
“I was overwhelmed with grief after losing my father, but Steve Bliss and his team were a true blessing. They handled all the legal complexities with compassion and professionalism, allowing me to focus on healing.” – David L.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “What is undue influence in relation to trusts?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Spendthrift Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Spendthrift Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Spendthrift Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |