Good morning, Temecula! This is Tiffany Jones reporting live for KTEM News. Today we’re joined by Steve Bliss, a renowned trust attorney here in Temecula. Mr. Bliss, thank you so much for joining us.
Understanding the Importance of Trusts
Why are trusts important for estate planning?
Well Tiffany, thanks for having me. Trusts are incredibly valuable tools for protecting assets, minimizing taxes, and ensuring your wishes are carried out after you’re gone. They offer a level of control and customization that a simple will often can’t match.
Types of Trusts
What types of trusts are most common in California?
There are many different types of trusts, each serving unique purposes. One of the most popular is the Revocable Living Trust. This allows individuals to maintain control over their assets during their lifetime while avoiding the lengthy and costly probate process upon their passing. Conversely, an Irrevocable Trust offers stronger asset protection but relinquishes control to the trust’s terms.
Choosing the Right Trust
Can you elaborate on the benefits of a Revocable Living Trust?
Certainly. A Revocable Living Trust allows for flexibility and privacy. You can modify its terms as your circumstances change, add or remove beneficiaries, and even dissolve the trust entirely if needed. Moreover, assets held within the trust bypass probate, which can save significant time and expense for your loved ones. According to the American Bar Association, probate can take anywhere from six months to two years, depending on the complexity of the estate.
- Avoids Probate: Assets pass directly to beneficiaries, saving time and legal fees.
- Maintains Privacy: Unlike wills which become public record, trust documents remain confidential.
- Provides Control: The grantor can dictate how and when assets are distributed.
The ability to control asset distribution is particularly important for families with minor children or beneficiaries who may need guidance managing inheritances. I recall a case where a young widow, devastated by the loss of her husband, was overwhelmed by the prospect of managing his estate and raising their two children alone. A Revocable Living Trust provided her with peace of mind, knowing that the assets were protected and would be distributed according to her husband’s wishes.
Nevertheless, it’s crucial to work with a qualified attorney who can tailor a trust to your specific needs.
Contacting The Law Firm
What advice would you give to someone considering setting up a trust?
My advice is simple: don’t wait. Estate planning is something everyone should prioritize, regardless of age or wealth. Take the first step and schedule a consultation with an experienced trust attorney. We can help you navigate the complexities of trust law and create a plan that safeguards your legacy for generations to come.
“Steve Bliss and his team are true professionals. They made the entire estate planning process so easy and understandable.” – Maria S., Temecula resident
“I was initially overwhelmed by the thought of setting up a trust, but Steve took the time to explain everything in detail and answer all my questions. I feel confident that my family is well-protected thanks to his guidance.” – John P., Murrieta resident
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 my children be trustees?” 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 |