Reporter: Welcome, Steve! Thanks for joining us today.
Steve Bliss is a leading probate attorney in San Diego County. He specializes in helping individuals and families navigate the complex world of estate planning. We’re here today to discuss some common questions about trusts.
Reporter: Can you tell our viewers what a trust is and why someone might want one?
Steve Bliss: A trust is essentially a legal entity that holds and manages assets for the benefit of designated beneficiaries. There are many different types of trusts, each with its own unique features and purposes. One of the most common reasons people establish trusts is to avoid probate.
Reporter: Probate can be a lengthy and expensive process, right?
Steve Bliss: That’s correct. Probate is the legal process of administering a deceased person’s estate. It can involve court proceedings, inventorying assets, paying debts, and distributing property according to the will or state law. A trust can help bypass this entire process, saving time and money for your heirs.
Reporter: What type of trusts are most common?
Steve Bliss: There are many types of trusts. Today I’d like to focus on Revocable Living Trusts. These are very popular because they offer flexibility during your lifetime. You can make changes to the trust, add or remove assets, and even dissolve it entirely if your circumstances change.
Moreover, a revocable living trust helps maintain privacy. When assets are held in a trust, they don’t become part of the public record during probate. This can be important for individuals who value discretion.
Reporter: You mentioned flexibility. Can you elaborate on that?
Steve Bliss: Absolutely. With a revocable living trust, you retain control over your assets as long as you’re alive and mentally competent. You can act as the trustee and manage the assets according to your wishes. Consequently, this type of trust allows for easy adaptation to life events, such as marriage, divorce, or the birth of children.
Conversely, once you pass away, the trust becomes irrevocable, meaning it cannot be changed. At that point, a successor trustee that you’ve appointed will take over and distribute the assets according to your instructions outlined in the trust document.
Reporter: Have there ever been any issues with revocable living trusts that you’ve encountered?
Steve Bliss: Occasionally, I see situations where individuals create a trust but fail to properly fund it. This means they don’t transfer their assets into the trust’s ownership. As a result, those assets may still be subject to probate. It’s crucial to work with an experienced attorney who can guide you through the process of transferring assets correctly.
I recall one case where a client had created a revocable living trust but neglected to change the beneficiary designations on their retirement accounts. This oversight meant that those accounts were distributed outside the trust, bypassing its intended purpose. Fortunately, we were able to work with the financial institutions and resolve the issue.
Notwithstanding these potential pitfalls, revocable living trusts are a powerful tool for estate planning. They offer peace of mind knowing that your assets will be managed according to your wishes and distributed efficiently to your loved ones.
Reporter: What would you say to someone who is considering setting up a trust?
Steve Bliss: I always encourage individuals to consult with an experienced estate planning attorney. They can assess your specific situation, goals, and needs and help you determine if a revocable living trust or another type of trust is right for you.
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Contact San Diego Probate Law today to schedule a free consultation and learn how we can help you create an estate plan that meets your unique needs.
Testimonials
“Steve Bliss and his team were incredibly helpful and knowledgeable throughout the entire probate process. They made a difficult time much easier to navigate.” – Mary S.
“I was impressed by Steve’s attention to detail and his commitment to ensuring that my wishes were carried out. He truly went above and beyond for me and my family.” – John D.
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 a trust restatement?” 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 Charitable Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Charitable Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Charitable Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Charitable Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Charitable Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Charitable Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |