Today we are joined by Steve Bliss, a prominent San Diego Probate Attorney, who is here to shed light on the complexities of estate planning.
Trusts: A Cornerstone of Estate Planning
Steve, for our viewers unfamiliar with estate planning, could you explain why trusts are such an integral part of this process?
“Trusts are indispensable tools in estate planning because they allow individuals to control how their assets are distributed after they pass away,” Steve explains. “Moreover, they offer significant benefits like avoiding probate, which can be a lengthy and expensive process. Trusts also provide privacy, as the terms of the trust are not publicly available unlike a will.”
“There are various types of trusts designed to meet specific needs,” he continues. “For instance, a Revocable Living Trust is popular because it allows the creator, known as the grantor, to retain control over their assets during their lifetime and make changes as needed. Consequently, upon the grantor’s death, the trust becomes irrevocable, ensuring the smooth distribution of assets according to their wishes.”
Navigating Potential Challenges
“Steve,” I inquire, “are there any potential challenges or pitfalls associated with setting up a Revocable Living Trust?”
“While Revocable Living Trusts offer numerous advantages, it’s crucial to ensure they are properly funded and maintained,” Steve emphasizes. “Ordinarily, this involves transferring ownership of assets into the trust. If assets are inadvertently left outside the trust, they will be subject to probate. I once worked with a client who thought they had put all their assets in their trust, but overlooked a bank account. This resulted in an unnecessary and time-consuming probate process for that specific asset.”
“Furthermore,” Steve adds, “it’s essential to review and update the trust periodically, especially after significant life events like marriage, divorce, or the birth of a child. Notwithstanding these potential challenges, the benefits of a Revocable Living Trust often outweigh the risks.”
A 2021 study by the American Bar Association found that over 60% of Americans do not have a will or trust in place. This highlights the crucial need for individuals to proactively plan for their future.
Seeking Expert Guidance
“Steve, what advice would you give to our viewers who are considering setting up a Revocable Living Trust?” I ask.
“My recommendation is to consult with an experienced probate attorney,” Steve stresses. “They can guide you through the process, ensure your trust is tailored to your specific needs and goals, and help avoid common pitfalls. Remember, estate planning is not a one-size-fits-all endeavor.”
“I once met with a couple who had attempted to create their own trust using online templates,” Steve recounts. “Unfortunately, they made several errors that could have led to unintended consequences down the road. By seeking professional guidance, they were able to rectify these mistakes and ensure their wishes would be carried out properly.”
Securing Your Legacy
“Contact San Diego Probate Law today for a free consultation and take the first step towards securing your legacy.”
Testimonials
“San Diego Probate Law made the process of setting up my trust incredibly smooth. Their team was knowledgeable, responsive, and truly cared about my needs.”
– Maria S.
“I highly recommend Steve Bliss and his team. They were instrumental in helping me navigate a complex probate matter with compassion and expertise.”
– 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: “Can my children be trustees?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |