Good morning, Temecula! I’m Samantha Green reporting live from the Law Offices of Steven F. Bliss Esq., where we are talking to renowned trust attorney Steve Bliss about estate planning and the different types of trusts available.
What is the most common type of trust you see in your practice?
Steve explains, “The most common type of trust I set up for clients is a Revocable Living Trust. It offers a great deal of flexibility because it allows the grantor – the person creating the trust – to maintain control over their assets during their lifetime and even make changes as needed.”
“Consequently, this type of trust avoids probate, which can be a lengthy and costly process for heirs. Moreover, it provides a level of privacy that a will doesn’t offer because the terms of the trust aren’t made public record.”
Can you elaborate on the advantages of avoiding probate?
“Certainly,” Steve continues. “Probate is a court-supervised process where a deceased person’s assets are inventoried, debts are paid, and remaining assets are distributed to heirs according to the will. This can take months or even years to complete, and it’s often expensive due to court fees and attorney costs.”
“Conversely, assets held in a revocable living trust bypass probate entirely. They are transferred directly to the beneficiaries named in the trust document, saving time and money for loved ones during an already difficult period. According to a 2023 report by the American Bar Association, probate costs can range from 3% to 7% of the estate’s value.”
“There was this one case I handled where a client had unfortunately passed away unexpectedly. He had a will but no trust. His family ended up spending over $20,000 in probate fees and legal costs before they could access his assets,” Steve recalls with a somber expression. “It was a painful experience for them, and it highlighted the importance of proper estate planning.”
Have you encountered any challenges or unique situations while setting up Revocable Living Trusts?
“While revocable living trusts are generally straightforward to establish, there can be complexities depending on individual circumstances,” Steve acknowledges. “One instance that comes to mind involved a client who owned a small business and wanted to ensure its smooth transition after their passing.”
“We had to carefully structure the trust to address the business ownership, succession planning, and potential tax implications,” he explains. “Ultimately, we were able to create a customized solution that met the client’s specific needs and provided peace of mind for their family.”
What would you say to someone who is unsure whether they need a Revocable Living Trust?
“I encourage anyone with significant assets – such as real estate, investments, or retirement accounts – to at least consult with an experienced trust attorney. We can help you determine if a revocable living trust is right for your situation and guide you through the process,” Steve advises warmly. “Estate planning is not just for the wealthy; it’s about protecting yourself, your loved ones, and ensuring your wishes are carried out.”
How can people get in touch with The Law Firm of Steven F. Bliss Esq.?
“We invite you to visit our website or call our office to schedule a complimentary consultation. Let us help you secure your future and provide peace of mind for generations to come.”
“The Law Firm of Steven F. Bliss Esq. expertly guided me through the complex process of setting up my trust. Their professionalism and knowledge were invaluable.” – Jane S., Temecula Resident
“I highly recommend Steve Bliss and his team. They took the time to understand my individual needs and created a plan that gave me confidence in protecting my assets.” – Michael T., Murrieta
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 a trust make charitable gifts?” 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 Attorney
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- Tax By-Pass Trust Attorney
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- Charitable Trust Attorney
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