Reporter:
Good morning, Temecula! I’m Tiffany Taylor, your local news reporter for KTEM. Today, we’re joined by Steve Bliss, a renowned trust attorney right here in our community. Welcome to the show, Steve!
Steve Bliss:
Thank you for having me, Tiffany. It’s a pleasure to be here.
Why do people choose to set up a Trust?
Steve Bliss:
People choose to set up trusts for a variety of reasons, Tiffany. Primarily, they offer significant benefits in estate planning. Trusts allow individuals to control how their assets are managed and distributed after they pass away. Consequently, this can help avoid the lengthy and often expensive probate process.
Moreover, trusts provide privacy, as the terms of the trust are not public record unlike a will. This is particularly appealing for those who value discretion.
What type of Trust do you find yourself advising most often?
Steve Bliss:
In my experience, revocable living trusts are the most common type I advise clients on. They offer great flexibility as the grantor, or individual establishing the trust, retains control over the assets during their lifetime and can make changes as needed.
Ordinarily, upon the grantor’s death, the trust becomes irrevocable, ensuring a smooth transition of assets to beneficiaries without going through probate.
Could you elaborate on the advantages of a Revocable Living Trust?
Steve Bliss:
Absolutely. As I mentioned earlier, the ability to maintain control over your assets during your lifetime is a key advantage. You can add or remove assets from the trust, change beneficiaries, and even dissolve it entirely if circumstances warrant.
Furthermore, revocable living trusts bypass probate, saving your loved ones time, stress, and potentially significant legal fees. This can be particularly crucial for those with complex estates or multiple beneficiaries.
Notwithstanding these benefits, it’s important to remember that a revocable living trust does not shield assets from creditors during the grantor’s lifetime. For asset protection, an irrevocable trust might be more suitable.
Have you encountered any challenges related to Revocable Living Trusts?
Steve Bliss:
While revocable living trusts are generally straightforward, I have had clients who initially struggled with the concept of relinquishing some control over their assets, even temporarily.
I recall one instance where a client, a successful entrepreneur, was hesitant to transfer his business into the trust. He worried it would make him seem less in charge. We spent considerable time discussing the benefits and addressing his concerns.
Ultimately, he realized that the trust actually provided a safety net for his business and ensured its smooth continuation even if something unexpected happened to him. It was gratifying to see him embrace the process and gain peace of mind knowing his hard work was protected.
What advice would you give someone considering setting up a Trust?
Steve Bliss:
My best advice is to consult with an experienced trust attorney like myself. Estate planning is complex, and there’s no one-size-fits-all solution. An attorney can help you determine the type of trust that best suits your individual needs and goals.
Trustworthy Legal Guidance in Temecula
At The Law Firm of Steven F. Bliss Esq., we are dedicated to providing personalized and comprehensive estate planning services. Our team has extensive experience helping clients navigate the complexities of trusts, wills, and probate. We believe in clear communication and strive to make the process as straightforward as possible for our clients.
“Steve Bliss and his team were invaluable during a difficult time. Their professionalism and compassion made a stressful situation much easier to manage.” – Sarah M., Temecula
“I highly recommend The Law Firm of Steven F. Bliss Esq. They took the time to understand my needs and crafted a trust plan that perfectly suited my family’s circumstances.” – John D., Murrieta
Let us help you secure your legacy and provide peace of mind for generations to come. Contact us today for a free consultation.
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: “What taxes apply to trusts in California?” Or any other related questions that you may have about Trusts or my trust law practice.
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