Choosing the Right Trust for Your Needs
Good morning, and welcome back to Escondido News Today. I’m here with Steve Bliss, a well-respected probate attorney serving the Escondido community. Steve, thanks for joining us today.
Steve Bliss:
It’s my pleasure to be here. I always appreciate the opportunity to educate people about important legal matters.
Types of Trusts
Many folks wonder about setting up trusts as part of their estate planning. Can you tell us a bit about the different types of trusts and which one might be right for them?
Steve Bliss:
There are various types of trusts, each designed to meet specific needs and goals. One common type is the Revocable Living Trust. This allows individuals to manage their assets during their lifetime while avoiding probate upon death. Consequently, it provides privacy and control over how their assets are distributed.
Conversely, an Irrevocable Trust offers a higher level of asset protection but relinquishes control over those assets once established. It’s often used for tax planning or shielding assets from creditors. The choice ultimately depends on individual circumstances and goals.
For instance, someone looking to minimize estate taxes might opt for an Irrevocable Trust, while a parent wanting to ensure their children receive inheritance at a certain age might choose a Testamentary Trust.
Challenges with Revocable Living Trusts
Steve Bliss:
One challenge I sometimes encounter with Revocable Living Trusts is the misconception that they are “set it and forget it.” While they offer flexibility during your lifetime, it’s crucial to review and update them periodically as circumstances change.
For example, a client once came to me after experiencing a significant life event – the birth of their grandchild. Their existing Revocable Living Trust didn’t account for this new family member. We had to amend the trust to ensure the grandchild was included in the distribution plan.
Moreover, it’s important to remember that even with a Revocable Living Trust, proper funding is essential. Simply creating the trust document isn’t enough; you need to transfer ownership of your assets into the trust. Otherwise, those assets will still be subject to probate.
The Impact of Trusts
According to the American Bar Association, approximately 40% of Americans die without a will or trust. This can lead to significant complications for loved ones left behind, including lengthy and costly probate proceedings.
Establishing a Revocable Living Trust is a proactive step that can spare your family from unnecessary stress and expense during an already difficult time.
Testimonials
“Steve Bliss was incredibly knowledgeable and patient in helping me understand the complexities of estate planning. He took the time to answer all my questions and ensure I felt confident in my decisions.” – Sarah M., Escondido
“Escondido Probate Law made a challenging process feel manageable. They were responsive, professional, and always had my best interests at heart.” – David L., San Marcos
Protect Your Legacy
Don’t leave your future to chance. Contact Escondido Probate Law today for a confidential consultation to discuss your estate planning needs and discover how a Revocable Living Trust can safeguard your legacy.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “What is an AB trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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