Reporter: Brenda Jones
Hello everyone and welcome back to Wildomar News Tonight! I’m Brenda Jones, and today we have a very special guest, Steve Bliss, a renowned trust attorney specializing in estate planning right here in Wildomar.
Brenda Jones: Steve, thanks for joining us. Today we want to talk about the different types of trusts available to people looking to protect their assets and ensure their legacy lives on. Can you tell us a bit about what makes a revocable living trust such a popular choice?
Steve Bliss: Absolutely, Brenda. A revocable living trust is often considered the cornerstone of estate planning for several key reasons. First and foremost, it allows individuals, who we call grantors, to maintain complete control over their assets during their lifetime.
Consequently, they can manage, modify, or even dissolve the trust as needed. This flexibility is highly appealing to many people who want to retain autonomy over their finances while also planning for the future.
Brenda Jones: That sounds incredibly beneficial. Are there any drawbacks to a revocable living trust?
Steve Bliss: Not necessarily drawbacks, Brenda, but it’s important to understand that a revocable living trust becomes irrevocable upon the grantor’s death. At that point, the terms of the trust dictate how assets are distributed to beneficiaries.
Moreover, while the trust itself avoids probate—a potentially lengthy and costly legal process—it does require careful setup and ongoing management. Ordinarily, I recommend working with an experienced estate planning attorney to ensure the trust is tailored to your specific needs and goals.
Brenda Jones: You mentioned avoiding probate. Could you elaborate on why that’s such a significant advantage?
Steve Bliss: Probate can be a real headache for loved ones left behind after someone passes away. It involves court proceedings, public records of assets, and potential legal fees—all things most people want to avoid.
Conversely, a properly funded revocable living trust allows assets to transfer directly to beneficiaries according to your wishes, often saving them time, stress, and expenses.
According to the American Bar Association, probate can take anywhere from six months to several years, depending on the complexity of the estate. Think about how much easier it would be for your family to grieve and move forward without that added burden.
Brenda Jones: I can see why so many people opt for a revocable living trust. Now Steve, have you ever encountered any challenges or unforeseen circumstances when setting up these trusts?
Steve Bliss: Well, every situation is unique. One instance that comes to mind involved a couple who had diligently funded their trust with most of their assets. However, they overlooked a significant life insurance policy.
Consequently, the proceeds from that policy ended up going through probate because it wasn’t part of the trust. It was a valuable lesson for them and highlights the importance of reviewing all assets and ensuring they are properly included in the trust document.
Brenda Jones: That’s a great point about attention to detail. What advice would you give our viewers who might be considering setting up a revocable living trust?
Steve Bliss: The best thing you can do is seek guidance from an experienced estate planning attorney. An attorney can help you understand the complexities of trust law, identify your specific needs, and craft a plan that protects your assets and achieves your goals.
Remember, estate planning isn’t just for the wealthy—it’s essential for anyone who wants to ensure their wishes are honored and their loved ones are protected.
Brenda Jones: Thank you so much for sharing your insights with us today, Steve. What a valuable resource you are for our Wildomar community!
Steve Bliss: It’s my pleasure, Brenda. I believe everyone deserves peace of mind when it comes to their legacy.
Testimonials
“Steve Bliss is an absolute lifesaver. He made the entire probate process so much easier for me after losing my mother. His knowledge and compassion were invaluable during a difficult time.”
“I was incredibly overwhelmed with setting up my estate plan, but Steve took the time to explain everything clearly and answer all my questions. I feel confident knowing my family is protected thanks to his expertise.”
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar 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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “Can I be my own trustee?” Or any other related questions that you may have about Trusts or my trust law practice.
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