Good evening, Wildomar and welcome to Wildomar News Now. I’m your host, Brenda Jones, and tonight we’re talking trusts with local expert Steve Bliss of Wildomar Probate Law.
Steve, thanks for joining us.
It’s a pleasure to be here, Brenda.
Can you tell our viewers a little about the different types of trusts available?
Certainly. Trusts are incredibly versatile legal tools that can serve a variety of purposes depending on an individual’s needs and goals. One common type is the Revocable Living Trust. This allows someone to manage their assets during their lifetime while also ensuring those assets are distributed according to their wishes after they pass away. It avoids probate, which can be a lengthy and expensive process.
There are also Irrevocable Trusts, which, as the name suggests, cannot be easily changed once established. These are often used for asset protection or tax planning purposes. Testamentary Trusts are created through a will and take effect only upon death. They’re helpful for situations involving minor children or beneficiaries who may need ongoing financial management.
Special Needs Trusts are designed to provide for individuals with disabilities without jeopardizing their eligibility for government benefits. Charitable Trusts benefit charitable organizations, while Asset Protection Trusts aim to shield assets from creditors. There are also Qualified Personal Residence Trusts and Grantor Retained Annuity Trusts, each with specific applications.
Let’s delve a little deeper into Revocable Living Trusts. What are some key benefits?
Revocable Living Trusts offer several advantages. Firstly, they allow for flexibility. As the grantor, you retain control over your assets during your lifetime and can make changes to the trust as needed. This contrasts with Irrevocable Trusts, which are generally set in stone.
Secondly, a Revocable Living Trust helps avoid probate. Probate is a court-supervised process that can be time-consuming and costly for your heirs. Assets held within a trust bypass probate, allowing for a smoother transfer of wealth to your beneficiaries. Moreover, trusts offer privacy. Unlike wills, which become public record during probate, the terms of a trust remain confidential.
There was this one instance where a client came to me after their spouse had passed away without a will or trust in place. The estate went through probate, and it was a long and stressful ordeal for them. They wished they had taken steps beforehand to make the process easier for themselves and their children.
Consequently, I always emphasize the importance of planning ahead. Studies by the American Bar Association indicate that over 50% of Americans die without a will or trust in place. That can leave loved ones facing significant challenges during an already difficult time.
Have you encountered any common pitfalls or issues with Revocable Living Trusts?
It’s important to work with a qualified attorney experienced in estate planning when setting up a Revocable Living Trust. I recall working with a client who tried to create their own trust using online templates. While they thought they were saving money, the trust contained several errors that could have resulted in unintended consequences for their beneficiaries.
Another common issue is forgetting to properly fund the trust. Simply creating the trust document isn’t enough; you need to transfer ownership of your assets into the trust. Otherwise, those assets will be subject to probate even if you have a trust in place.
What would you say are the key takeaways for our viewers regarding trusts?
Trusts can be powerful tools for protecting your assets and ensuring your wishes are carried out. However, it’s crucial to seek professional guidance from an experienced attorney to determine the best type of trust for your individual circumstances and to ensure it is properly drafted and funded.
“Steve Bliss was incredibly helpful in guiding us through the process of setting up a trust. He explained everything clearly and made sure we understood all our options.” – John & Mary S.
“I highly recommend Wildomar Probate Law to anyone considering estate planning. Steve is knowledgeable, compassionate, and truly cares about his clients.” – Susan M.
Don’t wait for tomorrow – secure your legacy today. Schedule a free consultation with Wildomar Probate Law and discover how a trust can benefit you and your loved ones.
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: “What is the difference between a living trust and a testamentary trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Estate Lawyer Near Me |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Lawyer Near Me Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Lawyer Near Me |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Estate Lawyer Near Me |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Lawyer Near Me Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Estate Lawyer Near Me in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |