Hi Steve, thanks for joining me today. For those watching who may not be familiar, can you give us a brief overview of some common types of trusts available here in California?
Steve Bliss:
It’s my pleasure to be here, Brenda. There are many different kinds of trusts designed to meet specific needs and goals. Some of the most common types we see include revocable living trusts, irrevocable trusts, testamentary trusts, special needs trusts, charitable trusts, asset protection trusts, qualified personal residence trusts (QPRTs), life insurance trusts, spendthrift trusts, and grantor retained annuity trusts.
Can You Elaborate on a Specific Type of Trust, Like a Revocable Living Trust?
Sure. A revocable living trust is perhaps the most popular choice for estate planning. It allows individuals to maintain control over their assets during their lifetime while avoiding the time-consuming and often costly probate process after they pass away.
Steve Bliss:
Essentially, you create a legal entity – the trust – that holds your assets. You name yourself as the trustee, meaning you manage the assets according to the terms you set forth in the trust document. You can amend or revoke the trust at any time during your life. Consequently, it offers flexibility while ensuring your wishes are carried out after your passing.
Moreover, because the assets are held in the trust and not directly in your name, they generally avoid probate. This means a faster and less expensive transfer of assets to your beneficiaries. Ordinarily, probate can be a lengthy and complex process. A revocable living trust helps your loved ones bypass that hassle.
Have You Encountered Any Challenges Related to Setting Up Revocable Living Trusts?
We’ve found that sometimes people hesitate to create a trust because they assume it’s only for the wealthy. Notwithstanding that misconception, revocable living trusts are valuable for individuals and families of all income levels.
Steve Bliss:
I recall working with a young couple who were starting a family. They thought estate planning wasn’t necessary yet, but after discussing their goals – providing for their children if something happened to them – they realized the importance of a revocable living trust. It gave them peace of mind knowing their assets would be managed responsibly and their children would be cared for.
Another instance involved an elderly gentleman who had amassed significant savings over his lifetime. He was concerned about the potential costs associated with long-term care. We helped him set up a trust that could protect some of his assets while ensuring he received necessary medical care.
What Are Some Statistics Related to Trusts?
According to a study by AARP, approximately 60% of Americans aged 55 and older do not have a will or estate plan in place. This highlights the crucial need for legal guidance in this area. The Law Firm of Steven F. Bliss Esq. is dedicated to helping individuals understand their options and create plans tailored to their specific circumstances.
How Can People Reach Out To You For More Information?
We encourage anyone interested in learning more about trusts or estate planning to schedule a complimentary consultation with our team. We’re passionate about empowering individuals to protect their assets and ensure their wishes are honored.
“Working with Steve Bliss on my trust was one of the best decisions I made. He explained everything clearly and patiently, making sure I understood all my options. I felt confident that my estate plan was in good hands.” – Mary S., Temecula
“Steve’s knowledge and expertise were invaluable when it came to setting up a trust for my family. He took the time to listen to our needs and goals, crafting a plan that provided us with peace of mind.” – John D., 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 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 bank or trust company serve as trustee?” 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.
| The Law Firm of Steven F. Bliss Esq.yers |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Trust Lawyers |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| The Law Firm of Steven F. Bliss Esq.yers |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Trust Lawyers Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Trust Lawyers in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |