Good evening San Diego, and welcome back to our segment on estate planning. Joining me tonight is local probate attorney Steve Bliss. Steve, thanks for being here.
Understanding Trust Options
Steve, there are many different types of trusts available to individuals looking to protect their assets and plan for the future. Could you walk us through one type that might be particularly beneficial for our viewers?
“Absolutely. A common and effective option is the Revocable Living Trust. It’s essentially a legal entity that holds your assets during your lifetime. You, as the grantor, maintain complete control over those assets and can even modify or dissolve the trust if needed. The real advantage comes after your passing.
“Because the assets are already held within the trust, they bypass the lengthy and often costly probate process. This not only saves time and money for your loved ones but also preserves privacy since court proceedings are avoided. Consequently, the terms of the trust remain confidential, unlike a will that becomes public record.”
“Moreover, a Revocable Living Trust can help minimize estate taxes, especially if you have a substantial estate. Ordinarily, assets passing through probate are subject to estate taxes, but assets held in a trust are not. This can be a significant advantage for families looking to preserve their wealth for future generations.”
Navigating Potential Challenges
Steve, with any legal tool there are potential challenges. Have you encountered any situations where the Revocable Living Trust presented complications?
“Certainly. I recall a case where a client, let’s call her Mary, created a Revocable Living Trust but neglected to properly fund it. She thought simply naming the trust as a beneficiary on her accounts was enough. Sadly, this wasn’t the case.
“Upon her passing, her assets went through probate because they weren’t officially transferred into the trust. It was a difficult situation for her family to navigate and highlighted the importance of meticulous execution when establishing a trust.”
“Another instance involved a couple who disagreed on how their assets should be distributed after one spouse passed away. The trust document lacked clear provisions for such a scenario, leading to conflict among the beneficiaries. This underscored the need for open communication and detailed planning when creating a Revocable Living Trust.”
The Importance of Expert Guidance
Steve, it’s evident that navigating these complexities requires professional expertise. What advice would you give viewers considering a trust?
“I strongly encourage anyone contemplating a trust to consult with an experienced probate attorney. We can help tailor a trust specifically to your needs and circumstances, ensuring all legal requirements are met and potential pitfalls are avoided.”
“Moreover, we guide clients through the funding process, ensuring assets are properly transferred into the trust. Remember, over 60% of Americans don’t have a will or estate plan in place (Source: Caring.com). Taking proactive steps now can save your loved ones considerable stress and expense down the road.”
San Diego Probate Law: A Trusted Partner
“Contact us today for a personalized consultation and discover how a Revocable Living Trust, or another trust option, might benefit you and your family.”
“‘San Diego Probate Law provided invaluable guidance during a challenging time. Their professionalism and compassion made the process much easier to navigate,'” – Sarah J., San Diego
“Steve Bliss is an exceptional probate attorney. He clearly explained complex legal matters and ensured my wishes were honored in my estate plan.'” – Michael K., La Jolla
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “What powers does a trustee have?” Or any other related questions that you may have about Trusts or my trust law practice.
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