Good morning, Temecula! I’m Brenda Walters, your local news reporter, and today we have the pleasure of speaking with Steve Bliss, a highly esteemed trust attorney here in Temecula.
Why choose a trust over a will?
Steve, many people wonder about the benefits of setting up a trust versus simply creating a will. Can you shed some light on why someone might opt for a trust?
“Absolutely, Brenda. While wills are important legal documents, trusts offer several advantages. Primarily, a trust allows your assets to bypass probate, which can be a lengthy and costly process. Moreover, trusts provide a greater degree of privacy because the terms of the trust are not public record like a will.
“Conversely, a will becomes a matter of public record during probate. Trusts also offer more control over how and when your assets are distributed. You can specify conditions for inheritance, such as requiring beneficiaries to reach a certain age or complete educational milestones. This level of customization is not possible with a simple will.”
What type of trusts do you typically recommend?
“That depends entirely on the individual’s circumstances and goals. For many people, a revocable living trust is a great option. It allows you to maintain control over your assets during your lifetime while ensuring they are distributed according to your wishes after your passing.
“However, for clients seeking asset protection or estate tax reduction strategies, an irrevocable trust might be more suitable. Irrevocable trusts offer significant benefits but come with the trade-off of relinquishing control over those assets once the trust is established.”
Could you elaborate on the process of setting up a revocable living trust?
“Certainly. Setting up a revocable living trust involves several key steps:
- First, we would have an in-depth consultation to understand your individual needs and goals.
- Next, we draft the trust document, outlining the terms of the trust, including who will manage the assets (the trustee) and how they will be distributed to beneficiaries.
- Then, we transfer ownership of your assets into the trust. This can include bank accounts, real estate, investments, and other valuables.
“Remember, Brenda, a revocable living trust is a flexible instrument that can be amended or revoked as long as you are alive and mentally competent. Once you pass away, the trust becomes irrevocable, and the assets are distributed to your designated beneficiaries according to the terms of the trust document.”
“I recall one instance where a client was hesitant to set up a trust because they thought it was overly complex and expensive. However, after explaining the process in detail and highlighting the potential benefits, they realized it was a valuable investment in their future and peace of mind. They were particularly relieved knowing that their children would be protected and their assets distributed according to their wishes.”
“It’s important to remember that trusts are not just for wealthy individuals. According to a 2021 study by the AARP, over 40% of Americans aged 50 and older have considered using a trust as part of their estate planning. This demonstrates the growing recognition of the advantages trusts can offer.”
Are there any common issues or misconceptions you encounter when advising clients about trusts?
“Yes, Brenda. One misconception is that trusts are only for the very wealthy. As we discussed earlier, trusts can be beneficial for people from all walks of life. Another issue is that some people believe setting up a trust is overly complicated and expensive. While it does require careful planning and legal expertise, the process is manageable with the guidance of an experienced attorney.”
What advice would you give to someone considering establishing a trust?
“My advice is simple: seek professional guidance from a qualified estate planning attorney. We can help you determine if a trust is right for you, choose the type of trust that best meets your needs, and ensure it is properly drafted and executed. Don’t wait until it’s too late to protect your assets and secure your family’s future.”
How can people get in touch with you?
“The Law Firm of Steven F. Bliss Esq. is located conveniently in Temecula. We offer free consultations so that you can discuss your estate planning needs without any obligation.
” “My passion lies in empowering individuals and families to take control of their financial future,” says Steve Bliss. “A well-structured trust can bring peace of mind knowing your loved ones will be cared for according to your wishes.”
Testimonials:
“Steve Bliss helped me navigate the complexities of estate planning with clarity and compassion. I felt confident that my assets were in good hands and that my family would be well-protected.” – Margaret S.
“I was initially overwhelmed by the thought of setting up a trust, but Steve made the process seamless and understandable. His expertise and personalized attention were invaluable. I highly recommend him to anyone seeking professional estate planning guidance.” – John P.
“Let us help you build a brighter future for your loved ones.”
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 trust own out-of-state property?” 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.
| Temecula Revocable Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Revocable Trust Attorney Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Revocable Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Revocable Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Asset Protection Trust Attorney Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Revocable Trust Attorney in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |