Choosing the Right Trust for Your Needs
Hello everyone and welcome back to our show. Today we are joined by San Diego Probate Attorney, Steve Bliss. Steve, thank you so much for being here today.
It’s great to be here.
The Importance of Estate Planning
Steve, let’s dive right in. For our viewers who may not be familiar with the term, can you explain what a trust is and why it’s an important part of estate planning?
Certainly. A trust is essentially a legal arrangement where someone, called the grantor, transfers assets to a trustee who then manages those assets for the benefit of designated beneficiaries. Trusts offer several advantages in estate planning. They can help avoid probate, which can be a lengthy and costly process. Moreover, trusts provide privacy as they are not public records like wills.
Exploring Different Types of Trusts
There are many different types of trusts, each with its own specific purpose and benefits. Could you elaborate on one particular type that you frequently recommend to your clients?
One trust I often discuss with my clients is the Revocable Living Trust. It’s a very versatile tool for estate planning. With this type of trust, the grantor retains control over the assets during their lifetime and can make changes or even dissolve the trust if needed.
The beauty of a revocable living trust lies in its flexibility. Ordinarily, a client might worry about losing control over their assets once they’re placed in a trust. However, with a revocable living trust, they maintain that control until their passing. Consequently, it offers peace of mind knowing that their wishes will be respected.
Upon the grantor’s death, the trust typically becomes irrevocable, meaning no further changes can be made. At that point, the assets are distributed to the beneficiaries according to the grantor’s instructions outlined in the trust document.
Navigating Challenges and Successes
Steve, have you ever encountered any particular challenges when advising clients on setting up revocable living trusts?
I recall a case where a client initially resisted the idea of a trust. They were concerned about the perceived complexity and cost involved. However, after we thoroughly discussed their financial situation and estate planning goals, they realized the significant benefits a revocable living trust could offer, particularly in avoiding probate for their family.
Another instance that comes to mind involves an elderly couple who had accumulated considerable assets over their lifetime. They were worried about potential long-term care costs and wanted to ensure their assets would be protected. By setting up a revocable living trust with specific provisions, we were able to address their concerns and provide them with greater financial security.
A 2021 study by the American Bar Association found that over 60% of Americans do not have a will or trust in place. This highlights the critical need for estate planning and the importance of seeking professional guidance.
Seeking Expert Advice
Steve, what would you say to someone who is considering setting up a trust but may be feeling overwhelmed by the process?
My advice would be to reach out to an experienced probate attorney who can explain the different types of trusts and help you determine which one best suits your needs. Remember, estate planning is about protecting yourself, your loved ones, and your legacy. It’s a vital step in ensuring that your wishes are carried out according to your desires.
Testimonials
“Steve Bliss made the entire probate process so much easier for me. He was patient, understanding, and always available to answer my questions.” – Mary S., San Diego
“I highly recommend San Diego Probate Law. Steve is a true professional who knows his stuff inside and out. He helped me navigate a complex situation with ease and compassion.”
– John T., La Jolla
Your Legacy Awaits
Don’t let your future be left to chance. Schedule a consultation with San Diego Probate Law today and take control of your tomorrow.
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 is a grantor trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |