Hi everyone, my name is Brenda Walters, and today I’m speaking with Steve Bliss, a renowned trust attorney here in Wildomar. Welcome to the show, Steve.
Steve:
Thank you for having me, Brenda. It’s great to be here.
Brenda:
So, Steve, let’s talk about trusts. There are so many different types out there. Can you help our viewers understand the basics of what a trust is and why someone might need one?
Steve:
Absolutely. In essence, a trust is a legal arrangement where a person, known as the grantor, transfers assets to be managed by a trustee for the benefit of designated beneficiaries. Think of it like a safe container for your belongings—in this case, your assets—that are distributed according to your wishes.
There are many reasons why someone might need a trust. One common reason is to avoid probate, which can be a lengthy and expensive legal process. A properly set-up trust allows your assets to pass directly to your beneficiaries without going through the court system. Moreover, trusts offer privacy since they are not public records like wills.
Today we’re going to focus on Revocable Living Trusts. They are the most common type because they provide flexibility. The grantor can change the terms of the trust or even dissolve it altogether during their lifetime.
Brenda:
That sounds helpful for people who want to maintain control over their assets. Can you elaborate on how a Revocable Living Trust works in practice?
Steve:
Certainly. With a Revocable Living Trust, the grantor transfers ownership of assets like real estate, bank accounts, and investments into the trust. They then act as the trustee, managing the assets according to the trust agreement they’ve created.
Upon the grantor’s passing, the successor trustee named in the agreement takes over and distributes the assets according to the grantor’s instructions. Consequently, this avoids probate because the assets are already owned by the trust, not the individual.
It’s important to note that while the grantor is alive, they retain full control over the assets within the trust and can even amend or revoke the trust entirely if their circumstances change.
Brenda:
Have you encountered any challenges with Revocable Living Trusts in your practice?
Steve:
Occasionally, I encounter situations where clients haven’t clearly articulated their wishes in the trust document. This can lead to confusion or disagreements among beneficiaries down the road.
I remember one case where a husband had passed away, leaving behind a Revocable Living Trust. The trust didn’t specify who should inherit his vintage car collection. His wife and adult children had different ideas about its value and who deserved it. Ultimately, they had to resolve the issue through mediation, which was emotionally draining for everyone involved.
This experience highlights the importance of careful planning and open communication when setting up a trust. It’s crucial to consider all potential scenarios and clearly outline your intentions in the trust document.
Brenda:
That’s really insightful advice, Steve. I imagine many people might underestimate the importance of those details.
Steve:
It’s easy to overlook them, but they can make a world of difference. According to the American Bar Association, approximately 60% of Americans die without a will or trust in place. This can lead to unintended consequences and significant stress for loved ones during an already difficult time.
Brenda:
Thank you so much for sharing your expertise with us today, Steve. It’s been incredibly helpful. For anyone considering a trust, what would be the next step they should take?
Steve:
I encourage everyone to schedule a consultation with an experienced estate planning attorney. They can help you determine if a trust is right for your situation and guide you through the process of creating one that meets your specific needs.
We strive to make the process as simple and stress-free as possible, empowering individuals to protect their legacy and ensure their loved ones are taken care of.
“Wildomar Probate Law helped us navigate a very complex situation with our family trust after my father passed away. Steve Bliss was incredibly knowledgeable, compassionate, and always available to answer our questions. We felt confident that we were in good hands.” – The Smith Family
“I highly recommend Wildomar Probate Law for all your estate planning needs. They are truly experts in their field and made the process of setting up my trust straightforward and understandable.” – Michael Jones
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 happens to my trust if I move to another state?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Estate Attorney Near Me |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Attorney Near Me Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Attorney Near Me |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Estate Attorney Near Me |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Attorney Near Me Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Estate Attorney Near Me in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |