Good evening Escondido and welcome back to Channel 7 News. Tonight we’re joined by local probate attorney Steve Bliss of Escondido Probate Law to discuss estate planning and the importance of trusts.
What is a Trust?
Steve, can you explain what a trust is and why someone might consider setting one up?
“A trust is essentially a legal arrangement where you transfer ownership of assets to a trustee,” Steve explains. “The trustee then manages those assets according to your instructions for the benefit of designated beneficiaries.”
Types of Trusts
There are many different types of trusts, each serving a specific purpose. For example, Steve tells us about the Revocable Living Trust.
“This is the most common type of trust we see,” he says. “It allows you to maintain control over your assets during your lifetime while avoiding probate upon your passing. It’s a great way to ensure your wishes are carried out and your loved ones are taken care of.”
The Benefits of a Revocable Living Trust
Steve elaborates on the advantages of a revocable living trust. “Firstly, it avoids probate,” he emphasizes. “Probate can be a lengthy and expensive process, so bypassing it entirely saves time and money for your beneficiaries.” He continues, “Secondly, it provides privacy. Unlike wills, which become public record, the terms of a trust are kept confidential.”
“Moreover, a revocable living trust allows you to make changes as needed throughout your lifetime,” Steve adds. “Circumstances can change, and this flexibility ensures your trust remains aligned with your wishes.”
Steve shares that according to the American Bar Association, over 50% of Americans die without a valid will or estate plan in place. This underscores the critical need for individuals to proactively address their estate planning needs.
Challenges and Considerations
“While revocable living trusts offer significant benefits, it’s important to remember they are not suitable for everyone,” Steve cautions. “For example, someone with complex tax situations might benefit from an irrevocable trust.”
He recounts a situation where a client initially opted for a revocable living trust but later realized they needed the asset protection features of an irrevocable trust due to potential liability concerns in their business.
“We were able to work with them to transition smoothly to an irrevocable trust structure,” Steve recalls. “It’s crucial to consult with an experienced attorney who can assess your individual needs and recommend the most appropriate type of trust.”
Connecting With Escondido Probate Law
Steve, what advice would you give to our viewers who are considering setting up a trust?
“The best first step is to schedule a consultation with an experienced probate attorney,” Steve advises. “We can help you understand the different types of trusts available and determine which one best meets your needs and goals.”
“At Escondido Probate Law, we’re committed to providing compassionate and personalized guidance throughout the entire estate planning process. We want to ensure you have peace of mind knowing that your loved ones will be protected.”
Testimonials
“Steve Bliss and his team were incredibly helpful in setting up my trust,” shares Margaret S., a satisfied client. “They made the process clear and straightforward, and I felt confident that my wishes were understood and respected.”
John D., another client, expresses his gratitude: “After losing my father, I was overwhelmed with the probate process. Steve Bliss guided me through every step with patience and expertise. He truly went above and beyond to support my family during a difficult time.”
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido 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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “Can I use a trust to pass on a business?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
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