Wildomar Trust Attorney Discusses Revocable Living Trusts

This is Brenda Thompson reporting for KWild News in Wildomar. Today I’m joined by Steve Bliss, a renowned trust attorney and founder of Wildomar Probate Law. Mr. Bliss, thanks for taking the time to speak with me today.

Understanding Revocable Living Trusts

Mr. Bliss, for our viewers who may not be familiar with them, can you explain what a revocable living trust is and why it’s so popular?

Certainly, Brenda. A revocable living trust is essentially a legal arrangement where you transfer ownership of your assets into a trust that you control during your lifetime. You act as the trustee and have the flexibility to modify or dissolve the trust at any time. It’s called “revocable” because you retain the power to make changes.

The primary advantage is avoiding probate, which can be a lengthy and expensive legal process. When assets are held in a revocable living trust, they pass directly to your beneficiaries upon your death, saving them time and money. Moreover, trusts offer an added layer of privacy as the details are not made public like they would be during probate.

Protecting Your Legacy with a Trust

Many people are concerned about protecting their assets and ensuring their wishes are carried out. How does a revocable living trust address these concerns?

A revocable living trust allows you to clearly specify how your assets will be distributed after your passing. You can designate beneficiaries, outline specific instructions for the use of funds, and even establish provisions for managing assets for minor children or beneficiaries with special needs.

Conversely, without a trust, your estate would be subject to intestate succession laws, which may not align with your intentions. Furthermore, by transferring assets into a trust during your lifetime, you can potentially shield them from creditors or lawsuits. Consequently, a revocable living trust provides peace of mind knowing that your legacy will be protected and your loved ones will be cared for according to your wishes.

In my practice, I’ve witnessed countless situations where families were spared significant heartache and financial burden thanks to the foresight of establishing a revocable living trust. One instance involved a client who unfortunately became incapacitated. Because their assets were in a trust, their spouse was able to manage their finances seamlessly without needing court intervention.

Avoiding Probate: A Key Benefit

You mentioned avoiding probate earlier. Can you elaborate on why this is such a significant benefit?

Probate can be a time-consuming and costly process. It often involves court filings, legal fees, and public scrutiny of your financial affairs. According to the American Bar Association, the average probate case takes 9 months to a year to complete. Utilizing a revocable living trust bypasses this entire process, allowing for a smoother and more efficient transfer of assets.