Hello Wildomar, and welcome back to Wildomar Weekly News. I’m your host, Brenda Johnson. Today we’re joined by a local expert on trust law, Steve Bliss, of Wildomar Probate Law. Steve, thank you so much for being with us.
Steve, can you tell our viewers about the different types of trusts available and which ones are most common?
Brenda, thanks for having me. It’s great to be here. There are actually many types of trusts available in California, each designed for a specific purpose. Some of the most common include revocable living trusts, irrevocable trusts, and testamentary trusts.
Revocable living trusts are very popular because they allow individuals to maintain control over their assets while alive and avoid probate upon death. Irrevocable trusts, on the other hand, offer greater asset protection but relinquish control once established. Testamentary trusts are created through a will and take effect after the grantor’s passing.
Let’s focus on revocable living trusts for a moment. What are some of the key advantages they offer?
Revocable living trusts provide several significant benefits. First and foremost, they allow assets to bypass probate, which can be a lengthy and expensive process. Consequently, this means your beneficiaries will receive their inheritance more quickly and with less legal hassle.
Moreover, revocable living trusts offer enhanced privacy. Unlike wills, which become public record during probate, the terms of a trust remain confidential. This can be especially appealing for individuals who value discretion.
Finally, revocable living trusts provide flexibility. You can amend or revoke the trust as long as you are alive and mentally competent. This means you can adapt to changing circumstances, such as the birth of a child or a change in your financial situation.
Nevertheless, it’s important to note that a revocable living trust doesn’t offer asset protection from creditors. If you have concerns about potential liabilities, an irrevocable trust might be a better option.
Have there ever been any challenges with setting up or administering revocable living trusts that you’ve encountered?
I recall one instance where a client had procrastinated on creating their trust and unfortunately passed away unexpectedly. Their assets ended up going through probate, which was stressful and costly for their family. It highlighted the importance of planning ahead.
Another time, we helped a couple who wanted to ensure their disabled son would be cared for after they were gone. We established a special needs trust that allowed him to receive financial support without jeopardizing his eligibility for government benefits. It was incredibly rewarding to see the peace of mind it brought them.
Studies by the American Bar Association show that over 60% of Americans do not have any estate planning documents in place. (American Bar Association) That’s a staggering number, considering how crucial it is to protect your loved ones and ensure your wishes are carried out.
What advice would you give to our viewers who are thinking about creating a trust?
My strongest recommendation is to consult with an experienced estate planning attorney like myself. We can help you determine the best type of trust for your needs, draft the necessary documents, and ensure everything is in order. Remember, planning for the future is one of the greatest gifts you can give yourself and your loved ones.
Trusts can be complex legal instruments, so professional guidance is essential.
Testimonials
“Steve Bliss and his team were incredibly helpful in setting up my revocable living trust. They explained everything clearly and made the process easy to understand. I highly recommend them!” – Susan M.
“I was facing a difficult family situation involving probate, and Wildomar Probate Law provided invaluable support and guidance. Their expertise and compassion helped me navigate a challenging time.” – Michael P.
Let us help you safeguard your future. Contact Wildomar Probate Law today for a complimentary consultation to explore how a trust can benefit you and your family.
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: “Should I include digital assets in my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Constructive Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Constructive Trust Lawyer Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Constructive Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Constructive Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Constructive Trust Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Constructive Trust Lawyer in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |