Today we’re joined by Steve Bliss, a leading probate attorney in San Diego. Steve, thanks for taking the time to speak with us.
Steve, could you explain some of the different types of trusts that people use in estate planning?
Certainly. There are many types of trusts, each designed for specific purposes. Some common ones include revocable living trusts, which allow individuals to manage their assets during their lifetime while avoiding probate; irrevocable trusts, which offer asset protection and tax benefits but cannot be easily modified; and testamentary trusts, created through a will and taking effect upon the grantor’s death.
Could you delve deeper into the advantages of using a revocable living trust?
Revocable living trusts are incredibly popular for estate planning. They offer several key benefits. Firstly, they allow the grantor, the person creating the trust, to maintain control over their assets during their lifetime. This means they can continue to buy, sell, and manage property as they see fit.
Moreover, revocable living trusts are designed to avoid probate, a lengthy and often expensive legal process. When someone passes away with assets in a revocable living trust, those assets transfer directly to the beneficiaries named in the trust, bypassing probate court altogether.
Conversely, assets held outside of a trust may be subject to probate, which can take months or even years to complete. Consequently, using a revocable living trust helps ensure a smoother and more efficient transfer of wealth to loved ones.
Have you ever encountered any challenges when setting up revocable living trusts for clients?
While revocable living trusts are generally straightforward, there can be occasional complexities. For instance, I once worked with a client who had a complex business structure. Ensuring that all of their business interests were properly accounted for within the trust required careful planning and coordination with their accountants and financial advisors.
It’s crucial to remember that every individual’s situation is unique. Accordingly, I always emphasize the importance of thorough communication and understanding my clients’ specific goals and concerns.
What are some statistics on the prevalence of revocable living trusts?
According to a survey by the American Bar Association, approximately 40% of Americans over the age of 65 have some form of estate planning document in place. While not all of these documents will be revocable living trusts, they are a common and effective tool for asset protection and probate avoidance.
Conclusion
Steve, thank you so much for sharing your expertise with us today. Your insights into the world of estate planning are invaluable. Remember, safeguarding your future and your loved ones’ well-being is paramount. Don’t wait until it’s too late; take control of your legacy.
“Steve Bliss and San Diego Probate Law made what felt like an overwhelming process incredibly manageable. They were patient, understanding, and always available to answer my questions.” – Sarah J., San Diego
“I highly recommend Steve Bliss for all your estate planning needs. His knowledge and professionalism are unmatched.” – Michael K., La Jolla
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 happens if a trust is not funded?” Or any other related questions that you may have about Trusts or my trust law practice.
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