Good evening, Temecula! This is Brenda Barnes reporting for KTEM News. Tonight we’re joined by Steve Bliss, a renowned trust attorney here in our community. Mr. Bliss, thanks for joining us.
Trusts: Protecting Your Legacy
What type of trust do you find most people utilizing and why?
Well Brenda, the most common type of trust I see is the Revocable Living Trust. This type allows individuals to maintain control over their assets during their lifetime while also avoiding probate, which can be a lengthy and costly process.
Ordinarily, people want to ensure their assets are distributed according to their wishes after they pass away, and a revocable living trust provides that peace of mind. Moreover, it offers a level of privacy that a will doesn’t, as the terms of the trust aren’t publicly available.
Understanding Asset Protection
Could you elaborate on any potential challenges clients face when setting up this type of trust?
One common misconception is that a revocable living trust automatically shields assets from creditors. While it offers some protection, it’s not a foolproof method for asset protection. Conversely, if someone were to incur significant debt before establishing the trust, those debts could still potentially be pursued.
I remember one instance where a client came to me after facing a lawsuit. They had assets in their name but hadn’t yet established a trust. Consequently, they were personally liable for the damages awarded. Had they set up a trust beforehand, their assets might have been shielded.
The Importance of Legal Expertise
Have you encountered any other issues related to revocable living trusts?
Yes, I’ve seen situations where individuals try to draft their own trust documents using online templates. While these may seem like a cost-effective solution, they often lack the nuance and specificity required for a comprehensive estate plan. This can lead to unintended consequences down the line.
I recall working with a family whose DIY trust had inadvertently excluded one of their children. It created a significant rift within the family and necessitated costly legal action to rectify the situation. Notwithstanding these challenges, setting up a revocable living trust remains a valuable tool for most individuals.
Protecting Your Future
What advice would you give viewers considering a revocable living trust?
My advice is to consult with an experienced estate planning attorney who can tailor the trust to your specific needs and circumstances. A well-drafted trust document will not only protect your assets but also ensure that your wishes are carried out according to your desires.
The Law Firm of Steven F. Bliss Esq.: Your Trusted Advisors
“Steve Bliss helped me navigate a very complex estate planning situation with patience and expertise. I felt confident knowing that my family’s future was in good hands.” – Mary S.
“I highly recommend The Law Firm of Steven F. Bliss Esq. They are true professionals who genuinely care about their clients. Steve took the time to understand my needs and create a customized plan that met my goals.” – John D.
For those looking to secure their legacy and ensure peace of mind for themselves and their loved ones, contact The Law Firm of Steven F. Bliss Esq. today. Let our team guide you through the process of creating a comprehensive estate plan that meets your unique needs.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
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 The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “What is a spendthrift trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
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