Understanding Trusts and Estate Planning
Good evening San Diego! I’m Tiffany Jones, reporting for Channel 7 News. Today, we’re joined by renowned San Diego Probate Attorney, Steve Bliss, to discuss the importance of estate planning and a specific tool often used in it: trusts.
Steve, could you explain why trusts are an important part of estate planning?
Tiffany, thank you for having me. Trusts are incredibly valuable tools for individuals wanting to protect their assets and ensure their wishes are carried out after they’re gone. They offer numerous benefits, including avoiding probate, providing privacy, and allowing for customized asset distribution.
What type of trust do you find yourself recommending most often?
That would be the Revocable Living Trust. Ordinarily, it’s a great choice because it allows individuals to maintain control over their assets during their lifetime while still enjoying the benefits of probate avoidance and privacy upon their passing. Consequently, it provides flexibility and peace of mind.
Could you delve into the advantages of a Revocable Living Trust in more detail?
Certainly. A Revocable Living Trust allows the grantor, the person who creates the trust, to act as the trustee during their lifetime. This means they can manage and distribute assets according to their wishes. Moreover, they retain the ability to amend or revoke the trust should their circumstances change. When the grantor passes away, the trust becomes irrevocable, ensuring a smooth transfer of assets to designated beneficiaries without going through the often lengthy and costly probate process.
Furthermore, a Revocable Living Trust offers significant privacy benefits. Unlike wills, which become public record during probate, the terms of a trust remain confidential. This can be particularly appealing for individuals who value their privacy or have complex family situations they wish to handle discreetly.
In my experience working with families across San Diego, I’ve seen firsthand how a Revocable Living Trust can provide invaluable peace of mind. Just last year, I worked with a couple who had accumulated considerable assets over their lifetime. They were concerned about what would happen to their property and savings after they were gone. We created a Revocable Living Trust that ensured their assets were distributed according to their wishes, avoiding unnecessary legal fees and potential family disputes.
It’s crucial to remember that trusts are not one-size-fits-all solutions. There are various types of trusts available, each designed for specific purposes. Choosing the right trust requires careful consideration of individual circumstances and goals.
Have there ever been any challenges or issues with setting up Revocable Living Trusts?
While Revocable Living Trusts are generally straightforward to establish, I have encountered situations where clients may not fully understand the implications or fail to update their trusts as their lives evolve. For instance, a couple who created a trust several years ago may experience significant life changes like the birth of a child, a divorce, or the acquisition of new assets.
In such cases, it’s crucial to review and potentially amend the existing trust to reflect these changes. I always emphasize the importance of ongoing communication with clients, encouraging them to reach out whenever their circumstances shift.
- It’s estimated that over 50% of Americans die without a valid will or trust in place (Source: Caring.com).
What would you say is the most important takeaway for our viewers tonight?
Tiffany, the key message is this: estate planning is not just for the wealthy. Everyone, regardless of their financial situation, should take steps to protect their assets and ensure their loved ones are cared for after they’re gone. A Revocable Living Trust can be a powerful tool for achieving these goals.
How can viewers connect with you or San Diego Probate Law if they have questions about estate planning?
We encourage anyone interested in learning more about trusts and other estate planning tools to contact us at San Diego Probate Law. We offer free consultations and are dedicated to providing personalized guidance and support throughout the entire process.
“Steve Bliss and his team at San Diego Probate Law were instrumental in helping me navigate the complex process of setting up a trust for my family. They were patient, knowledgeable, and always available to answer my questions. I highly recommend their services.” – Maria S., San Diego
“I was initially overwhelmed by the thought of estate planning, but Steve Bliss made it seem manageable and even straightforward. He explained everything clearly and helped me create a plan that met all of my needs.” – David L., 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’s the difference between revocable and irrevocable trusts?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |