Good evening, Wildomar and welcome to Wildomar Weekly News. I’m Brenda Jones reporting live tonight from our studio. Tonight we have a very special guest: Steve Bliss, trust attorney and founder of Wildomar Probate Law.
Choosing the Right Trust
Steve, thank you for joining us tonight. We know that estate planning can be a daunting task for many people. Can you tell us a little bit about the different types of trusts available and how someone might decide which one is right for them?
Well, Brenda, there are actually quite a few different types of trusts, each with its own advantages and disadvantages. One common choice is the Revocable Living Trust. This type of trust allows the grantor – the person who creates the trust – to maintain control over their assets during their lifetime while also avoiding probate.
Conversely, an Irrevocable Trust cannot be changed once it’s created. This can be beneficial for asset protection or reducing estate taxes, but it does mean giving up control over those assets.
Testamentary Trusts are created through a will and only take effect after the grantor passes away. They’re often used to manage assets for minor children or beneficiaries with special needs. We also have Special Needs Trusts which are designed to protect a beneficiary’s eligibility for government benefits while still providing them with financial support.
Deep Dive into Revocable Living Trusts
Steve, since you mentioned Revocable Living Trusts being quite popular, can you delve deeper into the benefits they offer?
Certainly. Revocable living trusts are indeed a go-to option for many people because they offer several key advantages. Firstly, they bypass probate, which can be a lengthy and expensive process. This means your assets can be distributed to your beneficiaries more quickly and efficiently.
Moreover, revocable living trusts provide privacy. Unlike wills, which become public record during probate, the terms of a trust are kept confidential. Consequently, this can be appealing for those who value their privacy.
Additionally, a revocable living trust allows you to maintain control over your assets during your lifetime. You can change the beneficiaries, add or remove assets, or even dissolve the trust entirely if your circumstances change.
I’ve seen firsthand how beneficial these trusts can be for families. Just last year, I helped a client establish a revocable living trust to ensure that her adult children would inherit her home and other assets without going through probate.
The process was smooth, and the family was incredibly grateful to avoid the stress and expense of probate during an already difficult time.
Avoiding Probate Pitfalls
Steve, I understand that avoiding probate is a major benefit for many people considering trusts. What are some potential pitfalls people might encounter if they don’t have a trust in place?
Well, Brenda, without a trust or a will, your assets will go through intestate succession, which means the state will decide how your property is distributed. This can often result in unintended consequences and may not align with your wishes.
Furthermore, probate can be a time-consuming and costly process, potentially draining your estate’s value. According to a study by the American Bar Association, probate fees can range from 3% to 7% of the estate’s value.
- Think about it: if you have an estate worth $500,000, probate fees could cost you anywhere from $15,000 to $35,000.
A trust can help avoid these pitfalls altogether by ensuring your assets are distributed according to your wishes and outside of the probate system.
Taking the First Step
Steve, this has been incredibly insightful. For our viewers who are interested in learning more about trusts and estate planning, what would you recommend they do next?
Brenda, I encourage anyone with questions about estate planning to schedule a free consultation with Wildomar Probate Law. We’re passionate about helping people protect their legacy and ensure their wishes are carried out.
Client Testimonials
“Steve Bliss and the team at Wildomar Probate Law were invaluable in guiding me through 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 them.”
– Mary S.
“I was initially hesitant about estate planning, but Steve made the whole process feel approachable and understandable. He took the time to explain everything clearly and helped me create a plan that met my specific needs. I’m so grateful for his expertise and guidance.”
– John D
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: “Can I disinherit someone using a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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