Hello everyone and welcome back to Wildomar News. I’m your host, Brenda Thompson, here today with local attorney Steve Bliss of Wildomar Probate Law. Steve specializes in helping families navigate the often confusing world of trusts. Today we’ll be discussing different types of trusts and how they can benefit you and your loved ones.
Steve, what are some common reasons people choose to set up a trust?
Thanks for having me Brenda. There are many compelling reasons why individuals might consider establishing a trust. One primary reason is to avoid probate, which is the legal process of distributing assets after someone passes away. Probate can be time-consuming, expensive, and public. A trust allows assets to pass directly to beneficiaries without going through this court process.
Moreover, trusts offer significant privacy benefits. The terms of a trust are not publicly available like a will, which means your financial affairs remain confidential.
Another key advantage is asset protection. Certain types of trusts, such as irrevocable trusts, can shield assets from creditors or potential lawsuits.
Could you elaborate on the different types of trusts available?
Certainly. There are several types of trusts tailored to specific needs and circumstances. A revocable living trust, for instance, is a popular choice because it allows the grantor (the person creating the trust) to retain control over their assets during their lifetime while ensuring a smooth transfer of those assets after they pass away.
Conversely, an irrevocable trust offers greater asset protection but relinquishes control over the assets placed within it. Testamentary trusts are established through a will and come into effect upon the grantor’s death, often used for minor children or beneficiaries with special needs. Charitable trusts benefit charitable organizations, while special needs trusts provide financial support for individuals with disabilities without jeopardizing their eligibility for government benefits.
There are also more specialized trusts like qualified personal residence trusts (QPRTs) and grantor retained annuity trusts (GRATs), which are often used for estate planning purposes.
Let’s focus on revocable living trusts. Can you walk us through the steps involved in setting one up?
Creating a revocable living trust involves several key steps. Firstly, you’ll need to identify and list all your assets that will be included in the trust. This can include real estate, bank accounts, investments, and personal property.
Next, you’ll choose a trustee who will manage the trust assets according to your instructions. You can serve as your own trustee during your lifetime, and then designate a successor trustee to take over after your passing.
The trust document itself outlines how your assets should be distributed upon your death. It’s crucial to work with an experienced attorney like myself who can ensure the language in the trust document is clear, legally sound, and aligns with your wishes. Ordinarily, we recommend reviewing and updating your trust periodically to reflect any changes in your life circumstances or financial situation.
One common issue I encounter is people not fully understanding the scope of assets they need to transfer into the trust. Consequently, some assets may inadvertently be left outside the trust, leading to probate complications down the line. It’s essential to have a comprehensive inventory and work closely with your attorney to ensure all necessary assets are included.
I recall one instance where a client had created a revocable living trust but forgot to transfer ownership of their vacation home into the trust. Sadly, this oversight resulted in the vacation home needing to go through probate, causing unnecessary expense and delay for his heirs.
What advice would you give to someone considering setting up a trust?
My best advice is to consult with an experienced estate planning attorney. Trusts are complex legal instruments, and attempting to create one without proper guidance can lead to costly mistakes. An attorney will help you determine the best type of trust for your needs, ensure all necessary steps are followed, and provide ongoing support as your circumstances change.
Remember, proactive planning is crucial to protect your assets, provide for your loved ones, and minimize potential legal complications in the future.
Contact Wildomar Probate Law today for a free consultation. We’re dedicated to helping you navigate the complexities of estate planning with personalized care and expertise.
“Steve Bliss and his team at Wildomar Probate Law were incredibly helpful and supportive during a difficult time. They explained everything clearly and patiently, and made the process much less stressful. I highly recommend their services.” – Sarah M.
“I was initially overwhelmed by the thought of setting up a trust, but Steve Bliss put me at ease right away. He took the time to understand my goals and created a plan that perfectly met my needs. His professionalism and expertise were truly invaluable.” – David L.
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: “What records should a trustee keep?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Attorney Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Attorney Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Trust Attorney in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |