Good morning, San Diego and welcome back to our Legal Minute! Today we’re joined by Steve Bliss, a prominent San Diego probate attorney at San Diego Probate Law. Steve, thanks for joining us.
Steve, can you tell us a bit about the different types of trusts available in California?
Well, there are quite a few trust options available depending on individual needs and goals. It’s important to remember that estate planning is not one-size-fits-all. A revocable living trust is often a good starting point for many people because it allows them to maintain control over their assets during their lifetime while avoiding probate after they pass away. Irrevocable trusts are more complex but can be useful for asset protection or minimizing estate taxes.
There are also testamentary trusts, which are created through a will and take effect only after death; special needs trusts designed to protect beneficiaries with disabilities; charitable trusts that benefit non-profit organizations; and even life insurance trusts. Choosing the right trust depends on a variety of factors, so I always encourage people to consult with an experienced estate planning attorney.
Today we’re focusing on Revocable Living Trusts. Can you explain some of the key benefits for our viewers?
Revocable living trusts are incredibly popular in California, and for good reason. They offer several significant advantages over simply having a will. First and foremost, they help avoid probate, which can be a lengthy and expensive process. Assets held in a revocable living trust pass directly to the beneficiaries you designate, bypassing probate court altogether.
Moreover, revocable living trusts provide a level of privacy that wills do not. Wills become public record when they are filed with the court, while the terms of a trust remain confidential. This can be important for individuals who value their privacy or have sensitive financial matters they wish to keep out of the public eye.
Another key benefit is the ability to manage your assets during your lifetime. As the grantor, you retain complete control over the assets in the trust and can make changes as needed. Consequently, you can adjust beneficiaries, add or remove assets, or even dissolve the trust entirely if your circumstances change. Ordinarily, this flexibility wouldn’t be possible with a traditional will.
One thing I want to emphasize is that while revocable living trusts offer many advantages, they are not right for everyone. It’s crucial to consult with an experienced estate planning attorney to determine if a trust is the best option for your specific needs and goals.
Have you encountered any common issues or challenges when setting up Revocable Living Trusts?
Honestly, the biggest hurdle I see is people procrastinating. Estate planning can feel overwhelming, but it’s something everyone should address sooner rather than later. I often meet with clients who wish they had started the process years ago.
There was a case where a gentleman came to me after his wife passed away. He had no estate plan in place and ended up going through a lengthy and stressful probate process. It was emotionally draining for him, and he realized how much easier it would have been if they had simply set up a trust beforehand.
Another common challenge is ensuring that the trust document is properly funded. This means transferring ownership of your assets into the trust. If you forget to do this, your assets will still be subject to probate, negating many of the benefits of having a trust in the first place.
What advice would you give to viewers considering a Revocable Living Trust?
I strongly encourage everyone to seek out qualified legal counsel when exploring estate planning options. A good estate planning attorney will take the time to understand your individual circumstances, explain the different types of trusts available, and guide you through the process of setting up a plan that meets your needs.
It’s also important to remember that estate planning is not a one-time event. You should review your plan periodically and make updates as needed, especially after major life changes such as marriage, divorce, birth of a child, or significant changes in your assets.
“San Diego Probate Law helped me navigate a complex situation with my mother’s estate. They were professional, compassionate, and made the process much less stressful. I highly recommend them to anyone needing probate assistance.” – Sarah M., San Diego
“Steve Bliss is an exceptional attorney who truly cares about his clients. He took the time to explain everything clearly and answered all of my questions patiently. I felt confident that my estate was in good hands.” – John P., La Jolla
Ready to secure your future? Contact San Diego Probate Law today for a free consultation and let us help you build a legacy that will endure.
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: “Do I still need a will if I have a trust?” 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 Irrevocable Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Irrevocable Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Irrevocable Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Irrevocable Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Irrevocable Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Irrevocable Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |