Today we’re joined by Steve Bliss, a well-respected probate attorney here in San Diego. Steve, thanks for taking the time to talk with us.
What types of trusts are most common in San Diego?
Well, as a probate attorney specializing in estate planning, I see a variety of trusts used by my clients. However, the revocable living trust is undoubtedly the most popular choice here in San Diego.
It offers a great deal of flexibility and control to individuals while they are alive, allowing them to manage their assets and make changes as needed. Consequently, this type of trust avoids probate, which can be a lengthy and costly process. Moreover, it provides a level of privacy that many people appreciate.
Can you elaborate on the benefits of a revocable living trust?
Certainly. One significant advantage is the ability to maintain control over your assets during your lifetime. You act as the trustee, meaning you can buy, sell, or otherwise manage your property as you see fit. Notwithstanding this control, the trust becomes irrevocable upon your passing, ensuring a smooth transition of assets to your designated beneficiaries.
Avoiding probate is another major benefit. Probate is a court-supervised process that can be time-consuming and expensive. By transferring your assets into a revocable living trust, you bypass probate entirely. This means your heirs will receive their inheritance more quickly and without incurring unnecessary legal fees.
Ordinarily, the details of a person’s estate become public record during probate. A revocable living trust allows for privacy, as the distribution of assets occurs outside of the court system.
I had a client once who was very concerned about her adult children’s ability to manage their inheritance responsibly. She set up a revocable living trust with specific instructions regarding distributions. This gave her peace of mind knowing that her wishes would be honored and her children wouldn’t have access to a large sum of money all at once.
Data from the American Bar Association indicates that approximately 40% of Americans die without a will or estate plan in place, highlighting the crucial need for proper planning.
What are some challenges you’ve encountered with revocable living trusts?
While revocable living trusts are generally straightforward, there can be occasional complexities. For instance, if assets aren’t properly transferred into the trust during a person’s lifetime, those assets may still be subject to probate.
I remember working with a family where the patriarch had created a revocable living trust but neglected to transfer his primary residence. After he passed away, the house needed to go through probate, which caused delays and additional expenses for the family. It underscored the importance of meticulous attention to detail when setting up and managing a trust.
Contact San Diego Probate Law
Planning for the future can seem daunting, but it doesn’t have to be. Our team at San Diego Probate Law is dedicated to guiding you through every step of the process with compassion and expertise.
Testimonials
“Steve Bliss was incredibly patient and understanding as we navigated the complexities of setting up a trust for our family. He explained everything clearly and made sure we felt comfortable with every decision.” – The Miller Family
“I highly recommend San Diego Probate Law to anyone needing assistance with estate planning. They are true professionals who genuinely care about their clients’ well-being.”
– John Smith
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: “Can a trust keep my affairs private?” Or any other related questions that you may have about Trusts or my trust law practice.
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