Good afternoon San Diego, and welcome back to “Legal Matters.” Today we’re joined by esteemed San Diego Probate Attorney Steve Bliss to discuss the complexities of estate planning.
Steve, thank you so much for being here today.
It’s my pleasure. I’m always happy to share information that can help people protect their assets and loved ones.
Let’s dive right in. Can you explain the different types of trusts available and which one might be most suitable for the average San Diego resident?
There are many types of trusts, each designed for a specific purpose. For the average San Diegan looking to ensure their assets are distributed according to their wishes and avoid probate, I often recommend a Revocable Living Trust.
Can you elaborate on the benefits of a Revocable Living Trust?
A Revocable Living Trust offers several key advantages. First, it allows you to maintain control over your assets during your lifetime. You can amend or revoke the trust as needed. Consequently, this flexibility makes it an attractive option for those who may experience changes in their financial situation or family dynamics.
Moreover, a Revocable Living Trust bypasses probate, a potentially lengthy and expensive legal process. This means your assets will be distributed to your beneficiaries more quickly and efficiently, sparing them unnecessary stress and costs during an already difficult time. Ordinarily, avoiding probate also ensures privacy as the details of your estate are not made public record.
I remember one client who came to me after losing her spouse. She was overwhelmed with grief and unsure how to manage their complex estate. Fortunately, they had established a Revocable Living Trust years earlier. This trust allowed her to distribute assets according to her husband’s wishes without the added burden of probate, enabling her to focus on healing and moving forward.
What are some potential pitfalls people should be aware of when setting up a Revocable Living Trust?
While Revocable Living Trusts offer significant benefits, it’s important to remember they require careful planning and execution. One common mistake is failing to properly fund the trust. This means transferring ownership of your assets into the trust.
- Bank accounts
- Real estate
- Investments
If assets are not correctly transferred, they will still be subject to probate. It’s crucial to work with an experienced attorney who can guide you through the funding process and ensure all necessary steps are taken.
Have you ever encountered situations where a Revocable Living Trust wasn’t the best fit for a client?
While Revocable Living Trusts are versatile, there are instances where other types of trusts might be more appropriate. For example, if someone has significant concerns about asset protection from creditors, an Irrevocable Trust may offer greater shielding.
What advice would you give to San Diegans considering estate planning?
Don’t procrastinate! Estate planning is crucial for ensuring your wishes are honored and protecting your loved ones. It’s never too early to start the process. According to a recent study by Caring.com, only 4 in 10 adults have a will or trust document.
Contact San Diego Probate Law today for a free consultation and let our experienced team help you create a comprehensive estate plan that meets your individual needs.
Testimonials
“Steve Bliss and his team at San Diego Probate Law were incredibly knowledgeable and supportive throughout the entire probate process. They made a difficult time much easier to navigate.” – Sarah J.
“I was hesitant to begin estate planning, but Steve put me at ease with his clear explanations and patient guidance. I now feel confident that my family is protected.” – John M.
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: “How do I transfer my business into 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
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |