Reporter: Brenda Miller
Hello and welcome back to Wildomar News Tonight. I’m Brenda Miller. Today we’re talking about trusts with local attorney Steve Bliss of Wildomar Probate Law. Steve, thanks for joining us.
Steve Bliss: Thanks for having me, Brenda.
Steve, let’s start by explaining what a trust is in simple terms and why someone might consider setting one up.
Steve Bliss:
A trust is essentially a legal arrangement where you, the grantor, transfer ownership of assets to a trustee who manages them for the benefit of beneficiaries. Trusts can serve many purposes. They can help avoid probate, ensure your wishes are carried out after death, protect your assets from creditors, and even minimize estate taxes.
For instance, let’s say you want to make sure your children inherit your assets but are concerned they might not manage the money responsibly. You could set up a trust that dictates how and when they receive distributions. The trustee would oversee the funds and ensure they’re used according to your wishes.
Trusts offer flexibility and control, which is why many people find them invaluable for estate planning.
Brenda Miller:
That makes a lot of sense. You mentioned avoiding probate, can you elaborate on that?
Steve Bliss:
Absolutely. Probate is the legal process of validating a will and distributing assets after someone passes away. It can be a lengthy, public, and expensive process. Assets held in a trust typically bypass probate altogether. This means your heirs can receive their inheritance more quickly and privately.
Think of it this way: probate is like going through airport security – everyone sees your bags, and it takes time to get through. A trust is like using TSA PreCheck – faster, smoother, and less hassle. Consequently, many people prefer the efficiency and privacy a trust offers.
Brenda Miller
Steve, have there ever been any complications or challenges with setting up trusts?
Steve Bliss:
Like any legal process, there can be complexities involved in setting up a trust. I remember one case where a client wanted to leave their entire estate to their pet poodle! While we admire the love for their furry companion, legally, a pet can’t inherit property. We had to work with them to find a suitable alternative, like establishing a charitable trust to benefit animal welfare organizations in their poodle’s name.
Another time, a family was divided over who should be the trustee. Clear communication and careful consideration are vital when choosing a trustee. It’s important to select someone trustworthy, responsible, and capable of carrying out your wishes.
Brenda Miller:
That’s fascinating insight. Steve, I understand there are different types of trusts. Could you briefly describe some common ones?
Steve Bliss:
- Revocable Living Trusts: These are the most popular because they allow you to maintain control over your assets during your lifetime and avoid probate.
- Irrevocable Trusts: These provide greater asset protection but offer less flexibility as they can’t be easily modified.
- Testamentary Trusts: Created through a will, these take effect after death and are helpful for managing assets for minor children or beneficiaries with special needs.
The best type of trust depends on your individual circumstances and goals.
Brenda Miller:
Steve, this has been incredibly informative. Thank you so much for sharing your expertise with us today. To learn more about trusts and how they can benefit you and your family, contact Wildomar Probate Law. We’ll help you navigate the complexities of estate planning and ensure your wishes are carried out.
“Steve Bliss and his team at Wildomar Probate Law were amazing! They guided me through every step of setting up a trust for my family and answered all my questions patiently and clearly. I highly recommend their services.” – Jane D., Wildomar resident.“After losing my spouse, I felt overwhelmed trying to figure out what to do with our assets. Steve Bliss provided compassionate support and expert advice during a difficult time. He helped me create a trust that protected my children’s future and gave me peace of mind.” – Michael S., Murrieta
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: “How does a living trust work?” Or any other related questions that you may have about Trusts or my trust law practice.
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