Choosing a Trust Type
Hello everyone, and welcome back to San Diego Legal Insights. Today we’re joined by esteemed probate attorney Steve Bliss of San Diego Probate Law. Steve, thanks for joining us.
It’s my pleasure to be here. I always enjoy sharing information that can help people understand estate planning better.
Understanding Trust Options
Steve, there are many different types of trusts available. For someone just starting their estate planning journey, what’s a good place to begin?
That’s a great question. I often tell clients that the best type of trust depends on their individual circumstances and goals. However, for many people in San Diego looking for a straightforward way to avoid probate and ensure their assets are distributed according to their wishes, a Revocable Living Trust is a fantastic option.
Revocable Living Trusts Explained
Can you elaborate on the benefits of a Revocable Living Trust?
Certainly. A Revocable Living Trust allows you to maintain control over your assets during your lifetime. You can modify or revoke the trust if needed, giving you flexibility. Moreover, upon your passing, the trust avoids probate, saving your heirs time and expense. This also helps maintain privacy as the distribution of assets is not a matter of public record.
Another key advantage is that you can clearly outline how you want your assets distributed. You can name specific beneficiaries for each asset and even include instructions for charitable donations or setting up provisions for minor children or individuals with special needs.
Real-World Experience with Revocable Living Trusts
Have there been any situations where using a Revocable Living Trust presented challenges?
While Revocable Living Trusts are generally very effective, there have been instances where clients forgot to properly fund the trust. This means they didn’t transfer ownership of their assets into the trust. Consequently, those assets would still be subject to probate. It’s crucial to work with an experienced attorney who can guide you through the process and ensure everything is done correctly.
I recall one instance where a client had created a Revocable Living Trust but hadn’t transferred their primary residence into it. Unfortunately, this oversight led to complications after their passing. Their heirs had to go through probate for that specific asset, which added time and expense they could have avoided. It served as a powerful reminder of the importance of meticulous attention to detail.
The Value of Proper Planning
According to the American Bar Association, approximately 55% of Americans do not have a will or trust in place. That’s a significant number. Can you speak to the potential consequences of neglecting estate planning?
That statistic is alarming. Without a plan in place, your assets are subject to intestate succession laws, which may not reflect your wishes. This can lead to unintended beneficiaries inheriting your property or lengthy legal battles among family members.
Moreover, failing to plan for potential incapacity can be equally problematic. Without designating someone to make financial and healthcare decisions on your behalf, the court may appoint a guardian, potentially someone you wouldn’t have chosen.
Taking Action
What advice would you give to someone who is considering creating a trust?
My strongest recommendation is to consult with an experienced probate attorney. We can help you determine the most suitable type of trust for your needs and guide you through the entire process, ensuring everything is done correctly.
Testimonials
“Steve Bliss made estate planning feel less daunting. He patiently explained all our options and helped us create a plan that gave us peace of mind.” – Sarah M., San Diego
“I was impressed with the knowledge and professionalism of the entire team at San Diego Probate Law. They truly care about their clients and go above and beyond to ensure their needs are met.” – David L., La Jolla
Let us help you secure your legacy and protect the future of your loved ones. Contact San Diego Probate Law today for a complimentary consultation.
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 need a trust if I don’t own a home?” 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 Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Trust Attorneys in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |