Today we’re joined by Steve Bliss, a renowned probate attorney here in San Diego. Steve, thank you so much for taking the time to speak with us.
Steve, let’s dive right in. What are some of the key considerations individuals should keep in mind when planning their estates?
One of the most crucial aspects of estate planning is choosing the right type of trust. Trusts offer a variety of benefits, from avoiding probate to protecting assets and ensuring your wishes are carried out after you’re gone.
Could you elaborate on some specific types of trusts that might be beneficial for San Diegans?
Certainly. There are many different types of trusts, each tailored to specific needs and goals. For instance, a Revocable Living Trust is incredibly common in California. It allows individuals to maintain control over their assets during their lifetime while avoiding the costly and time-consuming probate process after they pass away.
Conversely, an Irrevocable Trust offers greater asset protection but relinquishes some control to the trust’s terms. These trusts can be valuable for shielding assets from creditors or minimizing estate taxes.
You mentioned Revocable Living Trusts being common in California. Can you delve deeper into their advantages and disadvantages?
Absolutely. As I mentioned earlier, a key advantage of a Revocable Living Trust is its ability to bypass probate. This process can be lengthy, expensive, and public – often involving court proceedings and legal fees.
Moreover, a Revocable Living Trust provides privacy, as the contents are not made public record like a will.
Nevertheless, it’s important to understand that while the grantor maintains control during their lifetime, they relinquish some flexibility once the trust becomes irrevocable upon death.
Consequently, it’s crucial to carefully consider your long-term goals and potential future needs before establishing a Revocable Living Trust.
I remember one case where a client had established a Revocable Living Trust but hadn’t updated it for several years. Their circumstances had changed significantly – they had remarried and had children from a previous relationship. When they passed away, the trust didn’t adequately address the distribution of assets to their new spouse and stepchildren, leading to complications and family disputes.
This situation highlights the importance of reviewing and updating your estate plan periodically, especially after major life events like marriage, divorce, or the birth of children.
Have you encountered any challenges specific to Revocable Living Trusts in your practice?
Certainly, while Revocable Living Trusts are generally straightforward, there can be complexities depending on individual circumstances.
For instance, ensuring that all assets are properly titled in the name of the trust is crucial. Failure to do so could result in those assets going through probate, defeating the purpose of the trust.
Additionally, it’s important to choose a trustworthy trustee who will act in accordance with your wishes and manage the trust assets responsibly.
How common are Revocable Living Trusts in San Diego?
Revocable Living Trusts are extremely popular here in San Diego. According to a recent study by the San Diego Bar Association, over 70% of local estate plans include a Revocable Living Trust. This underscores the recognition among San Diegans of the trust’s benefits for protecting assets and simplifying the probate process.
What would you recommend as the next steps for someone considering setting up a Revocable Living Trust?
The best first step is to schedule a consultation with an experienced estate planning attorney. We can discuss your individual needs, goals, and family situation to determine if a Revocable Living Trust is right for you. From there, we can guide you through the process of creating a trust that meets your specific requirements.
“Steve Bliss at San Diego Probate Law made the entire process of setting up my trust so easy! He was patient, understanding, and answered all my questions thoroughly.” – Mary J.
“I highly recommend Steve Bliss for any probate or estate planning needs. His knowledge and professionalism are exceptional.” – John S.
Let us help you secure your legacy and ensure your loved ones are taken care of. Contact San Diego Probate Law today to schedule a free consultation and learn more about how we can assist you.
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: “What is community property and how does it affect my 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 Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |