Steve, thank you for joining us today. To start, can you tell our viewers a little bit about the different types of trusts available and which ones are most common?
Well, there are actually many different types of trusts, each serving a unique purpose. Some of the most common include revocable living trusts, irrevocable trusts, testamentary trusts, and special needs trusts.
Revocable living trusts are incredibly popular because they allow individuals to maintain control over their assets during their lifetime while avoiding probate upon their death.
Irrevocable trusts, on the other hand, offer benefits like asset protection and estate tax reduction but come with the trade-off of relinquishing control over those assets. Testamentary trusts are established through a will and take effect after someone passes away. They’re often used to provide for minor children or beneficiaries who may need ongoing support.
Special needs trusts, as the name suggests, are designed to protect the financial well-being of individuals with disabilities without jeopardizing their eligibility for government benefits.
Let’s delve deeper into revocable living trusts. Can you explain why they’re so popular and what makes them a good choice for many people?
Revocable living trusts are a favorite among estate planners because they offer a blend of flexibility and protection. During your lifetime, you, as the grantor, have complete control over the trust assets – you can buy, sell, or even change the beneficiaries.
This control makes them very appealing to people who want to maintain autonomy over their finances.
Moreover, upon your passing, the trust assets bypass probate, saving your loved ones time and expense during an already difficult period. Probate can be a lengthy and costly process, so avoiding it altogether is a significant advantage.
According to a recent study by the American Bar Association, approximately 60% of Americans over the age of 55 have some form of estate planning document in place, with revocable living trusts being among the most common choices.
I’ve seen firsthand how these trusts provide peace of mind to my clients knowing their assets will be distributed according to their wishes without unnecessary delays or court involvement.
A client once came to me worried about leaving her home to her daughter. She lived in a neighborhood with rising property values and was concerned that probate might significantly diminish the inheritance due to legal fees. We set up a revocable living trust, ensuring her daughter would inherit the house without those additional costs.
What are some of the potential downsides or challenges associated with revocable living trusts?
While revocable living trusts offer many benefits, it’s important to understand their limitations. Primarily, they don’t offer the same level of asset protection as an irrevocable trust. If you face significant legal liabilities, creditors may still be able to access assets held within a revocable trust.
Another factor to consider is that setting up and maintaining a trust requires careful planning and attention to detail. It’s crucial to work with an experienced attorney who can guide you through the process and ensure all necessary legal requirements are met.
- Clearly define beneficiaries and their respective shares.
- Choose a trustworthy trustee to manage the trust assets.
- Regularly review and update the trust document as your circumstances change.
“Steve Bliss was incredibly helpful in guiding us through the process of creating a revocable living trust for our family. He explained everything clearly and patiently answered all of our questions.” – Sarah J., San Diego, CA
Finally, how can someone interested in setting up a revocable living trust get started?
If you’re considering a revocable living trust, the first step is to consult with an experienced probate attorney. They will evaluate your individual circumstances and goals to determine if a revocable living trust is the right choice for you.
At San Diego Probate Law, we offer free consultations to discuss your estate planning needs and answer any questions you may have. We’re dedicated to helping our clients protect their assets and ensure their wishes are carried out.
“Steve Bliss made a difficult process much easier for us. He was professional, compassionate, and always available to address our concerns.” – John D., San Diego, CA
Let us help you secure your family’s future with confidence. Contact San Diego Probate Law today for personalized guidance and peace of mind.
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 I disinherit my spouse using 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
| San Diego Estate Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorneys San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Estate Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorneys San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Estate Attorneys in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |