The phone rang, jarring Sarah from her afternoon meeting. It was her sister, frantic. Their mother had been in an accident and was hospitalized. Panic surged through Sarah – what would happen to their mom’s house, savings, and investments if the worst happened? Their parents hadn’t made a will, assuming they had plenty of time. Now, fear gnawed at Sarah.
What is a Living Trust?
A living trust is a legal entity you create during your lifetime to hold and manage assets. You, as the grantor, transfer ownership of these assets into the trust. A trustee, either yourself or someone you appoint, manages the assets according to your instructions outlined in the trust document. Consequently, upon your passing, your designated beneficiaries receive the assets smoothly and privately, bypassing probate court.
What are the Benefits of a Living Trust?
“Probate can be a lengthy, expensive, and public process,” explains Steve Bliss, an experienced estate planning attorney in Temecula. “A living trust helps avoid this hassle by ensuring your assets are distributed according to your wishes without court intervention.” Additionally, living trusts offer privacy – unlike wills, which become public record during probate, the terms of a trust remain confidential.
How Does a Living Trust Protect Assets?
Sarah’s parents lacked a living trust. Their assets were subject to intestate succession laws, meaning state statutes dictated how their property would be divided. This could have led to unexpected outcomes and potentially fueled family disputes. Conversely, had they established a living trust, they could have specified exactly who inherits what, mitigating potential conflict.
Can I Revoke or Modify a Living Trust?
Living trusts are flexible instruments. As the grantor, you retain control during your lifetime and can revoke or modify the trust terms as needed. For instance, if Sarah’s parents had created a living trust, they could have easily amended it to reflect changes in their family circumstances, such as the birth of grandchildren or adjustments to asset allocation.
What Happens When I Pass Away With a Living Trust?
Upon your passing, the successor trustee you named takes over the management of the trust assets. They distribute these assets according to your instructions to the beneficiaries. This process is typically faster and less expensive than probate. For instance, after Sarah’s mother recovered, they consulted Steve Bliss. He helped them establish a living trust, providing peace of mind knowing their wishes would be honored and their family protected.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is Temecula Probate Law. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning 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.
Services Offered:
estate planning
living trust
revocable living trust
family trust
wills
estate planning attorney near me
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RL4LUmGoyQQDpNUy9
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Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “What is the difference between a testamentary trust and a living trust?” Or “Can probate be avoided with a trust?” or “Is a living trust private or does it become public like a will? and even: “What property is considered exempt in bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.