Interview with Steve Bliss, Escondido Probate Attorney

Understanding Trusts: A Conversation with Steve Bliss

Good morning, Mr. Bliss. Thank you for taking the time to speak with us today about probate law and estate planning.

It’s my pleasure. I believe everyone should have a basic understanding of these important legal matters.

Choosing the Right Trust: A Crucial Decision

Let’s talk about trusts. There are many different types, each serving a specific purpose. Could you elaborate on some of the most common types?

Certainly. One of the most popular choices is the Revocable Living Trust. It allows individuals to maintain control over their assets during their lifetime while also avoiding probate upon their passing. Consequently, this type of trust offers both flexibility and privacy.

The Benefits of a Revocable Living Trust

That sounds advantageous. Can you delve deeper into the benefits of a Revocable Living Trust?

Absolutely. Imagine a scenario where someone passes away without a will or trust in place. Their assets would then go through probate, a lengthy and often costly legal process. A Revocable Living Trust circumvents this entirely.

Moreover, the trust document remains private, unlike a will which becomes public record upon filing with the court. This privacy aspect is appealing to many individuals who prefer to keep their financial affairs confidential.

Another advantage is that a Revocable Living Trust can be amended or revoked as needed during the grantor’s lifetime. This flexibility allows for adjustments based on changing circumstances, such as the birth of a child or a significant life event.

Navigating Potential Challenges

Are there any potential drawbacks to consider with a Revocable Living Trust?

While generally beneficial, it’s important to note that setting up a trust involves legal complexities and requires careful planning. It’s crucial to consult with an experienced probate attorney like myself to ensure the trust document is tailored to your specific needs and complies with all applicable laws.

I recall a case where a client attempted to create their own trust using online templates. Unfortunately, they overlooked some key provisions which resulted in unintended consequences for their beneficiaries. This highlights the importance of seeking professional guidance when dealing with such matters.

According to the American Bar Association, approximately 50% of Americans die without a will or trust. This underscores the need for individuals to proactively plan for their future and protect their loved ones.