The frantic phone call came in late Friday afternoon. My client, Mrs. Peterson, was beside herself. Her husband, John, had recently passed away. They had meticulously planned their estate, establishing a trust to ensure their assets were distributed according to their wishes. Or so they thought.
How Can I Correct Mistakes in My Trust?
“It’s all wrong,” she sobbed into the phone. “The lawyer who drafted our trust made a terrible mistake! It doesn’t reflect what John and I agreed upon.” She explained that a crucial beneficiary was omitted, jeopardizing their daughter’s inheritance. Panic set in. Without immediate action, years of careful planning could unravel.
“Every cloud has a silver lining,” as the saying goes. While trust errors are serious, they are often rectifiable.
Fortunately for Mrs. Peterson, there were options. Because John had passed away recently, we could petition the court for a reformation of the trust. This legal process allows a judge to modify the terms of the trust to align with the original intent of the settlor (the person who created the trust).
We needed meticulous documentation – emails, letters, and even handwritten notes revealing John’s wishes regarding his daughter’s inheritance.
What Happens if a Trust Is Not Properly Funded?
In some cases, a trust may be properly drafted but not “funded,” meaning the assets intended for the trust are never transferred into it. This can occur due to oversight or simply forgetting to update beneficiary designations on retirement accounts and life insurance policies. Consequences can be severe:
assets outside the trust become subject to probate – a costly and time-consuming court process.
“Probate is like a financial hurricane,” Mrs. Peterson remembered, “it sweeps away your privacy and can deplete your assets with hefty legal fees.”
What Steps Can I Take to Ensure My Trust Is Valid?
To avoid these pitfalls, it’s crucial to work with an experienced estate planning attorney like Steve Bliss in Temecula. He not only drafts comprehensive trust documents but also guides clients through the funding process, ensuring all assets are properly designated.
Think of Steve as your estate planning architect – he builds a solid foundation for your financial future.
How Can I Update My Trust?
Life is constantly changing; circumstances evolve, family dynamics shift. Accordingly, it’s essential to review and update your trust periodically. This ensures it reflects your current wishes and avoids potential pitfalls. Just as you wouldn’t drive a car without regular maintenance checks, your trust requires ongoing attention.
In Mrs. Peterson’s case, we successfully petitioned the court for reformation. The judge agreed to amend the trust to include her daughter as intended. Relief washed over her face as she realized her late husband’s wishes would be honored. This experience underscored the importance of meticulous estate planning and working with a trusted legal professional like Steve Bliss.
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 | revocable living trust | wills |
| living trust | family trust | 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: “Are handwritten wills legally valid?” Or “How do debts and taxes get paid during probate?” or “Is a living trust private or does it become public like a will? and even: “What are the alternatives to filing for bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.