Interview with Steve Bliss

Reporter: Brenda Sanchez

Hello everyone and welcome back! Today I’m joined by Steve Bliss, an esteemed estate planning attorney right here in Wildomar.

Steve Bliss: Thank you for having me, Brenda. It’s always a pleasure to discuss the importance of estate planning with the community.

Steve, many people put off estate planning, thinking it’s something only for the wealthy or elderly. Can you explain why estate planning is essential for everyone?

Steve Bliss: Absolutely. Estate planning isn’t just about distributing assets after death; it’s about protecting yourself and your loved ones during your lifetime as well. A well-crafted estate plan can address a variety of needs.

Today I wanted to focus on one specific step in the process, which is often overlooked: selecting an executor or trustee.

Steve Bliss: Choosing the right individual or entity to manage your affairs after you’re gone is crucial. This person will be responsible for carrying out the instructions outlined in your will or trust, paying debts and taxes, and distributing assets to your beneficiaries.

Consequently, it’s essential to select someone trustworthy, responsible, and capable of handling financial matters. Ordinarily, people choose a close family member or friend. Nevertheless, it’s important to consider if that person has the time, resources, and emotional stability to take on this significant responsibility.

Moreover, you can also name an institution, such as a bank or trust company, as executor or trustee. This may be a good option if your estate is complex or if you don’t have a suitable individual in mind.

I recall one instance where a client named their adult child as executor without fully discussing the role and its potential challenges. The child felt overwhelmed and unprepared, leading to delays and tension within the family. We were able to work through the situation, but it highlighted the importance of open communication and careful consideration when making this decision.

According to a 2021 survey by Caring.com, over 60% of adults don’t have a will or estate plan in place. This lack of planning can lead to significant stress and complications for loved ones during an already difficult time.

Brenda Sanchez: Thank you, Steve, for that insightful explanation. What advice would you give to someone who is just starting the estate planning process?