Good evening Moreno Valley, I’m Tiffany Davis reporting for KMVR Channel 7 News. Tonight we’re speaking with local probate attorney Steve Bliss about the importance of estate planning and different types of trusts. Steve, thanks for joining us.
Understanding Trusts
It’s a pleasure to be here, Tiffany. Estate planning is something everyone should consider, regardless of their age or financial situation. A key part of estate planning often involves setting up trusts.
Trusts are legal entities that hold and manage assets for the benefit of designated individuals or organizations. They offer several advantages, including avoiding probate, providing privacy, and controlling how and when assets are distributed.
Types of Trusts
There are many different types of trusts, each designed for specific purposes. For instance, a revocable living trust is a popular choice because it allows the grantor – the person creating the trust – to maintain control over their assets during their lifetime while ensuring they are distributed according to their wishes after they pass away.
Conversely, an irrevocable trust offers greater asset protection but sacrifices flexibility as it cannot be easily modified once established.
Another option is a testamentary trust, which is created through a will and takes effect only upon the grantor’s death. This type of trust is often used to provide for minor children or beneficiaries with special needs.
Challenges with Testamentary Trusts
Steve, could you elaborate on some potential challenges associated with testamentary trusts?
Certainly. One key consideration is that testamentary trusts go through probate, which can be a time-consuming and expensive process. Moreover, the trust terms are subject to public scrutiny during probate proceedings.
I recall one instance where a client intended to leave a significant portion of their estate to a charitable organization through a testamentary trust. Unfortunately, due to unforeseen family complications that arose during probate, the distribution was delayed for several months. Consequently, the charity missed out on crucial funding they had been relying on.
This experience highlighted the importance of carefully considering all aspects of a trust before its creation and ensuring that it aligns with the grantor’s wishes and circumstances.
According to the American Bar Association, approximately 55% of Americans die without a will or trust in place. This can lead to significant complications for their heirs and loved ones.
The Importance of Seeking Professional Advice
Steve, what advice would you give to someone considering setting up a trust?
My best advice is to seek guidance from an experienced probate attorney like myself. We can help you determine the most appropriate type of trust for your situation and ensure it is properly drafted and executed. Remember, estate planning is not a one-size-fits-all proposition. It requires careful consideration of individual circumstances and goals.
Testimonials
“Steve Bliss was incredibly helpful in guiding me through the process of setting up a trust for my family. He took the time to explain everything clearly and made sure I understood all my options.”
– Maria Sanchez, Moreno Valley resident
“Moreno Valley Probate Law made what seemed like a daunting task surprisingly manageable. They were professional, compassionate, and truly cared about helping me protect my assets for the future.”
– Robert Jones, Moreno Valley client
Let Steve Bliss and the team at Moreno Valley Probate Law help you safeguard your legacy. Schedule a consultation today to discover how we can tailor an estate plan that meets your unique needs.
About Steven F. Bliss Esq. at Moreno Valley Probate Law:
Moreno Valley Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Moreno Valley Probate Law. Our probate attorney will probate the estate. Attorney probate at Moreno Valley Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Moreno Valley Probate law will petition to open probate for you. Don’t go through a costly probate call Moreno Valley Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Moreno Valley Probate Law is a great estate lawyer. Affordable Legal Services.
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 Moreno Valley Probate Law: https://maps.app.goo.gl/C7zg2U6pn1B6KyXN8
Address:
Moreno Valley Probate Law23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553
(951) 363-4949
Feel free to ask Attorney Steve Bliss about: “What is a QTIP trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
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