Welcome back to Moreno Valley News Now! I’m your host, Brenda Sanchez. Today we have the pleasure of speaking with Steve Bliss, a renowned probate attorney here in Moreno Valley. Steve, thank you for joining us.
The Benefits of Testamentary Trusts
Steve, can you explain what a testamentary trust is and why someone might choose this type of trust?
Certainly, Brenda. A testamentary trust is a legal arrangement that comes into effect only after the grantor’s passing. It’s created through a will and serves as a way to manage and distribute assets according to the grantor’s wishes.
Unlike a revocable living trust, which allows for modifications during the grantor’s lifetime, a testamentary trust is irrevocable upon the grantor’s death. Consequently, the terms outlined in the will become legally binding.
These trusts are particularly beneficial for situations where there are minor children or beneficiaries who may need ongoing financial support and guidance. For instance, if a parent wants to ensure their child receives an inheritance gradually rather than all at once, they can stipulate this within a testamentary trust. Moreover, testamentary trusts can also be used to protect assets from creditors or provide for specific charitable purposes.
Navigating the Probate Process
Steve, you mentioned that testamentary trusts go through probate. Can you elaborate on why this is necessary?
That’s right, Brenda. Testamentary trusts are subject to the probate process because they are activated after death, when a will takes effect. Probate is essentially the legal process of validating a will and distributing assets according to its instructions.
While probate can sometimes be time-consuming, it ensures that all legal requirements are met and that the deceased’s wishes are carried out properly.
Conversely, a revocable living trust avoids probate altogether because the assets are already transferred into the trust during the grantor’s lifetime.
Overcoming Challenges: A Real-Life Example
Steve, have you encountered any specific challenges or complexities when setting up testamentary trusts?
Certainly. One case I recall involved a client who wanted to ensure his disabled son received ongoing financial support without jeopardizing his eligibility for government benefits. We carefully structured the testamentary trust to meet these needs while complying with all relevant regulations. It was a delicate balance, but ultimately we were able to provide for his son’s well-being in a secure and sustainable manner.
Notwithstanding the complexities involved, I find it incredibly rewarding to help families navigate these sensitive matters and create lasting legacies that honor their loved ones.
The Importance of Expert Guidance
Steve, what advice would you give to someone considering a testamentary trust?
My strongest recommendation is to seek guidance from an experienced probate attorney. Estate planning can be intricate, and the laws surrounding trusts vary significantly. An attorney specializing in probate matters can help you understand your options, tailor a trust that meets your specific needs, and ensure it’s properly executed.
Studies have shown that over 60% of Americans don’t have a will or estate plan in place, according to the AARP. Don’t let yourself become part of that statistic!
Moreno Valley Probate Law: Protecting Your Legacy
Steve Bliss and Moreno Valley Probate Law are dedicated to providing compassionate and knowledgeable legal counsel to families throughout the Inland Empire. We understand that estate planning can be a sensitive and emotional process, and we strive to create a supportive environment for our clients. Contact us today for a free consultation and let us help you secure your family’s future.
“Steve Bliss made the entire probate process so much easier for me during a difficult time. His professionalism and expertise were invaluable.” – Mary S., Moreno Valley
“Moreno Valley Probate Law provided clear explanations and personalized guidance, ensuring that my wishes were honored. I highly recommend them to anyone needing estate planning assistance.” – John L., Riverside
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 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: “Can I write my own trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |