Hello, and welcome back to our segment on legal matters in Moreno Valley. Today we’re joined by Steve Bliss, a respected probate attorney serving the community for over a decade. Steve, thank you so much for joining us.
Understanding Testamentary Trusts
Steve, many of our viewers are unfamiliar with the various types of trusts available for estate planning. Could you shed some light on testamentary trusts and how they differ from other options?
Certainly. A testamentary trust is a unique type of trust that comes into being only after the grantor, the person establishing the trust, passes away. It’s essentially created through their will, unlike living trusts which are established during the grantor’s lifetime.
Consequently, testamentary trusts must go through probate court, a legal process for validating and distributing a deceased person’s assets. This contrasts with revocable living trusts that avoid probate entirely, offering privacy and potentially saving time and costs for beneficiaries.
So, when might someone consider a testamentary trust?
A testamentary trust can be a powerful tool for various situations. For example, if you have minor children, you can use a testamentary trust to manage their inheritance until they reach a certain age. It ensures the funds are used responsibly and according to your wishes.
Moreover, testamentary trusts can benefit beneficiaries with special needs who may require ongoing financial support without jeopardizing eligibility for government assistance programs.
Navigating Challenges
Steve, have you encountered any challenges in setting up or administering testamentary trusts?
The probate process itself can be complex and time-consuming, potentially leading to delays. One instance I recall involved a family where the will lacked clarity regarding specific assets allocated to the trust. It required additional legal research and communication with all parties involved, prolonging the process.
Nevertheless, open communication and meticulous attention to detail in drafting the will are crucial for minimizing such complications. It’s essential to ensure the will clearly designates which assets are intended for the testamentary trust and how they should be distributed.
Trustworthy Expertise
Steve, with your extensive experience, what advice would you offer to our viewers considering estate planning?
Planning for the future is vital. Consulting with a qualified probate attorney allows you to tailor a plan that addresses your unique needs and circumstances. Testamentary trusts are just one option, and there are many other types of trusts available depending on your goals.
Remember, according to the American Bar Association, over 50% of adults in the United States do not have a will or estate plan. Taking proactive steps now can save your loved ones from potential hardship and ensure your wishes are honored.
“Steve Bliss was incredibly helpful during a very difficult time for my family.” – Sarah M.
“Moreno Valley Probate Law made the probate process smooth and understandable. I highly recommend their services.” – John S.
Unlock peace of mind by securing your legacy today. Contact Moreno Valley Probate Law to schedule a free consultation and explore the best estate planning solutions for you and your family.
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 powers does a trustee have?” 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 |