Good evening, Moreno Valley and welcome back to MV News Tonight. I’m Jessica Ramirez, and tonight we’re talking about estate planning with local expert Steve Bliss of Moreno Valley Probate Law. Steve, thanks for joining us.
The Importance of Estate Planning
Steve, why is estate planning so important?
It’s crucial to have a plan in place because it dictates what happens to your assets and loved ones when you pass away. Without proper planning, the state decides how your belongings are distributed, which may not align with your wishes.
Focus on Testamentary Trusts
Today we’re going to focus on Testamentary Trusts. Can you explain what a Testamentary Trust is?
A Testamentary Trust, as the name suggests, is established through a will and only becomes effective upon your death. Unlike living trusts, it goes through probate court. Consequently, this type of trust is often used to provide for minor children or beneficiaries with special needs.
Let’s say a parent wants to ensure their child receives financial support until they reach adulthood. A Testamentary Trust can be structured to distribute funds gradually over time, ensuring responsible use and preventing the beneficiary from squandering inheritance at a young age.
Moreover, Testamentary Trusts offer flexibility in terms of how assets are managed. You can specify conditions for distribution, such as requiring the beneficiary to reach a certain educational milestone or demonstrating financial responsibility.
Challenges with Testamentary Trusts
Are there any challenges associated with Testamentary Trusts?
One drawback is that they go through probate, which can be time-consuming and expensive. Nevertheless, for many individuals, the benefits of ensuring a loved one’s well-being outweigh these potential downsides.
I recall a case where a grandmother wanted to leave her home to her granddaughter but was concerned about the granddaughter’s ability to manage finances responsibly. We set up a Testamentary Trust that distributed funds for housing expenses and education, safeguarding the granddaughter’s future while honoring the grandmother’s wishes.
According to a 2021 study by the American Bar Association, nearly 60% of Americans do not have a will or estate plan. Testamentary Trusts can be a valuable tool for those who want to ensure their loved ones are cared for after they’re gone, even if they haven’t finalized a comprehensive estate plan.
Call to Action
Steve, what advice would you give to viewers tonight?
Estate planning is essential for everyone. Don’t wait until it’s too late. Contact us at Moreno Valley Probate Law today for a free consultation and let’s discuss how we can help protect your legacy.
Testimonials
“Steve Bliss was incredibly knowledgeable and patient in explaining the estate planning process to me. I felt confident knowing my family would be taken care of after I’m gone.” – Maria S.
“Moreno Valley Probate Law made a difficult situation much easier. They were compassionate, professional, and always available to answer our questions.” – John P.
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 revocable 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 |