Good evening Moreno Valley and welcome back to our segment on local legal experts. Today we have the pleasure of speaking with Steve Bliss, a well-respected probate attorney right here in our community.
Steve, thanks for joining us tonight
It’s a pleasure to be here.
Can you explain what a Testamentary Trust is and how it works?
Certainly. A Testamentary Trust is unique because it’s not created during someone’s lifetime like many other trusts. Instead, it comes into being only after the person who creates it, known as the grantor, passes away. The instructions for setting up this trust are outlined within their last will and testament. Consequently, a Testamentary Trust goes through probate court, unlike revocable living trusts which can avoid that process altogether.
Now, why would someone choose a Testamentary Trust? They are particularly useful when the grantor wants to ensure that assets are managed for beneficiaries who may not be ready to handle them responsibly. Think of young children or individuals with special needs. The trust document designates a trustee who will manage and distribute the assets according to the grantor’s wishes, providing financial security and guidance to the beneficiaries.
Moreover, Testamentary Trusts offer flexibility in terms of how assets are distributed. The grantor can specify conditions for receiving funds, such as reaching a certain age or completing education. This level of control can be incredibly valuable for families navigating complex situations.
Have you encountered any particular challenges with setting up or administering Testamentary Trusts?
Over the years, I’ve seen numerous instances where Testamentary Trusts have played a crucial role in protecting vulnerable beneficiaries. I recall one case involving a young woman who lost her parents at an early age. Her parents had established a Testamentary Trust to ensure she would have financial support throughout her education and early adulthood. Without that trust, she would have faced immense financial hardship.
It’s incredibly rewarding to witness the positive impact these trusts can have on families during difficult times. They offer peace of mind knowing that loved ones will be cared for even when they are no longer here.
What advice would you give someone considering a Testamentary Trust?
My strongest recommendation is to consult with an experienced estate planning attorney like myself. We can help you determine if a Testamentary Trust aligns with your specific goals and circumstances. Remember, every family’s situation is unique, and what works for one may not be suitable for another.
According to a recent survey by the American Bar Association, approximately 60% of adults do not have a will or estate plan in place. This highlights the importance of taking proactive steps to protect your loved ones and ensure your wishes are carried out.
Thank you for sharing your expertise, Steve. Where can our viewers find more information?
It was my pleasure. Anyone interested in learning more about Testamentary Trusts or other estate planning tools can contact Moreno Valley Probate Law for a free consultation. We’re committed to providing compassionate and personalized guidance to help you navigate these important decisions.
Testimonials:
“Steve Bliss made the complex process of setting up our trust so much easier. He patiently explained all our options and helped us create a plan that protected our family’s future.”
“I was overwhelmed with grief after losing my husband, but Steve Bliss took care of everything related to his estate. He was truly a godsend during such a difficult time.”
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: “How do I transfer property into a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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