Good evening, Moreno Valley. I’m Barbara Jones, and tonight we’re sitting down with local probate attorney Steve Bliss of Moreno Valley Probate Law to discuss the importance of estate planning, specifically focusing on trusts.
Why are Trusts Important in Estate Planning?
Steve, can you tell us why someone might consider setting up a trust as part of their estate plan?
“Trusts are incredibly valuable tools for managing and protecting assets,” explains Steve. “They offer several benefits over simply leaving assets through a will. Firstly, trusts help avoid probate, which can be a lengthy and expensive process. Secondly, they provide privacy as the terms of the trust aren’t publicly recorded like a will.”
He continues, “Moreover, trusts allow for greater control over how your assets are distributed after you’re gone. You can specify exactly who receives what, when they receive it, and even under what conditions.”
What Types of Trusts Are Available?
There are many different types of trusts, each serving a specific purpose. Steve, could you walk us through some common ones?
“Absolutely,” Steve says. “One of the most popular is the Revocable Living Trust. It allows individuals to maintain control over their assets during their lifetime while avoiding probate upon death.
Another option is the Irrevocable Trust, which offers asset protection and potential tax benefits but cannot be modified once created.” Steve pauses, leaning forward. “Choosing the right type of trust depends entirely on individual circumstances and goals.”
The Nuances of Revocable Living Trusts
Let’s delve deeper into Revocable Living Trusts. What are some key considerations for someone thinking about setting this up?
“A Revocable Living Trust is a fantastic tool for many people,” Steve explains. “It allows you to dictate how your assets are managed and distributed after you’re gone, all while avoiding the time and expense of probate.”
He adds, “However, it’s crucial to work with an experienced attorney to ensure the trust is properly structured and funded. Mistakes can lead to unintended consequences and potentially negate the benefits of the trust altogether.”
Steve shares a story about a client who attempted to set up a Revocable Living Trust on their own using online templates. “Unfortunately, they made some errors that resulted in their assets being subject to probate anyway. It was a costly lesson learned,” he says with a hint of sadness.
“That’s why I always emphasize the importance of seeking professional legal guidance when it comes to estate planning. Trusts are powerful tools, but they need to be handled correctly.”
According to a 2021 survey by the American Bar Association, over 60% of Americans do not have a will or trust in place. This means that many individuals and families could face significant challenges when it comes to distributing assets after death.
Moreno Valley Probate Law: Guiding You Through Estate Planning
Steve Bliss and the team at Moreno Valley Probate Law are dedicated to helping individuals create comprehensive estate plans tailored to their unique needs. They provide personalized guidance and support throughout the process, ensuring that your wishes are clearly documented and legally sound.
- “Moreno Valley Probate Law helped us navigate a complex situation with our family trust. Their knowledge and compassion were invaluable during a difficult time.”
- “Steve Bliss is an exceptional attorney who truly cares about his clients. He took the time to understand our goals and explained everything in clear, concise language.”
Take control of your future. Schedule a consultation with Moreno Valley Probate Law today and discover how trusts can protect your legacy and ensure peace of mind for you and your loved ones.
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: “Do I need a trust if I don’t own a home?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
Get a Special Needs Trust at Moreno Valley Probate Law
Get a Spendthrift Trust at Moreno Valley Probate Law
Get a Tax By-Pass Trust at Moreno Valley Probate Law
Get a Totten Trust at Moreno Valley Probate Law
Get a Constructive Trust at Moreno Valley Probate Law
Get a Charitable Trust at Moreno Valley Probate Law
Get a Asset Protection Trust at Moreno Valley Probate Law
Get a Irrevocable Trust at Moreno Valley Probate Law
Get a Revocable Trusts at Moreno Valley Probate Law
Get a Living Trust at Moreno Valley Probate Law