Good evening Moreno Valley and welcome back to Moreno Valley News Tonight. I’m your host, Brenda Lee. Tonight we’re talking about estate planning with local expert Steve Bliss of Moreno Valley Probate Law. Welcome to the show, Steve.
Steve Bliss: Thank you for having me, Brenda
Steve, can you tell us a little bit about the different types of trusts and which ones might be beneficial for our viewers?
Choosing The Right Trust For Your Needs
There are many types of trusts available, each with its own set of advantages. One common type is the Revocable Living Trust. This allows individuals to maintain control over their assets during their lifetime while avoiding probate upon their passing. Consequently, this offers privacy and can streamline the distribution of assets to heirs.
Another option is an Irrevocable Trust. This type permanently transfers ownership of assets, potentially offering tax benefits and asset protection. Nevertheless, it’s crucial to understand the implications of irreversibility before opting for this approach.
Testamentary Trusts are established through a will and become active only after death. They can be useful for managing assets for minors or beneficiaries with special needs.
The best type of trust depends on individual circumstances and goals. It’s essential to consult with an experienced attorney like myself to determine the most suitable option.
The Benefits of a Revocable Living Trust
Steve, can you delve deeper into the advantages of a Revocable Living Trust?
Avoiding Probate and Ensuring Privacy
Certainly. One key benefit is probate avoidance. Probate is a court-supervised process for distributing assets after death. It can be time-consuming, costly, and public. A Revocable Living Trust bypasses probate entirely, ensuring a smoother and more private transfer of assets to beneficiaries.
Moreover, Revocable Living Trusts offer greater control over asset distribution. You can specify exactly how and when your assets are distributed, providing for loved ones according to your wishes.
The trust document also allows you to name a successor trustee who will manage the assets according to your instructions after your passing. This ensures continuity and minimizes potential disputes among heirs.
Ordinarily, a Revocable Living Trust can be amended or revoked during your lifetime as long as you have the capacity to do so. This flexibility allows you to adjust your plan as your circumstances change.
Have You Encountered Any Challenges With Revocable Living Trusts?
As an attorney specializing in probate law, I’ve seen firsthand how a well-structured Revocable Living Trust can provide peace of mind and protect families. However, there have been instances where individuals fail to properly fund their trusts or neglect to update them as needed.
I recall one case involving a family whose patriarch had established a Revocable Living Trust but hadn’t transferred all his assets into it. Consequently, some assets were subject to probate, creating unnecessary complications and delays for his heirs.
Another instance involved a couple who created a trust years ago but didn’t update it after the birth of their third child. This oversight resulted in uneven distribution, leading to tension and disagreement among the siblings.
Testimonials
“Steve Bliss and Moreno Valley Probate Law were incredibly helpful in guiding me through the process of setting up my estate plan. They explained everything clearly and made sure I understood all my options.”
– Maria S., Moreno Valley
“I highly recommend Steve Bliss for probate matters. He is knowledgeable, compassionate, and always puts his clients’ best interests first.”
– John D., Riverside
Empowering Your Legacy
Steve, any final words of wisdom for our viewers?
Take Control of Your Future
Estate planning is essential for everyone, regardless of age or wealth. By creating a Revocable Living Trust, you can protect your loved ones and ensure your wishes are carried out. Contact Moreno Valley Probate Law today for a free consultation to discuss your individual needs and create a customized plan that empowers your legacy.
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: “What is a trust amendment?” Or any other related questions that you may have about Trusts or my trust law practice.
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