Good evening, Moreno Valley, and welcome back to MV News Now. I’m Tiffany Jones, and tonight we’re sitting down with Steve Bliss, a renowned probate attorney right here in our community. Mr. Bliss has been helping families navigate the complexities of estate planning for years, and he’s here to shed some light on a topic that can often feel overwhelming: trusts.
What are Some of the Different Types of Trusts?
Steve, could you briefly explain some of the most common types of trusts used in estate planning?
“Certainly, Tiffany. There’s a wide variety of trusts tailored to different needs and goals. A popular choice is the Revocable Living Trust,” Steve begins. “This type allows individuals to maintain control over their assets during their lifetime while avoiding probate upon their passing. It also offers a level of privacy that traditional wills don’t provide.
“Conversely, there are Irrevocable Trusts which, as the name suggests, cannot be easily modified once established. These are often used for asset protection, estate tax reduction, or Medicaid planning,” he adds.
The Benefits of a Revocable Living Trust
Steve, can you elaborate on the advantages of a Revocable Living Trust? What makes it such a popular choice?
“There are several compelling reasons why people opt for a Revocable Living Trust,” Steve explains. “Firstly, it streamlines the distribution of assets after someone passes away, bypassing the often lengthy and public probate process. This can save time and expense for loved ones during an already difficult period.
Moreover, a Revocable Living Trust provides a layer of privacy that a will does not. The terms of the trust are typically not part of public record, unlike a will which becomes accessible through probate court.
Consequently, this can be particularly appealing to individuals who value discretion and want to keep their financial affairs private.
I’ve seen firsthand how a well-structured Revocable Living Trust can alleviate stress and uncertainty for families.
- One client, a widow with young children, expressed immense relief knowing her assets would be managed and distributed according to her wishes without the need for court intervention.
- Another client, a successful entrepreneur, appreciated the added layer of privacy a trust provided for his estate.
Studies show that over 60% of Americans die without a will or trust in place, leaving their loved ones to navigate complex legal processes and potential family disputes (Source: Caring.com). Establishing a Revocable Living Trust can be a proactive step towards ensuring your wishes are honored and your loved ones are protected.
Has there ever been a situation where using a Revocable Living Trust presented challenges?
Steve shares an experience that highlights the nuances of trust planning: “I remember working with a couple who initially wanted to include their adult son as a beneficiary in their Revocable Living Trust. However, due to his financial struggles and past poor decisions, they were concerned he wouldn’t manage the inheritance responsibly.
After careful consideration, we decided to create a separate Spendthrift Trust for their son. This type of trust allows the trustee (in this case, me) to control when and how distributions are made, safeguarding the funds from potential misuse.”
How can people in Moreno Valley learn more about Trusts?
“Tiffany, the best way to determine if a Revocable Living Trust is right for you is to consult with an experienced probate attorney. We offer free consultations at Moreno Valley Probate Law, and I’m always happy to answer any questions and guide individuals through this process.
“Planning for your future can seem daunting,” Steve concludes, “but it doesn’t have to be. Taking proactive steps today can bring peace of mind and ensure your legacy is protected for generations to come.”
Testimonials
“Steve Bliss and his team at Moreno Valley Probate Law were invaluable during a difficult time. They guided me through the complexities of probate with compassion and professionalism, making a stressful process much more manageable.” – Sarah M.
“I highly recommend Moreno Valley Probate Law to anyone needing assistance with estate planning. Steve’s expertise and dedication are evident in every interaction. He took the time to understand my unique needs and crafted a plan that provided me with peace of mind.” – 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 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 are the benefits of having a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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