Good evening Moreno Valley and welcome back to our series on estate planning.
Joining us tonight is local probate attorney Steve Bliss of Moreno Valley Probate Law. Steve, thanks for being here.
Understanding Testamentary Trusts
Steve, many people are familiar with revocable living trusts but let’s delve into another type: the testamentary trust. Can you explain what it is and when someone might consider using one?
Certainly. A testamentary trust is a unique tool in estate planning because it doesn’t come into existence until after the grantor, the person creating the trust, passes away. It’s created through a will and becomes operational upon death, unlike a revocable living trust that can be managed during the grantor’s lifetime.
Testamentary trusts are particularly useful in situations where you want to provide for beneficiaries who might not be able to manage their inheritance responsibly, such as minor children or individuals with special needs.
Consequently, these trusts outline how and when assets will be distributed to the beneficiaries, ensuring their financial well-being is protected. Moreover, they can also help minimize estate taxes in some cases.
Challenges and Considerations
Have you encountered any particular challenges or complexities when setting up testamentary trusts for your clients?
I recall working with a single mother who wanted to ensure her young son would be financially secure if anything happened to her. She was concerned about him inheriting a large sum at a young age and potentially making poor financial decisions.
We created a testamentary trust that would provide for his education expenses, living costs, and ultimately distribute the remaining funds when he reached a mature age. It brought her peace of mind knowing her son’s future was secured.
Benefits and Statistics
The benefits of a well-structured testamentary trust are clear, but what about their prevalence? Are they commonly used in estate planning?
While not as common as revocable living trusts, testamentary trusts play a vital role for specific client needs. According to a recent survey by the American Bar Association, approximately 20% of estates utilize some form of trust.
This underscores the importance of consulting with an experienced probate attorney to determine the most suitable estate planning strategy for your individual circumstances.
Moving Forward with Confidence
Steve, thank you so much for shedding light on testamentary trusts and their significance in estate planning. For our viewers seeking expert guidance on protecting their assets and securing their loved ones’ future, how can they get started?
“Empowering individuals to make informed decisions about their legacy is at the heart of what we do at Moreno Valley Probate Law. We invite you to schedule a complimentary consultation to discuss your unique needs and goals. Let us help you navigate the complexities of estate planning with confidence.”
Testimonials
“Steve Bliss and his team were incredibly knowledgeable and compassionate throughout the entire probate process. They made a difficult time much easier to handle.” – Maria S.
“Moreno Valley Probate Law provided clear, concise advice and walked me through every step of setting up my trust. I feel confident knowing my family is protected.” – David K.
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: “Who should be my successor trustee?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
| Moreno Valley Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Trust Attorney Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Moreno Valley Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Trust Attorney Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Credible Trust Attorney in Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |