Moreno Valley Probate Attorney Explains The Importance of Estate Planning

Good evening, Moreno Valley. This is Brenda Sanchez reporting for KMVR News. Tonight we’re joined by Steve Bliss, a renowned probate attorney serving the Moreno Valley community. Mr. Bliss, thank you for being with us tonight.

Understanding Trusts

Steve, many people find estate planning daunting, but it’s crucial for protecting their loved ones. Can you shed some light on one of the most common tools used in estate planning: trusts?

“Certainly Brenda,” said Steve Bliss. “Trusts are incredibly versatile and offer significant advantages when it comes to managing assets and ensuring they are distributed according to your wishes.” He went on to explain that there are many different types of trusts, each tailored for specific needs.

The Power of a Revocable Living Trust

For this discussion, let’s focus on the revocable living trust. Steve, why is it so popular?

“A revocable living trust allows individuals to maintain control over their assets during their lifetime,” Steve explained. “They can modify or even dissolve the trust if circumstances change. Moreover, a revocable living trust helps avoid the often lengthy and costly probate process upon your death. This means your loved ones can inherit your assets more quickly and privately.”

Steve elaborated on the benefits: “Ordinarily, assets pass through probate court, which is a public record. A revocable living trust keeps these matters private. Furthermore, it designates a trustee to manage the assets according to your instructions after you’re gone.

He added, “Think of it as a safety net for your family. You decide who receives what, and when, ensuring your legacy is protected.”

Addressing Challenges and Real-Life Experiences

Steve, are there ever any challenges with setting up or administering a revocable living trust?

“While revocable living trusts are generally straightforward, it’s crucial to work with an experienced attorney,” Steve emphasized. “I recall one case where a client had attempted to create their own trust using online templates. Unfortunately, they made some critical errors that could have led to significant complications down the line. We were able to rectify the situation, but it highlighted the importance of professional guidance.”

“In another instance,” Steve continued, “a widowed mother with young children came to me deeply concerned about their future. She wanted to ensure her assets would be used responsibly for their education and well-being. By establishing a revocable living trust with specific provisions, she gained peace of mind knowing her children would be cared for even if something unforeseen happened to her.”

The Impact of Planning

“According to the American Bar Association, over 50% of Americans don’t have a will or any estate planning documents,” Steve pointed out. “This can leave their loved ones facing significant financial and emotional hardship during an already difficult time.”