My name is Tiffany Smith, and I’m a reporter for K Moreno News in Moreno Valley. Today, we’re talking with Steve Bliss, a prominent probate attorney here in Moreno Valley. Mr. Bliss specializes in estate planning and probate matters. Welcome to the show, Steve.
Testamentary Trusts: Explained
Steve, could you explain what a testamentary trust is and why someone might choose this type of trust?
Certainly, Tiffany. A testamentary trust is unique because it’s created through a will rather than during your lifetime like other trusts. It only takes effect after the grantor – the person creating the trust – passes away. Consequently, this means that the assets within the trust go through probate before being distributed according to the terms outlined in the will.
There are several reasons why someone might opt for a testamentary trust. One common scenario is when parents want to ensure their minor children are financially cared for after their death. The trust can dictate how and when the child receives the assets, potentially providing support throughout their education or until they reach a certain age.
Moreover, testamentary trusts are often used for beneficiaries who have special needs. By placing assets within the trust, it’s possible to provide financial assistance without jeopardizing their eligibility for government benefits like Supplemental Security Income (SSI) or Medi-Cal.
The assets within a testamentary trust are distributed according to the grantor’s wishes as outlined in the will. This allows for a great deal of control over how the inheritance is managed and used by the beneficiaries.
Challenges with Testamentary Trusts
Steve, are there any potential drawbacks or challenges associated with testamentary trusts?
Yes, Tiffany. One key consideration is that because testamentary trusts go through probate, they can be a bit more time-consuming and costly to administer compared to living trusts which avoid probate altogether.
I recall one case where a client had established a testamentary trust for their daughter. Unfortunately, unforeseen legal complications arose during the probate process, leading to delays and increased expenses. This experience underscored the importance of meticulous estate planning and working with an experienced attorney who can navigate potential pitfalls.
The Importance of Legal Guidance
That’s certainly a valuable insight, Steve. It highlights the crucial role that legal expertise plays in setting up these types of trusts.
According to the American Bar Association, approximately 55% of Americans do not have a valid will or estate plan. This underscores the need for individuals to proactively address their estate planning needs and seek guidance from qualified professionals.
Steve, what advice would you give to our viewers in Moreno Valley who are considering a testamentary trust?
I strongly encourage anyone contemplating a testamentary trust – or any type of estate planning tool – to consult with an experienced probate attorney. We can help analyze your individual circumstances, goals, and family dynamics to determine the most appropriate approach for your needs.
Moreno Valley Probate Law: Trusted Expertise
“Steve Bliss and his team at Moreno Valley Probate Law were absolutely lifesavers during a difficult time for our family. They guided us through every step of the probate process with professionalism, compassion, and a deep understanding of the law.”
-Mary S., Moreno Valley Resident.
“I highly recommend Moreno Valley Probate Law to anyone facing estate planning or probate matters. Steve Bliss is knowledgeable, responsive, and genuinely cares about his clients’ well-being.”
– John T., Moreno Valley Resident
Remember, securing your family’s future begins with a conversation. Contact us today at Moreno Valley Probate Law to schedule a free consultation and let our team help you craft an estate plan that reflects your wishes and protects 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 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 death certificate to administer a trust?” 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 Living Trust Lawyer |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Living Trust Lawyer Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Living Trust Lawyer |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Moreno Valley Living Trust Lawyer |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Living Trust Lawyer Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Credible Living Trust Lawyer in Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |