Good evening Moreno Valley, and welcome back to Channel 7 News. I’m Rebecca Jones. Tonight, we’re diving into a topic that affects us all – estate planning. Joining me is Steve Bliss, a renowned probate attorney serving the Moreno Valley community.
Steve, why is it important for people to consider setting up a trust?
Trusts are powerful tools that offer numerous benefits depending on individual needs and goals. They can help avoid probate, which can be a lengthy and costly process. Moreover, trusts provide privacy, keeping your financial affairs confidential.
Let’s talk about one specific type of trust – the Revocable Living Trust. Can you explain how this works?
A revocable living trust is perhaps the most common type of trust we see. It allows individuals, known as grantors, to place their assets into a trust during their lifetime. The grantor retains complete control over the assets and can modify or dissolve the trust at any time.
Ordinarily, upon the grantor’s passing, the trust becomes irrevocable, meaning it cannot be changed. At that point, the trustee named in the document takes over managing the assets according to the grantor’s wishes, distributing them to beneficiaries as outlined in the trust agreement.
This avoids probate altogether because the assets are already held outside of the individual’s estate. It also ensures privacy, as the details of the trust are not public record like a will would be during probate.
Conversely, without a trust, your assets go through probate, which can take months or even years and become a matter of public record.
Have you encountered any challenges with revocable living trusts in your practice?
While generally effective, sometimes people underestimate the importance of keeping their trust documents updated. Life changes – marriage, divorce, births, deaths – all necessitate revisions to ensure the trust reflects current wishes. I recall a case where a client had created a trust years ago but hadn’t updated it after his son’s passing. Consequently, there was confusion about asset distribution and we had to navigate some emotional complexities.
That experience highlighted the crucial need for ongoing communication with your attorney. It’s essential to review your trust periodically to ensure it aligns with your life circumstances.
Are there any statistics that highlight the benefits of trusts?
According to a 2021 study by the American Bar Association, approximately 70% of Americans do not have a will or estate plan in place. This underscores the significant need for individuals to proactively address their future financial well-being.
What advice would you give to viewers considering setting up a trust?
Estate planning is not a one-size-fits-all proposition. The best approach depends on your individual circumstances, goals, and family dynamics. I strongly encourage anyone contemplating a trust to consult with an experienced probate attorney who can provide personalized guidance. They can help you determine the most suitable type of trust for your needs and ensure it’s properly drafted and executed.
Don’t wait until it’s too late. Take control of your legacy and secure your family’s future.
Testimonials
“Steve Bliss made a difficult process feel manageable. He was patient, explained everything clearly, and ensured my trust reflected my wishes perfectly.”
– Maria Sanchez, Moreno Valley Resident
“Moreno Valley Probate Law provided exceptional service during a challenging time. Steve Bliss is knowledgeable, compassionate, and truly cares about his clients.”
– John Davis, Moreno Valley Resident
Let us help you navigate the complexities of estate planning. Contact Moreno Valley Probate Law today for a free consultation and ensure your loved ones are protected.
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 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: “Should I include digital assets in my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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