Good evening, Moreno Valley and welcome back to the Channel 7 News Hour. I’m your host, Susan Chen. Tonight we have a very special guest joining us: local probate attorney Steve Bliss from Moreno Valley Probate Law. Welcome to the show, Steve.
Understanding Trusts
Steve, for our viewers who may not be familiar with the term, can you please explain what a trust is and why someone might want to create one?
A trust is essentially a legal arrangement where a person, known as the grantor, transfers assets to a trustee who manages those assets for the benefit of designated beneficiaries. There are many different types of trusts, each serving unique purposes. For instance, a Revocable Living Trust, which is quite common in estate planning, allows the grantor to maintain control over the assets during their lifetime while avoiding the lengthy and costly probate process after they pass away.
The Benefits of a Revocable Living Trust
Steve, you mentioned that a Revocable Living Trust avoids probate. Could you elaborate on why this is such an important benefit?
Probate can be a long, expensive, and public process. When someone passes away without a trust in place, their assets must go through probate court. This means the court will oversee the distribution of assets according to state law, which may not align with the deceased person’s wishes.
Conversely, assets held in a Revocable Living Trust bypass probate altogether. The trustee, who is often named by the grantor, can distribute the assets directly to the beneficiaries according to the terms outlined in the trust document. This process is typically much faster, more private, and less expensive than going through probate.
Moreover, a Revocable Living Trust can provide greater control over how assets are managed and distributed. For example, you could specify that certain assets be used for a beneficiary’s education or healthcare expenses. Or, you could create provisions to protect assets from creditors in case of unforeseen circumstances.
Challenges and Anecdotes
Steve, have you encountered any challenges while helping clients set up Revocable Living Trusts?
I recall one instance where a couple came to me with a complex family situation. They had children from previous marriages and wanted to ensure that their assets were distributed fairly among all of them. We worked closely together to create a trust that addressed their concerns and protected the interests of all parties involved. It was a delicate process, but ultimately we arrived at a solution that gave them peace of mind.
Another time, I worked with a client who had significant assets but wasn’t familiar with estate planning concepts. They were initially hesitant about setting up a trust because they thought it was only for wealthy individuals. I explained the various benefits of a Revocable Living Trust and how it could simplify asset distribution for their family in the future. They were relieved to learn that trusts are accessible to people from all walks of life, not just the ultra-wealthy.
According to a 2021 study by Caring.com, nearly 60% of Americans do not have a will or any estate planning documents in place. This highlights the importance of educating individuals about the benefits of trusts and other legal tools that can protect their loved ones.
Moreno Valley Probate Law: Your Trusted Partner
Steve, what would you say to someone who is considering setting up a trust but isn’t sure where to start?
I encourage anyone with questions about trusts or estate planning to reach out to Moreno Valley Probate Law. We offer free consultations to discuss your individual needs and goals. Our experienced team can guide you through the process of creating a customized trust that meets your specific requirements.
Testimonials
“Steve Bliss and his team were incredibly helpful in setting up a Revocable Living Trust for my family. They explained everything clearly and made the entire process stress-free.” – Mary S., Moreno Valley
“I was impressed with Steve’s knowledge and professionalism. He answered all of my questions patiently and helped me create a trust that I felt confident about.” – John D., Riverside
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: “Can a trust own vehicles?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
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