Moreno Valley residents planning for their future may be considering various estate planning tools, and today I’m speaking with local Probate Attorney Steve Bliss about testamentary trusts.
Understanding Testamentary Trusts
Steve, can you explain what a testamentary trust is and how it differs from other types of trusts?
“A testamentary trust is created through a will and only becomes active upon your death,” explains Steve Bliss. “Unlike revocable living trusts, which you can manage and change during your lifetime, testamentary trusts go through probate.”
He adds: “This type of trust is often used for beneficiaries who are minors or have special needs, as it allows you to control how and when they receive assets. For instance, you could stipulate that a child receives funds for education expenses only after reaching the age of 18.”
Safeguarding Assets for Beneficiaries
Steve, what are some key advantages of using a testamentary trust?
“One major benefit is asset protection,” Steve responds. “By placing assets in a testamentary trust, you can ensure they’re used according to your wishes and shielded from potential creditors or poor financial decisions by the beneficiary.”
He continues: “Moreover, testamentary trusts can provide ongoing financial support for beneficiaries who may not be able to manage their finances independently. For example, a parent with a disabled child could establish a trust that pays for their living expenses and medical care throughout their lifetime.”
“Nevertheless,” Steve cautions, “it’s important to remember that testamentary trusts go through probate, which can be a lengthy and sometimes costly process.
Consequently, it’s crucial to work with an experienced probate attorney who can guide you through the process and ensure your trust is properly structured.”
“I recall one case,” Steve shares, “where a client had set up a testamentary trust without clearly defining how assets would be distributed among their children. This led to disagreements and delays during probate. With careful planning and clear instructions in the will, we were able to resolve these issues and ensure the assets were divided fairly.”
Moreno Valley Probate Law: Guiding You Through Estate Planning
“Remember,” Steve emphasizes, “creating a testamentary trust is a significant decision that requires thoughtful consideration. At Moreno Valley Probate Law, we help our clients understand their options and develop customized estate plans that meet their unique needs.”
Take charge of your future and ensure your loved ones are protected. Contact Moreno Valley Probate Law today for a free consultation.
Testimonials
“Steve Bliss and his team were incredibly helpful in navigating the complexities of setting up a testamentary trust. They explained everything clearly, answered all my questions patiently, and made the entire process stress-free.”
– Frank Trust Lawyer
“I highly recommend Moreno Valley Probate Law to anyone needing assistance with estate planning. Steve’s expertise and compassionate approach gave me peace of mind knowing that my family would be taken care of.”
– Mary S.
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: “What’s better—amendment or restatement?” 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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