Good evening, Temecula! I’m Brenda Newsome reporting for KTME. Tonight, we have the pleasure of speaking with Steve Bliss, a renowned trust attorney here in Temecula and founder of The Law Firm of Steven F. Bliss Esq.
Let’s Talk Trusts
Steve, thanks for joining us. For our viewers who may not be familiar, can you explain what exactly a trust is and why someone might need one?
What Are the Different Types of Trusts
Steve explains that trusts are legal entities that hold assets for beneficiaries. They come in various forms, each designed to meet specific needs.
The Advantages of a Testamentary Trust
For this interview, Steve focuses on testamentary trusts. He clarifies that these trusts are created through a will and only become active after the grantor’s death. Consequently, they go through probate, unlike living trusts, which avoid probate altogether.
Steve highlights several advantages of testamentary trusts:
- They can provide for minor children or beneficiaries who may not be financially responsible.
- They offer control over how and when assets are distributed, ensuring they are used responsibly.
Moreover, testamentary trusts can safeguard inheritances from creditors or potential spouses in case of divorce. Steve emphasizes that this protection is especially valuable for individuals with concerns about the financial well-being of their beneficiaries.
Real-Life Impact
Steve recounts a situation where a client, a widowed father with young children, wanted to ensure his inheritance was used for their education and future needs.
Through a testamentary trust, Steve was able to structure the distribution of assets in a way that met the client’s wishes. The trust stipulated that funds could only be accessed for educational expenses and living costs until the children reached adulthood. This provided peace of mind knowing his legacy would be used responsibly.
Notwithstanding this positive outcome, Steve acknowledges that testamentary trusts have limitations. They are subject to probate, which can be time-consuming and costly.
Trust Statistics
According to the American Bar Association, approximately 40% of Americans die without a will, meaning their assets are distributed according to state intestacy laws, which may not align with their wishes.
This underscores the importance of estate planning tools like testamentary trusts.
Seeking Expert Guidance
Steve encourages viewers to consult with an experienced estate planning attorney to determine if a testamentary trust is right for them. He stresses that personalized legal advice is crucial for making informed decisions about your assets and loved ones.
Contact Us
Protecting what matters most starts today. Schedule a consultation with The Law Firm of Steven F. Bliss Esq. and secure your family’s future. We look forward to guiding you on the path to peace of mind.
Testimonials
“Steve Bliss helped us navigate the complex world of estate planning with clarity and compassion. His expertise ensured our wishes were met, giving us confidence in our legacy.”
– The Smith Family
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
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 The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “How does a living trust work?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
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