Reporter: Welcome back to the show! Today we have Steve Bliss, a renowned San Diego Probate Attorney, joining us to discuss estate planning. Steve, thanks for being here.
Steve: It’s a pleasure to be here.
Reporter: Let’s dive right in. What are some of the common challenges people face when it comes to estate planning?
Steve: Many individuals struggle with understanding the complexities of different estate planning tools and how they align with their individual needs and goals. Deciding whether to utilize a will, trust, or other instruments can be confusing. Moreover, people often procrastinate on estate planning altogether, assuming it’s something they can address later in life. Unfortunately, delaying this crucial process can lead to unintended consequences for loved ones.
Reporter: You bring up an important point about procrastination. What advice would you give to those who are hesitant to start the estate planning process?
Steve: I understand that it can feel overwhelming. My advice is to start with a consultation with an experienced probate attorney. A qualified professional can help demystify the process, explain different options tailored to your circumstances, and guide you toward making informed decisions.
Reporter: Let’s focus on one specific tool – Testamentary Trusts. Can you walk us through what they are and their advantages?
Steve: Certainly. A Testamentary Trust is created through a will and takes effect only after the grantor’s death. Unlike revocable living trusts, which avoid probate, testamentary trusts go through the probate process. However, they offer valuable benefits, particularly when planning for minor children or beneficiaries with special needs.
For instance, if you have young children, a testamentary trust can ensure their financial well-being is managed responsibly until they reach adulthood. You can designate a trustee to oversee the funds and distribute them according to your wishes. Additionally, testamentary trusts provide asset protection for beneficiaries with disabilities, safeguarding their eligibility for government benefits like SSI or Medi-Cal.
Ordinarily, assets left directly to an individual with special needs could disqualify them from receiving crucial support. A testamentary trust circumvents this issue by holding the assets separately and distributing them as needed for the beneficiary’s care and well-being.
Reporter: Have you encountered any unique situations or challenges related to Testamentary Trusts?
Steve: I recall a case where a single mother wanted to ensure her daughter, who had Down syndrome, would always have financial security. The daughter was receiving government assistance, and the mother was concerned that leaving her inheritance outright would jeopardize those benefits.
We created a testamentary trust that carefully outlined the distribution terms. This ensured the daughter continued receiving vital support while also benefiting from the inheritance without losing her eligibility. It was incredibly rewarding to see the relief on the mother’s face knowing her daughter’s future was secure.
Reporter: That’s a touching story. What are some important considerations for those contemplating a Testamentary Trust?
Steve: Selecting a trustworthy trustee is paramount. They will manage the assets according to your instructions and act in the best interests of the beneficiaries. Clearly outlining the distribution terms and any specific conditions in your will is crucial.
According to the American Bar Association, approximately 60% of adults do not have a valid will or estate plan. This highlights the critical need for individuals to proactively address their estate planning needs.
Reporter: Thank you so much for sharing your expertise, Steve. What’s the best way for people to learn more about San Diego Probate Law and the services you provide?
Steve: Reach out to us today and we’ll guide you through the process with compassion and clarity.
Testimonials
- “San Diego Probate Law made a difficult time much easier. They were incredibly knowledgeable, patient, and always available to answer our questions. I highly recommend their services.”
- “Steve Bliss is a true professional. He explained everything clearly and helped us navigate the probate process with confidence. We are so grateful for his expertise.”
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “What is a charitable remainder trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Trust Attorneys in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |