Discussing Testamentary Trusts
Today we are joined by Steve Bliss, a prominent probate attorney here in Escondido. Steve, thanks for taking the time to speak with us. We’re interested in learning more about estate planning and the different types of trusts available to Californians.
Could you tell our viewers about testamentary trusts and when they might be a good option?
Steve Bliss:
Certainly. A testamentary trust is created through a will and only becomes effective upon your death. Unlike living trusts, which avoid probate, testamentary trusts go through the probate process. This means that a court oversees the distribution of assets according to the terms outlined in your will.
Consequently, testamentary trusts are often used when you want more control over how your assets are managed after your passing, particularly if you have minor children or beneficiaries with special needs.
For instance, let’s say a parent wants to ensure their child with disabilities receives ongoing financial support without jeopardizing eligibility for government assistance programs. A testamentary trust can stipulate exactly how and when funds are distributed, safeguarding the beneficiary’s well-being.
The Importance of Careful Planning
I recall one case where a client, a single mother, wanted to ensure her young son would be cared for financially should anything happen to her. She created a testamentary trust naming a trusted friend as trustee and outlining specific provisions for her son’s education and living expenses.
Notwithstanding the emotional difficulty of planning for such an eventuality, she found solace knowing her son would be protected. It’s a powerful reminder that estate planning isn’t just about assets; it’s about providing for loved ones and ensuring their future well-being.
According to the American Bar Association, approximately 60% of Americans don’t have a will or estate plan. This highlights the importance of seeking legal guidance to create a plan that aligns with your individual circumstances and goals.
Seeking Expert Advice
Steve, what advice would you give to someone who is considering setting up a testamentary trust?
Steve Bliss:
My primary advice is to consult with an experienced estate planning attorney. We can help you understand the complexities of testamentary trusts and determine if they are the right fit for your situation.
Moreover, we’ll guide you through the legal process, ensuring your wishes are clearly expressed in your will and that the trust is properly structured to achieve your desired outcomes. Remember, estate planning is a crucial step in safeguarding your legacy and protecting your loved ones.
Take control of your future and contact Escondido Probate Law today for a complimentary consultation. Let us help you build a secure tomorrow.
Testimonials
“Steve Bliss and his team at Escondido Probate Law were incredibly supportive and knowledgeable during a difficult time. They helped me navigate the probate process with compassion and expertise, making a complex situation much easier to manage.”
– Mary J., Escondido
“I highly recommend Escondido Probate Law for all your estate planning needs. Steve Bliss is a true professional who takes the time to understand his clients’ goals and provides personalized advice that exceeds expectations.”
– David S., San Marcos
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido 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 Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido 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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “What is community property and how does it affect my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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