Good evening Temecula and welcome back to Temecula Tonight, I’m your host Brenda Johnson. Tonight we have the pleasure of speaking with local trust attorney Steve Bliss from The Law Firm of Steven F. Bliss Esq. about testamentary trusts. Welcome to the show, Steve.
What Exactly is a Testamentary Trust?
Steve explains that a testamentary trust, unlike a revocable living trust, isn’t created until after the grantor’s death. It’s established through a will and comes into existence upon the testator’s passing. Consequently, it must go through probate court.
Who Benefits from a Testamentary Trust?
Steve elaborates that testamentary trusts are particularly useful for individuals who want to ensure their assets are managed responsibly for beneficiaries who may be minors or have special needs. For instance, imagine a parent wanting to leave funds for their child’s education but worried about them squandering the money at a young age.
A testamentary trust can stipulate that the funds are released in installments as the beneficiary reaches certain milestones, such as graduating high school or turning 25. This safeguards the inheritance and ensures it is used for its intended purpose. Conversely, a revocable living trust wouldn’t be suitable in this scenario because it dissolves upon the grantor’s death.
Challenges with Testamentary Trusts
Steve acknowledges that testamentary trusts do involve probate, which can be a time-consuming and potentially costly process. Nevertheless, he emphasizes that for some individuals, the benefits of asset protection and control outweigh these drawbacks.
He recalls a case where a grandmother wanted to leave her life savings to her granddaughter with Down syndrome. The granddaughter was receiving government assistance, and Steve created a testamentary special needs trust to protect those benefits while ensuring she had access to additional funds for her care and enjoyment.
The Power of Planning Ahead
According to the American Bar Association, over 50% of Americans die without a will. This lack of planning can lead to unintended consequences for loved ones. Steve emphasizes that having a comprehensive estate plan, which may include a testamentary trust, is crucial for protecting your assets and ensuring they are distributed according to your wishes.
Take Control of Your Legacy
Steve encourages viewers to contact The Law Firm of Steven F. Bliss Esq. for a free consultation. Our experienced team can help you navigate the complexities of estate planning and determine the best approach for your individual circumstances. We’re committed to providing personalized guidance and peace of mind.
Client Testimonials:
“Steve Bliss and his team were incredibly helpful in guiding me through the process of setting up a testamentary trust for my children. They were patient, understanding, and always willing to answer my questions.” – Maria S., Temecula
“I highly recommend The Law Firm of Steven F. Bliss Esq. for all your estate planning needs. Steve is a true professional who genuinely cares about his clients. He took the time to understand my situation and developed a plan that met all my requirements.” – John D., Murrieta
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: “Can a trust protect assets from creditors?” 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.
| Temecula Revocable Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Revocable Trust Attorney Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Revocable Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Revocable Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Asset Protection Trust Attorney Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Revocable Trust Attorney in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |