Today we’re joined by Steve Bliss, an esteemed probate attorney here in Escondido. Steve, thanks for taking the time to chat with us today.
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 a trust that’s created through a will and only takes effect upon the grantor’s death. Conversely, a living trust is established while the grantor is still alive. Testamentary trusts are commonly used to provide for minor children or beneficiaries with special needs.
Ordinarily, assets intended for a testamentary trust pass through probate. This means the court will oversee the distribution of these assets according to the terms outlined in the will. Consequently, using a testamentary trust can help ensure that your wishes are carried out even after you’re gone.
Benefits and Considerations
What are some key benefits of using a testamentary trust?
- Control over asset distribution: You decide exactly how and when your beneficiaries will receive their inheritance.
- Protection for minors or beneficiaries with special needs: The trustee manages the assets on behalf of the beneficiary, ensuring responsible use and preventing mismanagement.
- Potential tax benefits: Depending on the trust structure and asset value, testamentary trusts may offer tax advantages.
Nevertheless, it’s important to carefully consider the potential drawbacks. Probate can be a lengthy and costly process. Moreover, since testamentary trusts come into existence after death, they don’t provide the same level of asset protection or privacy as living trusts during your lifetime.
Real-World Experience
Steve, have you encountered any challenges with setting up or administering testamentary trusts?
I recall a case where a client wanted to ensure their grandchildren received a portion of their estate but were concerned about potential financial mismanagement. We created a testamentary trust with specific provisions outlining how the funds could be used – educational expenses, healthcare costs, and a modest allowance for living expenses. The trustee was empowered to make distributions based on need, providing security and peace of mind for both the client and their beneficiaries.
According to the American Bar Association, approximately 50% of Americans die without a will. This underscores the importance of estate planning and considering tools like testamentary trusts to protect your loved ones and ensure your legacy endures.
Seeking Expert Guidance
What advice would you give to our viewers regarding estate planning?
Consulting with an experienced probate attorney is essential. We can help you determine the most suitable trust structure for your individual needs and goals, ensuring a smooth transition of assets to your beneficiaries.
Take control of your future. Contact Escondido Probate Law today for a free consultation.
Testimonials
“Steve Bliss and his team at Escondido Probate Law made a complex process incredibly easy to understand. Their compassion and professionalism were truly appreciated during a difficult time.”
– Susan M., Satisfied Client
“I highly recommend Steve Bliss for any probate or estate planning needs. He is knowledgeable, responsive, and genuinely cares about his clients.”
– John D., Estate Planning Client
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 a spendthrift trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |