Today we are joined by esteemed San Diego Probate Attorney Steve Bliss. Steve, thank you so much for taking the time to speak with us.
Understanding Testamentary Trusts
Steve, could you explain what a testamentary trust is and how it differs from other types of trusts?
A testamentary trust is unique because, unlike a living trust that is established during your lifetime, it’s created through your will and only comes into effect after your passing. Consequently, testamentary trusts have to go through the probate process.
This type of trust is often used when someone wants to provide for beneficiaries who are minors or have special needs. The trustee you designate manages the assets held in the trust according to your wishes outlined in the will. This ensures responsible distribution and care for those who may not be able to manage their inheritance effectively.
Challenges and Considerations
Are there any common challenges or issues that arise with testamentary trusts?
While testamentary trusts are valuable tools, they do have some considerations. One issue I’ve encountered is families disagreeing on the choice of trustee. It’s crucial to select someone trustworthy, financially responsible, and capable of carrying out your wishes. Conversely, I’ve seen situations where a beneficiary might need more support than the trust initially provides.
In one case, I worked with a family who wanted to ensure their daughter with special needs had lifelong care. We carefully crafted the testamentary trust to include provisions for her medical expenses, housing, and even recreational activities. The parents were deeply relieved knowing their daughter would be cared for.
Trusts: A Powerful Estate Planning Tool
According to a study by the American College of Trust and Estate Counsel, approximately 40% of Americans aged 55 and older have some form of estate plan. Testamentary trusts are an important part of this planning process for many.
Steve, what advice would you give to someone considering a testamentary trust?
My best advice is to consult with an experienced probate attorney. They can help you determine if a testamentary trust is the right fit for your situation and guide you through the process of setting it up. Remember, careful planning today can protect your loved ones and ensure their well-being in the future.
Secure Your Legacy: Contact San Diego Probate Law
Ready to explore how a testamentary trust or other estate planning tools can benefit you and your family? Contact San Diego Probate Law for a personalized consultation. We are dedicated to providing compassionate and effective legal guidance during life’s transitions.
Testimonials
- “Steve Bliss made the complex process of setting up a testamentary trust understandable and manageable. His expertise and patience were invaluable.”
- “I was so relieved to find San Diego Probate Law. They helped me create a plan that ensures my children’s future, even after I’m gone. It gives me peace of mind knowing they will be cared for.”
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: “Do I still need a will if I have a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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