Choosing a Trust for Estate Planning
Welcome back to our segment on estate planning. Today we’re joined by Steve Bliss, a renowned probate attorney here in San Diego. Steve, thanks for joining us.
It’s my pleasure to be here.
What are Some Common Types of Trusts?
Well, as you know there are many different types of trusts, each with its own unique advantages and disadvantages. But today I want to focus on one type in particular: the testamentary trust.
Understanding Testamentary Trusts
A testamentary trust is created through a will and only becomes effective after the grantor’s death. This means it bypasses probate, which can be a lengthy and costly process. Testamentary trusts are particularly useful for protecting assets intended for minor children or beneficiaries who may need assistance managing their inheritance.
Conversely, a revocable living trust avoids probate during the grantor’s lifetime, but doesn’t offer the same protection for beneficiaries after the grantor’s passing. Consequently, testamentary trusts provide an added layer of security and control over assets even after you’re gone.
Are There Any Potential Challenges With Testamentary Trusts?
While testamentary trusts offer many benefits, it’s important to be aware of potential challenges. Since they are established through a will, they are subject to the probate process, which can be time-consuming and expensive. Moreover, it’s crucial to have a well-drafted will that clearly outlines the terms of the trust.
I recall one case where a client’s will lacked specific instructions for distributing assets held in a testamentary trust. This led to disagreements among beneficiaries and ultimately resulted in costly legal fees. Thankfully, we were able to mediate a solution, but it highlighted the importance of meticulous planning.
According to a study by the American Bar Association, approximately 60% of adults do not have a will. Not having a will can lead to unintended consequences and family disputes, underscoring the critical need for proper estate planning.
How Can San Diego Probate Law Help?
At San Diego Probate Law, we understand the complexities of estate planning and are committed to helping our clients create customized solutions that meet their unique needs. We offer a free consultation to discuss your goals and answer any questions you may have. Let us help you secure your legacy and provide peace of mind for your loved ones.
Testimonials
“Steve Bliss and his team at San Diego Probate Law were incredibly helpful in guiding me through the process of establishing a testamentary trust. Their expertise and compassion made a difficult situation much easier to navigate.”
– Martha S., Satisfied Client
“I highly recommend San Diego Probate Law for all your estate planning needs. They are professional, knowledgeable, and truly care about their clients.”
– John D., Satisfied Client
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 an AB trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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