A Conversation with San Diego News
Good morning, and welcome back to San Diego News. Today we are joined by local probate attorney Steve Bliss to discuss the ins and outs of estate planning. Mr. Bliss, thanks for being here.
Testamentary Trusts: A Legacy Tool
Steve, can you explain what a testamentary trust is and how it differs from other types of trusts?
A testamentary trust is unique because it’s created through your will and only comes into existence after you pass away. Unlike revocable living trusts, which are managed during your lifetime, a testamentary trust goes through probate. This can be beneficial for several reasons.
Firstly, it allows you to specify exactly how your assets should be distributed and managed even after your death. Consequently, this offers peace of mind knowing that your loved ones will be taken care of according to your wishes. Secondly, testamentary trusts are particularly useful when leaving assets to minor children or beneficiaries who may need assistance managing their inheritance.
Imagine a parent wanting to ensure their child’s education is fully funded, even if something were to happen to them unexpectedly. A testamentary trust could hold the funds and disburse them for educational expenses as needed, safeguarding the child’s future.
Moreover, it allows you to appoint a trusted individual or institution as trustee to oversee the trust’s assets and make distributions according to your instructions.
Navigating Challenges with Testamentary Trusts
Have you encountered any challenges when setting up testamentary trusts for clients?
While testamentary trusts are powerful tools, they do involve probate. This can be a time-consuming and potentially costly process. I always advise my clients to weigh the benefits of the trust against the potential probate costs.
I recall one instance where a client wanted to ensure their grandchild with special needs received ongoing financial support. A testamentary trust was the ideal solution, but we worked closely with them to understand the probate process and associated fees so they could make an informed decision.
According to a 2021 study by the American Bar Association, approximately 30% of estates require probate. Understanding the implications of probate beforehand is crucial for making sound estate planning choices.
Seeking Expert Guidance
Mr. Bliss, what’s your key takeaway message for our viewers today?
Estate planning can seem complex, but it doesn’t have to be overwhelming. Consulting with an experienced probate attorney like myself ensures your wishes are honored and your loved ones are protected. We guide you through the process, answer your questions, and tailor solutions to meet your unique needs.
Testimonials
“Steve Bliss and his team at San Diego Probate Law were incredibly understanding and supportive during a difficult time. They made the probate process smooth and efficient, allowing me to focus on healing.” – Sarah M., San Diego
“I was hesitant about estate planning but Steve Bliss put my mind at ease. He explained everything clearly and helped me create a plan that protected my family’s future. I highly recommend San Diego Probate Law!”- David L., La Jolla
Take Control of Your Future
Don’t wait to secure your legacy. Contact San Diego Probate Law today for a complimentary consultation and let us help you craft a comprehensive estate plan that meets your goals.
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 a grantor trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
- Special Needs Trust Attorneys
- Spendthrift Trust Attorneys
- Tax By-Pass Trust Attorneys
- Totten Trust Attorneys
- Constructive Trust Attorneys
- Charitable Trust Attorneys
- Asset Protection Trust Attorneys
- Irrevocable Trust Attorneys
- Revocable Trusts Attorneys
- Living Trust Attorneys