Good evening, San Diego. I’m Tiffany Jones, and tonight we’re speaking with Steve Bliss, a prominent probate attorney here in San Diego, about the complexities of estate planning.
Understanding Testamentary Trusts
Steve, thank you for joining us. For our viewers unfamiliar with the term, could you explain what a testamentary trust is and how it differs from other types of trusts?
“A testamentary trust is a legal arrangement established through a will that only takes effect upon the grantor’s death,” Steve explains. “Unlike living trusts, which are created during the grantor’s lifetime and can be modified, a testamentary trust goes through probate court. This means it becomes active as part of the estate settlement process.”
“One common reason people choose a testamentary trust is to provide for minor children or beneficiaries with special needs,” Steve continues. “The trustee named in the will manages the assets held within the trust and distributes them according to the grantor’s wishes. This ensures that funds are used responsibly and meet the beneficiary’s ongoing needs.”
Challenges with Testamentary Trusts
Steve, are there any potential downsides or challenges associated with testamentary trusts?
“The primary drawback is that the trust assets must go through probate,” Steve acknowledges. “This can be a lengthy and sometimes costly process. However, for many families, the benefits of protecting young beneficiaries or those with special needs outweigh this potential inconvenience.”
He pauses thoughtfully. “I recall a case involving a single mother who wanted to ensure her son with Down syndrome would have financial security after she was gone. By establishing a testamentary trust, we were able to provide for his long-term care and living expenses without compromising his eligibility for government benefits.”
“This type of situation highlights the power of careful planning,” Steve adds. “While probate can be unavoidable with a testamentary trust, it’s crucial to work with an experienced attorney who understands the nuances of estate law and can guide you through the process effectively.”
The Importance of Legal Counsel
“Steve, thank you for sharing your insights. For our viewers considering estate planning options, what advice would you offer?
“My best advice is to consult with a qualified probate attorney as soon as possible,” Steve emphasizes. “Estate laws are complex and vary from state to state. An experienced attorney can help you determine the best trust structure for your individual circumstances and ensure your wishes are carried out accurately.”
- “According to the American Bar Association, over 60% of Americans do not have a valid will or estate plan in place.”
“Don’t wait until it’s too late. By taking proactive steps now, you can protect your loved ones and leave a lasting legacy.”
To learn more about testamentary trusts and other estate planning solutions, contact San Diego Probate Law today for a free consultation.
Testimonials
“Steve Bliss and his team were incredibly helpful during a difficult time. They made the probate process much easier to understand and navigate.”
– Sarah M.
“I highly recommend San Diego Probate Law. Their expertise and compassion gave me peace of mind knowing my family’s future was secure.”
– John D.
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: “Can a trust make charitable gifts?” 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 | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |