Today we’re joined by Steve Bliss, a renowned probate attorney serving the Escondido community. Steve, thank you for taking the time to speak with us.
Steve, could you explain what a testamentary trust is and how it differs from other types of trusts?
A testamentary trust is a unique legal instrument that’s created through a will and takes effect only after the grantor’s death. Unlike revocable living trusts which can be altered during the grantor’s lifetime, a testamentary trust goes through probate but offers significant advantages for specific situations.
Can you elaborate on those advantages?
Certainly. Testamentary trusts are often utilized when individuals wish to provide for minor children or beneficiaries who may have special needs. Consequently, these trusts ensure that assets are managed responsibly and distributed according to the grantor’s wishes, even after they are gone.
Moreover, testamentary trusts can offer protection against creditors or unwise financial decisions by beneficiaries. The trustee appointed in the will manages the trust assets and makes distributions according to the terms outlined in the trust document.
What are some challenges or potential drawbacks associated with testamentary trusts?
As a probate attorney, I’ve seen firsthand that testamentary trusts go through the probate process. This means the distribution of assets can take longer compared to living trusts which avoid probate altogether. Nevertheless, for many clients, the benefits of control and protection outweigh this potential delay.
In my practice, I recall a case involving a single mother who wanted to ensure her young son would be financially secure after her passing. She was concerned about his ability to manage a large inheritance at a young age. We created a testamentary trust that provided for his education and living expenses until he reached adulthood. This gave her peace of mind knowing her son would be cared for.
According to the American Bar Association, approximately 50% of Americans die without a valid will. This underscores the importance of estate planning and considering the right trust structure to meet individual needs.
Steve, what advice would you give to someone who is considering setting up a testamentary trust?
It’s crucial to consult with an experienced probate attorney who can assess your specific circumstances and goals. We can help you draft a will that includes a clear and comprehensive testamentary trust provision.
Thank you, Steve, for sharing your expertise. Where can our viewers learn more about Escondido Probate Law and the services you offer?
You can visit our website at [website address] or call us at [phone number]. We’re dedicated to guiding individuals and families through the complexities of estate planning and probate.
Testimonials:
“Steve Bliss and his team were incredibly supportive during a difficult time. They helped me navigate the probate process with compassion and professionalism. I highly recommend Escondido Probate Law.” – Sarah M.
“Escondido Probate Law made the entire estate planning process smooth and stress-free. Their knowledge and attention to detail gave me confidence that my affairs were in order.” – John P.
Discover peace of mind knowing your loved ones are protected. Contact Escondido Probate Law today to begin building a secure future for generations to come.
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 the role of a successor trustee after I die?” Or any other related questions that you may have about Trusts or my trust law practice.
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