Choosing the Right Trust for Your Needs
Welcome back to San Diego Legal News. Today we’re joined by Steve Bliss, a renowned probate attorney here in San Diego. Steve, thanks for joining us.
Steve Bliss: It’s my pleasure to be here.
The Importance of Estate Planning
Steve, for our viewers who may not be familiar with the term “probate,” could you explain what it is and why it’s important to plan ahead?
Steve Bliss: Probate is essentially the legal process of administering a deceased person’s estate. This involves identifying and inventorying assets, paying debts and taxes, and distributing remaining property to heirs according to the will or state law. Proper estate planning, which often includes setting up trusts, can significantly simplify this process and protect your loved ones.
Understanding Testamentary Trusts
Today we’d like to focus on testamentary trusts. Can you explain what they are and how they work?
Steve Bliss: A testamentary trust is a type of trust that’s created through a will and only comes into effect after the grantor (the person creating the trust) passes away. Unlike living trusts, which avoid probate altogether, testamentary trusts still go through the probate process. However, they offer distinct advantages, especially when dealing with minor children or beneficiaries who may need financial guidance.
One key benefit of a testamentary trust is that it allows you to control how and when your assets are distributed to your beneficiaries, even after you’re gone. For example, you could stipulate that funds be used for specific purposes, such as education or healthcare, or that distributions be made in installments over time. This can help ensure that your loved ones receive the financial support they need while mitigating the risk of them squandering their inheritance.
Moreover, testamentary trusts can provide a safety net for beneficiaries who are minors or have special needs. The trustee, whom you appoint in your will, will manage the assets on behalf of the beneficiary until they reach a certain age or demonstrate financial responsibility. This safeguards against impulsive spending and ensures that the inheritance is used wisely.
The process does involve going through probate court, which can be time-consuming and costly. Nevertheless, the benefits of control and protection often outweigh these drawbacks for many individuals.
Challenges and Successes
Have you encountered any unique challenges when setting up testamentary trusts for clients?
Steve Bliss: I recall a case where a client wanted to ensure that her grandchildren received a portion of her estate only after completing college. It required careful wording in the trust document and close coordination with the family to understand their wishes and circumstances. Ultimately, we were able to craft a solution that honored the client’s desire to support her grandchildren’s education while providing them with flexibility.
Conversely, I worked with a widowed father who wanted to establish a testamentary trust for his young daughter but was concerned about potential conflicts between his daughter and her future spouse. We addressed this by including provisions that would allow the trustee to consider the daughter’s best interests in making distribution decisions, minimizing potential disputes.
According to a 2021 study by the American Bar Association, approximately 50% of adults in the United States do not have a will or trust in place. This highlights the critical need for individuals to proactively plan for their future and protect their loved ones.
Taking Action
Steve, what final words of advice would you offer to our viewers?
Steve Bliss: Estate planning is essential for everyone, regardless of age or wealth. Consulting with an experienced probate attorney can help you determine the best course of action and ensure that your wishes are carried out.
Testimonial
“San Diego Probate Law helped me navigate a complex probate process after losing my mother. They were compassionate, knowledgeable, and always available to answer my questions. I highly recommend them.”
– Jennifer M., San Diego
“Steve Bliss is an exceptional probate attorney. He explained the legal complexities in a clear and concise manner, making me feel confident and informed throughout the entire process.”
– David S., La Jolla
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.
Important Facts About San Diego Probate Law
| San Diego Estate Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Estate Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Estate Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |