Today we’re joined by Steve Bliss, an esteemed probate attorney here in Escondido. Steve, thank you for taking the time to speak with us.
Can you explain what a testamentary trust is and when someone might consider using one?
A testamentary trust is a type of trust that comes into existence only after your death, as outlined in your will. It’s important to note that unlike a revocable living trust which avoids probate, a testamentary trust goes through the probate process. Nevertheless, there are specific circumstances where a testamentary trust proves invaluable.
One common scenario is when you have minor children and want to ensure their financial well-being after your passing. A testamentary trust allows you to designate a trustee who will manage the assets for your children until they reach a certain age, providing them with ongoing support and guidance. Moreover, it can protect those assets from creditors or unwise spending decisions by the beneficiaries.
Another situation where a testamentary trust is beneficial involves leaving assets to a beneficiary with special needs. Such a trust can supplement government benefits without jeopardizing their eligibility. The trustee carefully manages the funds, ensuring that the beneficiary’s needs are met while complying with relevant regulations.
Have you encountered any challenges or unique situations involving testamentary trusts in your practice?
Over the years, I’ve helped numerous clients establish testamentary trusts, and each case has its own nuances. There was one instance that stands out. A client wanted to leave a substantial inheritance for their grandchild who had a disability but was fiercely independent. They were concerned about potential exploitation or mismanagement of funds.
We worked together to craft a trust with specific safeguards. We appointed a trusted family member as co-trustee alongside a professional financial advisor, ensuring both personal oversight and expert financial management. The grandchild received the support they needed while retaining a sense of autonomy over their finances. It was incredibly rewarding to witness the peace of mind this solution brought to my client.
According to a study by the American Bar Association, testamentary trusts are increasingly popular for estate planning purposes, with approximately 35% of wills including such provisions. This trend reflects growing awareness of their benefits in protecting vulnerable beneficiaries and ensuring responsible asset distribution.
What advice would you give to someone considering a testamentary trust?
My advice is to consult with an experienced probate attorney who can thoroughly assess your individual circumstances and goals. A testamentary trust is a powerful tool, but it’s essential to tailor it carefully to meet your specific needs. We work closely with our clients to understand their family dynamics, financial situation, and long-term objectives.
We aim to provide clear explanations and guidance throughout the process, ensuring that our clients feel confident and empowered in making informed decisions about their legacy.
“Steve Bliss and his team at Escondido Probate Law were invaluable during a difficult time for our family. They expertly navigated the complexities of probate and helped us settle my father’s estate efficiently and with compassion.” – Sarah J.
“I highly recommend Steve Bliss for any probate or estate planning needs. He is knowledgeable, responsive, and truly cares about his clients’ well-being.” – Michael K.
Let us help you protect your loved ones and ensure a smooth transition of assets. Contact Escondido Probate Law today to schedule a consultation and explore how a testamentary trust might benefit your family.
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: “How often should I update my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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