Hi everyone, I’m Tiffany Davis with Channel 7 News here in San Diego. Today we’re joined by Steve Bliss, a well-respected San Diego probate attorney. Steve, thanks for joining us.
Understanding the Value of Trusts
Steve, can you explain why someone might consider setting up a trust as part of their estate planning?
Certainly Tiffany. Trusts are incredibly versatile tools that offer numerous benefits depending on an individual’s goals. One common reason people choose trusts is to avoid probate, which can be a lengthy and costly process. When assets are held in a trust, they bypass probate court altogether, allowing for quicker distribution to beneficiaries.
Moreover, trusts provide privacy as the terms of the trust are not part of public record, unlike wills which become public information during probate. This privacy aspect can be particularly appealing to individuals who value discretion regarding their financial affairs.
Testamentary Trusts: A Detailed Look
Steve, could you delve a bit deeper into Testamentary Trusts? They sound interesting.
You’re right Tiffany, testamentary trusts are quite unique. They are created through a will and only take effect upon the grantor’s death. Consequently, they do undergo probate, unlike living trusts. Testamentary trusts are often utilized when someone wishes to provide for minor children or beneficiaries with special needs.
For example, imagine a parent wanting to ensure their young child is financially cared for after they pass away. A testamentary trust can be structured to hold assets and distribute them according to the parent’s wishes as the child matures. This way, the funds are managed responsibly until the beneficiary reaches a predetermined age.
Conversely, if someone has a loved one with disabilities who relies on government benefits, a special needs trust could be established within a testamentary trust framework. This type of trust allows for supplemental financial support without jeopardizing eligibility for crucial programs like SSI or Medi-Cal.
While testamentary trusts offer valuable benefits, it’s important to remember they are subject to probate costs and delays. This can sometimes be a drawback compared to living trusts which bypass probate altogether.
Facing Challenges: A Testamentary Trust Story
Steve, have you ever encountered any challenges specifically with setting up or administering testamentary trusts?
I recall one case that stands out vividly. It involved a widowed mother who wanted to ensure her daughter, who had Down syndrome, was cared for financially after she passed away. We established a testamentary trust with specific instructions regarding the daughter’s care and living arrangements.
Unfortunately, the family faced unexpected resistance from some relatives who disputed the terms of the trust after the mother’s passing. It took considerable time and effort to navigate those legal hurdles and ultimately uphold the mother’s wishes. That experience underscored the importance of clear communication and careful drafting when it comes to testamentary trusts.
The Power of Planning: Seeking Expert Advice
Steve, for our viewers who are considering setting up a trust, what advice would you give them?
My best advice is to seek guidance from an experienced probate attorney. Trust planning can be complex, and there are many factors to consider. An attorney can help you choose the right type of trust for your needs, draft the necessary legal documents, and ensure that your wishes are carried out properly.
Remember, estate planning is not a one-size-fits-all process. It requires careful consideration of individual circumstances, goals, and family dynamics. Working with an expert can save you from costly mistakes and potential disputes down the road.
According to the American Bar Association, over 50% of Americans do not have a will or trust in place. This lack of planning can leave loved ones vulnerable and create unnecessary complications during an already difficult time.
Take Control of Your Future
Contact San Diego Probate Law today for a free consultation and let us help you secure your legacy.
“Steve Bliss and his team at San Diego Probate Law were instrumental in helping me navigate the complexities of setting up a trust for my family. Their knowledge, professionalism, and genuine care made the entire process smooth and stress-free.” – Maria Sanchez, La Jolla
“I was facing a challenging probate situation involving a family member’s estate. Steve Bliss provided invaluable legal guidance and represented my interests with integrity and compassion. I highly recommend San Diego Probate Law for their exceptional service.” – John Miller, Oceanside
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 own vehicles?” 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 Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |