Good morning, Escondido residents! Today we’re joined by local probate attorney Steve Bliss from Escondido Probate Law. Steve, thanks for joining us.
Testamentary Trusts: A Safety Net for Your Loved Ones
We’re here today to discuss testamentary trusts. For those unfamiliar with the term, can you explain what a testamentary trust is and why someone might consider setting one up?
A testamentary trust, Steve explains, is created through your will and takes effect only upon your death. Unlike a living trust which avoids probate, a testamentary trust goes through the probate process. This might seem like a drawback, but testamentary trusts offer unique advantages, particularly when you have minor children or beneficiaries with special needs.
Protecting Young Beneficiaries
Steve delves deeper into the benefits for young beneficiaries. “Imagine a single parent passes away leaving their assets directly to their child,” he says. “The child might not be mature enough to handle a sudden influx of money. A testamentary trust allows you to appoint a trustee who manages the funds on behalf of your child until they reach a predetermined age. This ensures responsible handling of the inheritance and protects it from being squandered.
He continues, “Moreover, testamentary trusts can stipulate how and when the beneficiary receives distributions, perhaps for education expenses, housing down payments, or other specific needs.”
Addressing Special Needs
Steve then highlights the importance of testamentary trusts for beneficiaries with disabilities. “A testamentary trust can be structured to provide ongoing financial support without jeopardizing eligibility for government benefits like SSI or Medi-Cal,” he explains. “This allows individuals with special needs to receive the care and support they require while maintaining access to crucial social safety nets.”
Real-World Impact
Steve pauses, reflecting on a case that deeply impacted him. “I recall working with a widowed mother who had a child with autism. She was incredibly worried about her son’s future. Through a carefully crafted testamentary trust, we were able to ensure his financial security and ongoing care even after she was gone. Knowing I played a part in providing peace of mind for that family was truly rewarding.”
Studies by the National Academy of Elder Law Attorneys (NAELA) show that over 60% of Americans with disabilities rely on government assistance programs. Testamentary trusts can be invaluable tools in preserving this vital support while meeting the individual’s unique needs.
Trust Escondido Probate Law
Steve, thank you for sharing your expertise and insights on testamentary trusts. How can our viewers learn more about this important estate planning tool?
“At Escondido Probate Law, we’re passionate about helping families navigate the complexities of estate planning,” Steve concludes. “We offer free consultations to discuss your individual needs and goals. Let us guide you in creating a plan that safeguards your loved ones and ensures their financial well-being for years to come.”
Testimonials
“Steve Bliss and his team at Escondido Probate Law were incredibly helpful during a difficult time. They explained everything clearly, answered all our questions patiently, and made the entire probate process smoother than we anticipated. I highly recommend them.” – Maria G.
“We were so relieved to find Escondido Probate Law. Steve is a true expert in his field and guided us through setting up a trust for our son with special needs. Knowing he’s protected gives us immense peace of mind.” – David and Susan L.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in 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: “Who should be my successor trustee?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |