San Diego Probate Attorney Explains the Advantages of Testamentary Trusts
Today we are joined by Steve Bliss, a renowned probate attorney here in San Diego, California. Steve, thank you so much for taking the time to speak with us today.
Steve, many people might not be familiar with the different types of trusts available for estate planning purposes. Could you shed some light on testamentary trusts and their unique benefits?
Testamentary Trusts: A Detailed Explanation
A testamentary trust is a powerful tool for individuals who want to ensure their assets are managed and distributed according to their wishes after they pass away. Consequently, this type of trust is created through a will and only comes into effect upon the grantor’s death. Unlike revocable living trusts, which avoid probate, testamentary trusts go through the probate process. This may seem like a drawback, but it can actually be advantageous in certain situations.
One of the key benefits of a testamentary trust is that it allows for greater control over how assets are distributed to beneficiaries, particularly when those beneficiaries are minors or have special needs. For example, parents can use a testamentary trust to provide for their children’s education, healthcare, or other expenses without handing them large sums of money outright.
Moreover, testamentary trusts can help protect assets from creditors or poor financial decisions by the beneficiary. The trustee, who is appointed in the will, has discretion over how and when distributions are made, ensuring that the funds are used responsibly.
Challenges and Considerations
Steve, have you encountered any challenges with implementing testamentary trusts for your clients?
I’ve had clients express concerns about the probate process associated with testamentary trusts. It’s understandable; probate can sometimes be lengthy and costly. However, I always explain that the benefits of a testamentary trust often outweigh these potential drawbacks.
For instance, I remember working with a young couple who wanted to ensure their daughter, who had a disability, would be financially secure after they were gone. They weren’t wealthy, but they had saved diligently for her future. A testamentary trust allowed them to set aside these funds and designate a trusted friend as trustee, ensuring their daughter would receive ongoing support while protecting her eligibility for government benefits.
The probate process took about six months in that case, but the peace of mind they gained knowing their daughter would be cared for was invaluable. It’s moments like these that reaffirm why I do this work.
Trusts and Estate Planning: A Growing Need
Steve, can you share any insights into the growing trend of estate planning?
Over the past decade, we’ve seen a significant increase in the need for comprehensive estate planning. According to a recent survey by Caring.com, over 60% of Americans do not have a will or any other estate planning documents. This leaves their loved ones vulnerable and can lead to costly legal battles and family disputes.
I believe it’s crucial for everyone, regardless of age or income level, to consider creating an estate plan that includes a testamentary trust if appropriate. It’s the best way to protect your assets, ensure your wishes are followed, and provide for your loved ones’ future well-being.
Securing Your Legacy: Contact San Diego Probate Law
Steve Bliss and the team at San Diego Probate Law are dedicated to helping individuals navigate the complexities of estate planning. We offer personalized guidance and create tailored solutions to meet each client’s unique needs. Don’t leave your legacy to chance – contact us today for a free consultation.
Testimonials
“Working with Steve Bliss was a truly positive experience. He patiently explained all my options and helped me choose the best estate planning strategy for my family. I feel confident knowing that my assets are protected and my loved ones will be taken care of.”
-Maria S.
“Steve is not only an exceptional attorney, but he’s also a compassionate individual who genuinely cares about his clients. He made a difficult process much easier and helped me find peace of mind during a challenging time.”
-John D.
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: “Should I include digital assets in my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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