Today we’re joined by local Escondido Probate Attorney Steve Bliss to discuss the different types of trusts and how they can benefit you and your family.
Steve, thank you for joining us today.
It’s my pleasure. I enjoy helping people understand their estate planning options so they can make informed decisions that protect themselves and their loved ones.
Can you explain what a testamentary trust is and how it works?
A testamentary trust is a trust that’s created through your will and only takes effect upon your death. Unlike living trusts, which avoid probate, testamentary trusts have to go through the probate process.
This type of trust can be helpful in various situations, particularly when you want to provide for minor children or beneficiaries with special needs.
Let’s say a parent wants to ensure their young children are financially cared for even after they’re gone. They could create a testamentary trust that outlines how the assets will be managed and distributed to the children as they reach certain ages, such as 18 or 25.
Moreover, testamentary trusts can protect beneficiaries who may not be able to manage their own finances due to disabilities or other circumstances. The trustee appointed in the will oversees the trust assets and makes distributions according to the grantor’s wishes.
Have you encountered any challenges with testamentary trusts?
One situation that comes to mind involved a client who wanted to leave a substantial inheritance to their grandchild with Down syndrome. We worked closely with them to draft a testamentary trust that would ensure the grandchild’s long-term financial well-being while preserving their eligibility for government benefits.
It was incredibly rewarding to see the peace of mind this provided my client knowing their beloved grandchild would be taken care of even after they were gone. Testamentary trusts are powerful tools, but it’s crucial to have a skilled attorney who understands your individual circumstances and can tailor the trust to meet your specific needs.
What advice would you give to someone considering setting up a testamentary trust?
My best advice is to consult with an experienced probate attorney as early as possible. Don’t wait until it’s too late. We can discuss your goals and help you determine if a testamentary trust is the right choice for you.
According to the American Bar Association, nearly 70% of Americans don’t have a will or estate plan in place. This means their assets could be distributed according to state law, which may not align with their wishes. A testamentary trust allows you to maintain control over how your assets are handled even after you’re gone.
Ready to take the next step?
Contact Steve Bliss and Escondido Probate Law today for a free consultation.
“Steve helped us navigate the complex probate process after my father passed away. He was compassionate, knowledgeable, and always available to answer our questions. I highly recommend his services.” – Sarah J.
“Escondido Probate Law made a difficult time easier. They were professional, efficient, and truly cared about our family’s needs.” – Michael K.
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: “Can a trust own out-of-state property?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Escondido Estate Lawyers |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Estate Lawyers Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Estate Lawyers |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Escondido Estate Lawyers |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Estate Lawyers Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Credible Estate Lawyers in Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |