My name is Beatrice Bloom and I’m here today with Steve Bliss, a renowned San Diego probate attorney. Steve, thank you for taking the time to speak with us about estate planning.
What are some common types of trusts people consider when setting up their estate plan?
There are many different types of trusts, each designed to serve specific purposes. Some of the most common ones include revocable living trusts, irrevocable trusts, and testamentary trusts. Today we’ll be focusing on testamentary trusts.
Can you explain what a testamentary trust is and how it works?
A testamentary trust is created through your will and only takes effect after your death. This means it goes through probate, unlike living trusts which can help avoid probate altogether. Testamentary trusts are often used when you want to provide for minor children or beneficiaries who may need financial guidance or have special needs.
Let’s say a parent wants to ensure their young child receives financial support even after they pass away. A testamentary trust allows the parent to specify how and when those funds should be distributed, perhaps setting milestones like reaching a certain age or completing education before accessing the full inheritance. The trustee, named in the will, manages the assets according to the parent’s wishes.
What are some potential challenges with using testamentary trusts?
One challenge is that because they go through probate, they can be more time-consuming and expensive than living trusts. Probate is a legal process that involves court supervision and can take several months or even years to complete. Consequently, this means beneficiaries may have to wait longer to receive their inheritance.
Moreover, testamentary trusts are less flexible than revocable living trusts because they cannot be modified once the willmaker has passed away. This highlights the importance of carefully considering your wishes and consulting with an experienced attorney when creating a testamentary trust.
I remember working with a family where the father had set up a testamentary trust for his daughter, who unfortunately passed away before him. The trust was intended to provide for her children, but since it was tied to his will, we had to go through probate and amend the trust documents to ensure the grandchildren received their inheritance as intended.
Why choose San Diego Probate Law?
At San Diego Probate Law, our team has extensive experience helping clients navigate complex estate planning issues. We understand that each situation is unique, so we take a personalized approach to develop solutions tailored to your specific needs and goals.
“Steve Bliss and his team at San Diego Probate Law were incredibly helpful in guiding me through the process of setting up a testamentary trust for my children. They were knowledgeable, patient, and always available to answer my questions. I felt confident that my family’s future was in good hands.” – Sarah M.
“I highly recommend San Diego Probate Law for any estate planning needs. They made what could have been a stressful process surprisingly smooth and straightforward. Their professionalism and expertise were invaluable.” – John D.
Let us help you protect your loved ones and ensure your wishes are carried out. Contact San Diego Probate Law today to schedule a confidential consultation and discover how we can create a personalized estate plan that meets your unique needs.
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: “How do I choose a trustee?” Or any other related questions that you may have about Trusts or my trust law practice.
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