Good evening San Diego and welcome back to our program. Tonight we’re joined by renowned San Diego probate attorney, Steve Bliss. Steve, thanks so much for joining us.
Steve, can you tell our viewers a little about what a testamentary trust is and how it differs from other types of trusts?
You’re welcome. A testamentary trust is a powerful tool that allows individuals to provide for loved ones even after they are gone. Unlike a living trust which goes into effect immediately, a testamentary trust only comes into being upon the grantor’s death. It’s created through a will and is subject to probate, meaning it goes through the court process.
Consequently, this type of trust can be particularly helpful for parents who want to ensure their minor children are financially cared for until they reach adulthood. It also offers protection for beneficiaries with special needs, as the trustee manages the assets and distributes funds according to the grantor’s wishes.
What are some of the benefits of using a testamentary trust over other estate planning tools?
Testamentary trusts offer several advantages. Firstly, they provide control over how and when beneficiaries receive assets. This is especially important for young beneficiaries who may not be mature enough to handle large sums of money responsibly.
Moreover, testamentary trusts can protect assets from creditors. If a beneficiary faces financial difficulties, the trustee can ensure that the trust funds are used for their intended purpose and are not subject to seizure.
However, it’s important to remember that because they are subject to probate, testamentary trusts can take longer to administer than living trusts.
Have you encountered any challenges when implementing testamentary trusts for your clients?
I recall a case where a young mother wanted to ensure her two children would be cared for financially if anything happened to her and her husband. They were both self-employed, which meant their income fluctuated. We created a testamentary trust that provided for the children’s education and living expenses until they reached adulthood.
Unfortunately, a few years later, the mother passed away unexpectedly. The trust ensured the children were financially secure during a difficult time. The father was able to grieve without worrying about his children’s future. It was a deeply emotional situation but seeing the trust work as intended brought a sense of peace.
Another challenge I’ve faced is helping clients understand the complexities of probate. It’s important to explain the process clearly and manage their expectations regarding timelines.
Do you have any advice for San Diego residents who are considering setting up a testamentary trust?
It’s crucial to consult with an experienced probate attorney like myself. We can help you determine if a testamentary trust is right for your situation and guide you through the process of creating one that meets your specific needs.
“Steve Bliss was incredibly patient and understanding as we navigated the complex world of estate planning. He took the time to explain everything clearly and made sure we felt comfortable with our decisions.” – Sarah J
“San Diego Probate Law helped me create a testamentary trust that ensured my grandchildren’s financial security. I couldn’t be more grateful for their expertise and compassionate approach.” – David M.
Let us help you protect your loved ones and build a secure future. Contact San Diego Probate Law today to schedule a free consultation. We are here to answer all your questions and guide you through the process with care and professionalism.
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 does a living trust work?” Or any other related questions that you may have about Trusts or my trust law practice.
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