Welcome Back to San Diego News
Today we’re joined by Steve Bliss, a well-respected probate attorney here in San Diego. Steve, thanks for taking the time with us.
Steve, Can You Explain What A Testamentary Trust Is?
A testamentary trust is a unique legal tool that comes into play after someone passes away. Unlike a living trust, which is established while the grantor (the person creating the trust) is still alive, a testamentary trust is created through a will and only becomes active upon their death. This means it has to go through probate court.
Now, why would someone choose a testamentary trust? Well, there are several compelling reasons. Primarily, they’re often used to provide for minor children or beneficiaries who may have special needs.
Imagine a parent wants to ensure their young child is financially supported until they reach adulthood. They can create a testamentary trust specifying how the funds should be managed and distributed over time. This protects the inheritance from being squandered and ensures the child’s well-being.
What Are Some Challenges With Testamentary Trusts?
As we mentioned earlier, testamentary trusts must go through probate, which can be a lengthy and sometimes costly process. Consequently, it’s important for individuals to understand the implications of this before choosing this type of trust.
Moreover, careful drafting is crucial. The will must clearly outline the terms of the trust, including who will serve as the trustee (the person responsible for managing the assets) and how the beneficiaries will receive distributions.
I recall a case where a client’s will lacked specific instructions regarding the distribution of funds from a testamentary trust. This led to disagreements among family members and ultimately resulted in protracted legal battles, highlighting the importance of meticulous planning.
Fortunately, with proper guidance from an experienced probate attorney like myself, these potential pitfalls can be avoided.
How Common Are Testamentary Trusts?
While testamentary trusts are not as common as living trusts, they still play a significant role in estate planning. According to the American Bar Association, approximately 40% of Americans die without a will, which means their assets would be distributed according to state intestacy laws.
What Is Your Advice for Someone Considering A Testamentary Trust?
My advice is simple: consult with a qualified probate attorney. We can help you determine if a testamentary trust aligns with your estate planning goals and ensure it’s structured properly to protect your loved ones.
“Steve Bliss helped me navigate the complex process of setting up a trust for my grandchildren. He was patient, understanding, and always available to answer my questions. I highly recommend his services.” – Jane D.
“I was overwhelmed by the thought of probate after losing my husband. Steve Bliss made the entire process feel manageable. His compassion and expertise were invaluable during a difficult time.” – Mary S.
Let us help you secure your legacy for generations to come. Contact San Diego Probate Law today to schedule a complimentary consultation.
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: “What are the rights of a surviving spouse under California law?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
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