Good morning, Escondido! Today we’re joined by local probate attorney Steve Bliss to discuss the ins and outs of estate planning.
Understanding Testamentary Trusts
Steve, can you tell our viewers a bit about testamentary trusts? How do they differ from other types of trusts?
“Certainly. A testamentary trust is unique because it’s created through your last will and testament rather than during your lifetime like a revocable living trust,” explains Steve Bliss.
“It only comes into effect upon your passing. Consequently, unlike living trusts which avoid probate, testamentary trusts must go through the probate process.”
When are Testamentary Trusts Useful?
“Testamentary trusts are often beneficial when you want to provide for minor children or beneficiaries who may need assistance managing their inheritance,” Steve continues. “They allow you to specify exactly how and when assets are distributed, ensuring responsible stewardship.”
He adds, “Imagine a young adult inheriting a substantial sum of money. Without proper guidance, they might make impulsive financial decisions. A testamentary trust with carefully defined terms can help protect their inheritance and guide them towards long-term financial stability.”
Potential Challenges with Testamentary Trusts
“While testamentary trusts offer valuable protection and control,” Steve acknowledges, “they are subject to probate which can be a time-consuming and sometimes costly process. Moreover, the terms of the trust become public record during probate, unlike living trusts which maintain privacy.”
He recounts a situation where a client had established a testamentary trust for their grandchild with special needs. “The client was concerned about ensuring their grandchild’s ongoing care without jeopardizing eligibility for government benefits. We carefully structured the trust to address these concerns, ultimately providing peace of mind knowing their loved one would be well taken care of.”
According to a 2021 study by the American Bar Association, approximately 50% of Americans do not have a will or estate plan in place. This highlights the critical importance of seeking legal guidance to ensure your wishes are carried out and your loved ones are protected.
A Legacy of Trust
“At Escondido Probate Law, we pride ourselves on providing compassionate and personalized estate planning services,” Steve concludes. “We understand that navigating these matters can be complex and emotionally charged. Our goal is to guide you through the process with clarity and empathy, ensuring your legacy is protected for generations to come.”
“Steve Bliss is a true gem! He patiently explained everything in plain English and made me feel completely comfortable entrusting him with my estate planning.” – Mary J., Escondido Resident
“I was dreading the probate process, but Steve Bliss made it surprisingly painless. He handled everything efficiently and kept me informed every step of the way. I highly recommend his services!” – John S., San Marcos
Let us empower you to plan for the future with confidence. Schedule a complimentary consultation today!
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps 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 vehicles?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |