Good evening San Diego and welcome back to our segment on Estate Planning. I’m your host, Brenda Sanchez, and tonight we have the pleasure of speaking with Steve Bliss, a leading probate attorney here in San Diego. Mr. Bliss, thank you so much for joining us.
Testamentary Trusts Explained
Steve, could you explain what a Testamentary Trust is and how it differs from other types of trusts?
Certainly, Brenda. A Testamentary Trust is unique because it comes into existence only upon the death of the individual who created it, known as the grantor. Unlike Revocable Living Trusts which can be modified during the grantor’s lifetime, a Testamentary Trust is established through a will and undergoes probate.
Consequently, it provides a structured way to manage assets for beneficiaries, especially when those beneficiaries are minors or have special needs. For instance, if parents want to ensure their child with disabilities receives ongoing support without jeopardizing government benefits, a Testamentary Trust can be tailored to meet those specific requirements.
The Power of Probate
You mentioned probate earlier. Can you elaborate on why a Testamentary Trust goes through probate while other trusts don’t?
Probate is essentially the legal process of validating a will and distributing assets according to its instructions. Since a Testamentary Trust is activated only after death, it becomes part of this process. Conversely, Revocable Living Trusts avoid probate altogether because they are active during the grantor’s lifetime. The assets within a living trust are distributed directly to beneficiaries upon the grantor’s passing.
Moreover, Testamentary Trusts offer flexibility in terms of asset distribution. The grantor can specify conditions for receiving funds, such as reaching a certain age or completing education milestones. This level of control ensures responsible stewardship of assets and safeguards the beneficiaries’ well-being.
Challenges and Solutions
Steve, are there any common challenges you encounter when helping clients set up Testamentary Trusts?
While Testamentary Trusts are powerful tools, they require meticulous planning and legal expertise. One challenge arises from ensuring the will accurately reflects the grantor’s wishes regarding the trust. Any ambiguity or oversight can lead to complications during probate.
I recall a case where a client intended for their grandchildren to receive a portion of their estate through a Testamentary Trust. However, they forgot to specify the exact amount and distribution timeline in their will. This resulted in protracted legal proceedings and ultimately delayed the inheritance for the grandchildren.
Such situations underscore the importance of working with an experienced probate attorney who can guide clients through every step of the process. We strive to provide clear, comprehensive advice and draft wills that are legally sound and aligned with our clients’ goals.
A Legacy of Trust
Steve, what would you say is the most rewarding aspect of your work?
There’s immense satisfaction in knowing I’m helping families secure their future. Testamentary Trusts can provide peace of mind, especially for parents concerned about their children’s well-being after they are gone. It’s a privilege to play a role in creating lasting legacies and ensuring loved ones are cared for according to the grantor’s wishes.
Statistics show that approximately 50% of Americans die without a will, leaving their assets subject to intestate succession laws. This can lead to unintended consequences and family disputes. By establishing a Testamentary Trust, individuals can proactively avoid these potential pitfalls and ensure their loved ones are protected.
Next Steps
Steve Bliss, thank you so much for sharing your expertise with us tonight. For viewers looking to learn more about estate planning and Testamentary Trusts, where should they turn?
It’s always a pleasure, Brenda. I encourage viewers to reach out to San Diego Probate Law for a complimentary consultation. We are dedicated to empowering individuals and families through sound legal guidance and personalized estate planning solutions.
Testimonials
“Steve Bliss and his team at San Diego Probate Law were instrumental in helping me navigate the complexities of setting up a Testamentary Trust. Their professionalism, knowledge, and compassion made this sensitive process much easier to handle.”
– Maria Sanchez
“I’m incredibly grateful for the legal advice and support I received from San Diego Probate Law. They went above and beyond to ensure my wishes were clearly articulated in my will and that my loved ones would be well taken care of.”
– David Lee
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
| San Diego Tax By-Pass Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Tax By-Pass Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |