Good morning, Escondido, and welcome to our segment on Estate Planning Essentials! Today, we’re joined by local probate expert Steve Bliss of Escondido Probate Law. Steve, thanks for joining us.
Understanding Testamentary Trusts
Steve, could you explain what a testamentary trust is and how it differs from other types of trusts?
A testamentary trust, as the name implies, is established through a person’s will and only comes into effect after they pass away. Conversely, a living trust is created during the grantor’s lifetime.
Testamentary trusts are particularly useful when there are minor children involved or beneficiaries who may need additional support or have special needs. Consequently, the trust assets are managed by a trustee according to the instructions outlined in the will, ensuring that the beneficiary’s well-being is protected.
The Probate Process
One key difference between testamentary trusts and living trusts is that testamentary trusts go through probate. Could you elaborate on why this is important?
That’s right. Because a testamentary trust is created through a will, it must be validated by the probate court. This process ensures that the will is legally sound and that the assets are distributed according to the deceased person’s wishes.
While probate can sometimes be time-consuming, it provides an important layer of legal protection and transparency.
Navigating Challenges with Testamentary Trusts
Steve, have you encountered any common challenges or issues when working with clients who want to establish testamentary trusts?
Over the years, I’ve seen situations where people didn’t fully understand the implications of including a testamentary trust in their will. Sometimes they weren’t aware that it would trigger probate, which can be a surprise for loved ones during an already difficult time.
I recall one instance where a client had named a family member as the trustee without considering their financial expertise or potential conflicts of interest. This led to some tension and disagreements among beneficiaries later on.
It underscores the importance of careful planning, open communication with family members, and selecting trustworthy individuals to serve as trustees.
The Value of Expert Guidance
What advice would you give to someone considering a testamentary trust as part of their estate plan?
My strongest recommendation is to consult with an experienced probate attorney. We can help you determine if a testamentary trust is the right fit for your circumstances and guide you through the legal process. Remember, about 60% of Americans don’t have a will or trust in place (according to a survey by Caring.com), highlighting the crucial need for estate planning.
Moreover, we can help you choose a suitable trustee and draft clear instructions that reflect your wishes.
“Steve Bliss helped me navigate a complex probate process after my mother passed away. He was patient, understanding, and always available to answer my questions. I highly recommend Escondido Probate Law.” – Sarah J.
“I was initially overwhelmed by the thought of estate planning, but Steve made the entire process manageable. He explained everything in clear terms and provided practical advice tailored to my situation.” – David M.
Ready to take control of your legacy? Contact Escondido Probate Law today for a free consultation and let us help you create a secure future for yourself and your loved ones.
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 I name a professional trustee?” Or any other related questions that you may have about Trusts or my trust law practice.
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