Introduction
Good morning, Escondido and welcome back to our legal segment. Today we’re joined by local probate attorney Steve Bliss of Escondido Probate Law. Steve specializes in helping families navigate the often-complex world of estate planning. Welcome to the show, Steve.
Steve, what are some of the most common estate planning tools you see your clients utilize?
Thanks for having me. It’s a pleasure to be here. Estate planning is essential for everyone, regardless of age or wealth. Some common tools we use include wills, powers of attorney, and healthcare directives.
Today I’d like to focus on testamentary trusts. Can you explain what these are and why someone might choose one?
Certainly. A testamentary trust is a trust created through a will that takes effect only after the grantor (the person creating the trust) passes away. Unlike living trusts, which avoid probate, testamentary trusts go through the probate process.
Now, you might wonder why someone would choose a testamentary trust over a living trust given they both serve similar purposes: managing assets and distributing them according to the grantor’s wishes. Testamentary trusts are often preferred when the beneficiary is a minor child or someone with special needs.
Let me elaborate. Say a parent wants to ensure their child receives financial support even after they’re gone but worries about them mishandling a large sum of money at a young age. A testamentary trust allows the parent to designate a trustee who will manage the assets on behalf of the beneficiary until they reach a certain age or meet specific conditions.
Conversely, living trusts offer more flexibility and privacy during the grantor’s lifetime but might not be suitable if the primary goal is to provide for minor children. Testamentary trusts also allow for greater control over asset distribution after death, as the terms are clearly outlined in the will.
Have you ever encountered any challenges or unique situations when setting up testamentary trusts?
Absolutely. I recall a case involving a young widow with two children. She wanted to ensure her children’s inheritance wouldn’t be depleted before they reached adulthood. She also worried about potential future spouses who might not have her children’s best interests at heart.
We worked together to create a testamentary trust that addressed both concerns. The trust stipulated that distributions would be made for the children’s education, healthcare, and living expenses until they reached 25. Moreover, any remaining assets would be divided equally between them upon reaching that age. This structure provided financial security while safeguarding against potential misuse of funds.
According to a study by the American Bar Association, over 70% of Americans don’t have a will or estate plan in place. Consequently, their assets are subject to intestate succession laws, which may not align with their wishes and can lead to family disputes.
What advice would you give our viewers who are considering setting up a testamentary trust?
I strongly encourage anyone contemplating a testamentary trust or any other estate planning tool to consult with an experienced probate attorney. Estate planning is not a one-size-fits-all endeavor, and a qualified attorney can tailor a plan that meets your specific needs and goals.
Testimonials
“Steve Bliss made the whole process of setting up my trust so easy. He explained everything in plain English and answered all my questions patiently. I feel confident knowing that my loved ones will be taken care of.”
– Mary S., Escondido
“I was initially overwhelmed by the thought of estate planning, but Steve put me at ease. He is incredibly knowledgeable and compassionate, and he truly cares about his clients. I highly recommend him to anyone who needs help with their estate plan.”
– John D., San Marcos
Ready to Secure Your Legacy?
Take the first step towards protecting your family’s future. Contact Escondido Probate Law today for a complimentary consultation and let us guide you through the process of creating a testamentary trust or any other estate planning solution that meets your unique needs.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in 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 write my own trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Escondido Trust Attorney |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Trust Attorney Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Trust Attorney |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Escondido Trust Attorney |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Trust Attorney Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Credible Trust Attorney in Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |