Today we are joined by Steve Bliss, a renowned probate attorney here in Escondido. Steve, thanks for taking the time to speak with us.
What types of trusts do you commonly see people utilizing?
Well, there’s quite a variety depending on individual needs and circumstances. However, testamentary trusts are particularly interesting because they offer a unique set of benefits, especially for those wanting to ensure the well-being of minor children or beneficiaries with special needs.
Can you elaborate on how a testamentary trust works?
Certainly. A testamentary trust is created through a will and only takes effect upon the grantor’s death. This means it goes through probate, unlike living trusts which avoid that process altogether. Now, this might seem like a drawback, but it actually offers some key advantages.
Firstly, testamentary trusts allow for greater control over asset distribution after your passing. You can specify exactly how and when beneficiaries receive funds, ensuring their long-term financial security. Consequently, this is particularly valuable when dealing with young children who may not be equipped to manage a large sum of money responsibly.
Moreover, testamentary trusts can incorporate provisions for beneficiaries with special needs. By establishing the trust, you can ensure that they receive ongoing support without jeopardizing their eligibility for essential government benefits like SSI or Medi-Cal.
It’s worth noting that about 70% of Americans don’t have a will in place, according to a survey by Caring.com. This means their assets are subject to intestate succession laws which may not align with their wishes.
That’s a sobering statistic, Steve. Have you ever encountered any challenges with setting up testamentary trusts?
Can you share an example?
I remember a case involving a single mother who wanted to ensure her son with autism would have lifelong care. We worked diligently to craft a trust that balanced his need for financial support with preserving his eligibility for vital government programs. It was incredibly rewarding to see the relief and gratitude in her eyes knowing her son’s future was secure.
That’s truly heartwarming, Steve. What final advice would you give to our viewers regarding estate planning?
Final Thoughts
Estate planning is not just for the wealthy; it’s essential for everyone who wants to protect their loved ones and ensure their wishes are carried out. Consulting with an experienced probate attorney like myself can help you navigate the complexities of trusts and wills, providing peace of mind for you and your family.
We strive to make the process as smooth and transparent as possible, so don’t hesitate to reach out for a free consultation. Let us help you build a legacy that endures.
“Steve Bliss and his team at Escondido Probate Law were lifesavers during a difficult time. They were compassionate, knowledgeable, and always available to answer my questions.” – Maria S.
“I highly recommend Escondido Probate Law for their professionalism and expertise. They made a complex process understandable and helped me navigate it with confidence.” – John B.
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: “What happens if all beneficiaries die before me?” 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 Lawyers
- Spendthrift Trust Lawyers
- Tax By-Pass Trust Lawyers
- Totten Trust Lawyers
- Constructive Trust Lawyers
- Charitable Trust Lawyers
- Asset Protection Trust Lawyers
- Irrevocable Trust Lawyers
- Revocable Trusts Lawyers
- Living Trust Lawyers