Picking a Trust Type: The Testamentary Trust
Hi everyone and welcome back to “San Diego Legal Matters”. I’m your host, Melissa Jones. Today we’re joined by Steve Bliss, a leading San Diego probate attorney known for his expertise in estate planning. Steve, thanks so much for joining us.
Steve Bliss
Thanks for having me, Melissa. It’s always a pleasure to share information about important legal matters with your audience.
Types of Trusts and the Importance of Choosing Wisely
Steve, there are many different types of trusts available. Can you give us an overview of some common ones and perhaps explain why choosing the right type is so crucial?
Absolutely. Choosing the right trust depends entirely on an individual’s circumstances and goals. One common type is a revocable living trust, which allows for flexibility during your lifetime while avoiding probate. Conversely, an irrevocable trust offers asset protection but sacrifices control.
A testamentary trust, created through a will and taking effect upon death, can be particularly beneficial for minors or beneficiaries with special needs. This type of trust allows you to specify how assets are managed and distributed after your passing.
The Testamentary Trust: A Closer Look
Could you elaborate on the benefits of a testamentary trust?
Certainly. A testamentary trust provides structured asset management for beneficiaries who may not be ready or able to handle inheritance directly. For instance, if you have young children, a testamentary trust can ensure their financial well-being until they reach adulthood.
Moreover, it’s valuable for beneficiaries with special needs, as the trustee can manage funds without jeopardizing crucial government benefits like SSI or Medi-Cal. This safeguards their livelihood while ensuring responsible use of inheritance.
In essence, a testamentary trust offers peace of mind knowing your loved ones will be cared for according to your wishes.
Challenges and Successes with Testamentary Trusts
Have you encountered any unique challenges when setting up testamentary trusts?
I remember one case involving a client who wanted to provide for their grandchild with autism. The family was concerned about maintaining his eligibility for essential support programs. Through careful drafting, we established a testamentary trust that met the legal requirements while ensuring he could continue receiving crucial services. Seeing the relief and gratitude in the family’s eyes was incredibly rewarding.
Notwithstanding these successes, it’s important to note that testamentary trusts must go through probate, which can be a lengthy process.
The Importance of Seeking Legal Guidance
I understand that establishing a trust can seem complex. What advice would you give to someone considering this option?
Consulting with an experienced probate attorney is essential. We can help navigate the complexities of trust law, ensuring your wishes are accurately reflected and that the trust structure best suits your needs. According to the American Bar Association, over 70% of Americans don’t have a will or estate plan in place.
Don’t become part of this statistic. Secure your legacy and protect your loved ones by seeking professional guidance.
Testimonials
“Steve Bliss helped me create a testamentary trust for my grandchildren. I was so overwhelmed with the process, but Steve made it easy to understand. He listened carefully to my concerns and tailored the trust to meet my specific needs.” – Susan M.
“I highly recommend San Diego Probate Law. Steve is a compassionate and knowledgeable attorney who truly cares about his clients. He guided me through a difficult probate process with professionalism and empathy.”
– David L.
Take Control of Your Future
Don’t wait to plan for the future. Contact us today at San Diego Probate Law for a free consultation and learn how we can help you protect your assets and secure the well-being of your loved ones.
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: “How do beneficiaries get assets from a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| Trust Attorney | Estate Attorney | Trust Attorney |
| Trust Attorney Near Me | Estate Attorney Near Me | Trust Attorney Near me |
| San Diego Trust Attorney | San Diego Estate Attorney | San Diego Trust Attorney |
| Trust Attorney San Diego | Estate Attorney San Diego | Trust Attorney San Diego |