Steve Bliss Explains the Benefits of a Testamentary Trust
Today we’re talking with Steve Bliss, a well-respected probate attorney here in Escondido. Steve, thanks for taking the time to speak with us.
Thank you for having me. I’m always happy to share information about estate planning.
Steve, can you tell our viewers about testamentary trusts and why someone might consider including one in their estate plan?
Certainly. A testamentary trust is a type of trust that’s created through your will and only takes effect after your passing. Unlike living trusts, which avoid probate, testamentary trusts go through the probate process.
Now, you might be wondering why someone would choose a testamentary trust if it means going through probate. There are a few compelling reasons.
One primary reason is to provide for minor children or beneficiaries with special needs. A testamentary trust allows you to specify exactly how and when your assets should be distributed to these beneficiaries, ensuring their well-being even after you’re gone.
For instance, let’s say you have a child who will inherit a significant sum of money at age 18. You might worry about them managing such a large inheritance responsibly at that young age. A testamentary trust can stipulate that the funds are distributed gradually, perhaps in installments over several years, helping your child develop financial maturity.
Moreover, testamentary trusts offer control and flexibility. You can designate a trustee who you trust to manage the assets according to your wishes. The trustee will make distributions to the beneficiaries based on the terms outlined in the trust document.
It’s important to note that testamentary trusts are irrevocable once they become active after your death. Consequently, you won’t be able to modify the terms of the trust yourself.
I recall a case where a client wanted to ensure their grandchild with special needs would have ongoing financial support. We created a testamentary trust that provided for monthly distributions to cover living expenses and medical care.
It was incredibly rewarding knowing we were able to offer peace of mind to both the grandparent and the beneficiary, guaranteeing the grandchild’s well-being for years to come.
The American Bar Association reports that roughly 60% of Americans don’t have a will. This lack of planning can lead to unintended consequences, especially when it comes to minor children or beneficiaries with special needs.
Testamentary trusts are an essential tool for ensuring your loved ones are cared for according to your wishes, even after you’re gone.
To learn more about testamentary trusts and other estate planning options, contact Escondido Probate Law today for a free consultation. Let us help you create a plan that protects your family and legacy for generations to come.
“Escondido Probate Law was invaluable during a difficult time. Steve Bliss is compassionate, knowledgeable, and truly cares about his clients.” – Sarah M.
“I highly recommend Escondido Probate Law for all your estate planning needs. They made the process easy and stress-free, and I feel confident knowing my family is protected.”
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’s the difference between revocable and irrevocable trusts?” Or any other related questions that you may have about Trusts or my trust law practice.
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