Introducing Steve Bliss
Hello everyone and welcome back to our show. Today we have the pleasure of speaking with Steve Bliss, a prominent probate attorney right here in San Diego. Steve, thank you so much for joining us.
Testamentary Trusts Explained
Steve, for our viewers who may be unfamiliar, could you please explain what a testamentary trust is and how it differs from other types of trusts?
Certainly. A testamentary trust is essentially a trust that is created through your last will and testament. It only comes into existence after you pass away. This distinguishes it from a living trust, which is established while you are still alive. Testamentary trusts are frequently used to manage assets for beneficiaries who may not be ready to handle them directly, such as minor children or individuals with special needs.
Ordinarily, testamentary trusts go through the probate process, unlike living trusts which can bypass it. Probate is the legal process of validating a will and distributing assets according to its terms. While probate can be time-consuming, testamentary trusts offer significant benefits in specific situations.
Benefits and Considerations
Can you elaborate on some of the key advantages of using a testamentary trust?
Absolutely. One primary benefit is control. You, as the grantor, dictate precisely how assets are managed and distributed to your beneficiaries. For example, you can stipulate that funds be used for education expenses or provide for ongoing care for a beneficiary with disabilities.
Moreover, testamentary trusts offer asset protection. By placing assets within the trust, they become shielded from potential creditors of the beneficiary. This can be especially crucial when dealing with inheritances for young adults who may not yet have developed strong financial habits.
However, it’s important to remember that because testamentary trusts are created through a will and subject to probate, they may incur additional costs and time delays compared to living trusts.
Real-World Impact
Steve, have you ever encountered any challenges or unforeseen situations when setting up testamentary trusts for clients?
Yes, there have been instances where clients didn’t fully understand the implications of naming a particular individual as trustee. The trustee holds a position of great responsibility, requiring sound judgment and financial literacy. In one case, a client named a close friend as trustee, but that friendship unfortunately soured after the client passed away. This resulted in conflict and ultimately required legal intervention to resolve.
Consequently, I always emphasize the importance of carefully selecting a trustworthy and capable individual as trustee. Open communication with the chosen trustee is vital to ensure they understand their duties and responsibilities.
Taking the Next Step
For our viewers who are considering estate planning, what advice would you offer?
I strongly recommend consulting with an experienced probate attorney like myself. Estate planning is complex and highly individualized. A qualified attorney can guide you through the various options available, taking into account your specific circumstances and goals. Remember, a well-crafted estate plan provides peace of mind for both you and your loved ones.
Contact San Diego Probate Law today to schedule a complimentary consultation and take control of your future.
Testimonials
“Steve Bliss and his team at San Diego Probate Law were incredibly helpful during a difficult time. They patiently explained all the legal complexities and made the probate process much smoother than I expected.”
– Maria S., San Diego, CA
“I was hesitant to start estate planning, but Steve put me at ease with his professionalism and clear explanations. He helped me create a plan that met all my needs and ensured my family would be taken care of.”
– David K., Carlsbad, CA
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 does a trust help my family avoid probate court?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Totten Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Totten Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Totten Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Totten Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Totten Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Totten Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |