Choosing the Right Trust for Your Needs
Today we are speaking with Steve Bliss, a renowned probate attorney in San Diego, about the various types of trusts and how they can benefit individuals. Steve, thank you for joining us.
Understanding Testamentary Trusts
Steve, many people are unfamiliar with the different types of trusts available. Can you explain what a testamentary trust is and when it might be appropriate?
A testamentary trust is created through a will and only comes into effect after the grantor’s death. This means it goes through probate, unlike living trusts. Testamentary trusts are often used for minor children or beneficiaries with special needs because they allow you to dictate how and when assets are distributed.
Conversely, a revocable living trust avoids probate altogether. However, testamentary trusts offer greater control over asset distribution, especially for beneficiaries who may not be financially responsible. For example, if you have a child with special needs, a testamentary trust can ensure their financial security without jeopardizing government benefits.
Moreover, testamentary trusts are flexible and can be tailored to meet specific needs. You can designate a trustee to manage the assets according to your wishes and specify when and how beneficiaries receive distributions.
Challenges with Testamentary Trusts
Are there any potential drawbacks or challenges associated with testamentary trusts?
One of the main downsides is that they are subject to probate. This can be a lengthy and costly process, especially for complex estates. Nevertheless, it’s important to remember that probate is unavoidable when dealing with a will.
I recall one case where a family was deeply divided over the distribution of assets outlined in a testamentary trust. The disagreements delayed the probate process for months, causing significant emotional stress and financial strain. It highlighted the importance of clear communication and careful planning when establishing a testamentary trust.
Statistics and Expertise
Studies have shown that approximately 60% of Americans do not have a will or any estate plan in place. This means their assets are subject to intestate succession laws, which may not align with their wishes (American Bar Association). Establishing a testamentary trust can help avoid this uncertainty.
Call to Action
Steve Bliss and the San Diego Probate Law team have a proven track record of successfully guiding clients through complex estate planning matters. They provide personalized legal advice and compassionate support during what can be a challenging time. Contact them today to discuss your individual needs and ensure your legacy is protected for generations to come.
“San Diego Probate Law helped me navigate the complexities of setting up a testamentary trust for my grandchildren. Their expertise and attention to detail gave me peace of mind knowing that they would be well cared for.” – Margaret S.
“Steve Bliss is an exceptional attorney who truly understands the emotional aspects of estate planning. He listened patiently to my concerns and provided thoughtful guidance every step of the way.” – David L.
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: “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 San Diego Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |