Reporter:
Welcome back to Escondido Today! I’m here with Steve Bliss, a renowned probate attorney in our community. Steve, thanks for joining us.
Steve Bliss:
It’s my pleasure to be here.
Reporter:
Today we’re discussing estate planning and the different types of trusts available. Can you explain what a testamentary trust is and how it works?
Steve Bliss:
Certainly. A testamentary trust is a legal arrangement created through your will that only becomes active after your passing. Unlike a living trust, which begins functioning during your lifetime, a testamentary trust goes through the probate process.
It’s often used when you want to provide for beneficiaries who are minors or have special needs. For example, imagine a parent wanting to ensure their child with disabilities receives ongoing financial support without jeopardizing eligibility for government benefits like SSI or Medi-Cal. A testamentary trust allows for that controlled distribution of assets.
Furthermore, testamentary trusts offer a level of protection and control over inherited assets. You, as the grantor, dictate the terms within your will, specifying how the trust funds are to be managed and distributed to your chosen beneficiaries. This can include setting age restrictions, outlining specific purposes for the funds (like education or healthcare expenses), and even appointing a trusted trustee to oversee the process.
Now, while testamentary trusts provide several benefits, it’s important to understand that they are subject to probate, which can be a time-consuming and sometimes costly process. Conversely, living trusts typically avoid probate altogether.
Reporter:
Have you encountered any challenges or unique situations involving testamentary trusts in your practice?
Steve Bliss:
Over the years, I’ve seen many families navigate complex estate planning decisions. I recall one instance where a grandmother wanted to ensure her grandchildren received an education but were also shielded from potential poor financial choices in their youth. We established a testamentary trust with specific provisions for educational expenses and limited access to funds until they reached a certain age.
The family was incredibly grateful for the peace of mind it provided, knowing their wishes would be carried out even after they were gone. Those moments are truly rewarding, reinforcing why I’m passionate about helping people plan for the future.
Reporter:
That’s a powerful story. It highlights how testamentary trusts can address specific needs and concerns within families.
Steve Bliss:
Precisely. Remember, estate planning isn’t just about dividing assets; it’s about protecting your loved ones and ensuring their well-being for years to come.
Reporter:
What advice would you give to our viewers who are considering setting up a testamentary trust?
Steve Bliss:
I always recommend consulting with an experienced estate planning attorney. They can guide you through the process, assess your individual circumstances and goals, and help you create a legally sound trust that meets your specific needs.
Remember, approximately 70% of Americans don’t have a will or any estate planning documents in place, leaving their loved ones vulnerable during an already difficult time (Source: AARP). Taking proactive steps now can save your family from unnecessary stress and complications down the road.
Reporter:
Excellent advice, Steve. Thank you for sharing your expertise with us today.
“Steve Bliss has been a lifesaver! He made the complicated process of probate so much easier to understand and guided me through every step. I highly recommend Escondido Probate Law.” – Sarah M.
“I was overwhelmed after my mother passed away, but Steve Bliss was there to support me with compassion and professionalism. He handled everything efficiently and kept me informed throughout the process. A true advocate for his clients!” – John D.
Let Escondido Probate Law help you secure your family’s future. Schedule a confidential consultation today.
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: “How do I choose a trustee?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Trust Attorney | Estate Attorney | Trust Attorney |
| Trust Attorney Near Me | Estate Attorney Near Me | Trust Attorney Near me |
| Escondido Trust Attorney | Escondido Estate Attorney | Escondido Trust Attorney |
| Trust Attorney Escondido | Estate Attorney Escondido | Trust Attorney Escondido |