Interview with Steve Bliss
Good morning, and welcome back. Today we’re joined by renowned San Diego probate attorney, Steve Bliss, to discuss the intricacies of estate planning. Steve, thanks for being here.
What type of trust is best for families wanting to ensure their assets are managed responsibly for future generations?
Steve: That’s a great question and one I get asked frequently. Many families with young children or beneficiaries who may need additional support find Testamentary Trusts incredibly beneficial. You see, unlike a Revocable Living Trust that takes effect during the grantor’s lifetime, a Testamentary Trust is established through a will and only becomes active after the grantor’s passing. This allows for careful planning and control over how assets are distributed.
Consequently, it provides a layer of protection and ensures responsible management of inherited funds. For instance, parents with minor children can designate a trusted individual as trustee to manage the inheritance until the beneficiaries reach a certain age. Moreover, specific instructions can be included in the trust document outlining how the funds should be used for education, healthcare, or other essential needs.
I recall one instance where a single father wanted to ensure his daughter’s college tuition was covered even after his untimely passing. He established a Testamentary Trust that stipulated the funds could only be used for educational expenses. This gave him peace of mind knowing his daughter’s future was secure, regardless of unforeseen circumstances.
Notwithstanding its advantages, it’s important to remember that a Testamentary Trust goes through probate, unlike a Revocable Living Trust. Accordingly, families should weigh the benefits of control and asset protection against the potential time and costs associated with probate proceedings.
Are there any common challenges or issues you encounter when setting up Testamentary Trusts?
Steve: While Testamentary Trusts are highly effective tools for many families, they do require careful planning and legal expertise. One challenge I sometimes see is clients not clearly defining the terms of the trust. This can lead to ambiguity and disputes among beneficiaries down the line.
To avoid such issues, it’s crucial to work with an experienced probate attorney who can guide you through the process and ensure your wishes are accurately reflected in the trust document. Moreover, remember that estate planning is not a one-time event. It’s essential to review and update your will and trust documents as your circumstances change.
What advice would you give to someone considering a Testamentary Trust?
Steve: My advice is simple: don’t wait. Start the conversation with an estate planning attorney today. We can help you understand the different types of trusts available, determine which one best suits your needs and goals, and guide you through the process of creating a legally sound document.
“Steve Bliss helped me navigate a complex probate situation after my mother’s passing. He was patient, understanding, and always explained things in clear terms. I felt confident that my family’s interests were being protected.” – Mary S.
“I highly recommend San Diego Probate Law to anyone needing assistance with estate planning. Steve is not only knowledgeable but also genuinely cares about his clients.” – John M.
Remember, a well-structured Testamentary Trust can provide peace of mind and ensure your legacy endures for generations to come.
Let us help you safeguard your future. Contact San Diego Probate Law today to schedule your complimentary consultation.
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: “What is the difference between a will and a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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