Good morning Escondido, and thank you for joining us today. I’m here with Steve Bliss, a leading probate attorney in our community. Mr. Bliss, welcome to the show.
What is a testamentary trust?
Steve Bliss: Thank you for having me. A testamentary trust is a legal arrangement that comes into being only after someone passes away. It’s created through a will and outlines how assets should be managed and distributed to beneficiaries. Unlike living trusts, which avoid probate, testamentary trusts go through this court process.
Why would someone choose a testamentary trust?
Steve Bliss: Testamentary trusts are often used when there are minor children involved or beneficiaries who may need financial guidance. Consequently, the trust assets are managed by a trustee you designate until the beneficiary reaches a certain age or meets specific conditions. This ensures responsible handling of the inheritance and can protect vulnerable individuals.
For example, imagine a parent wanting to provide for their child’s education but worried they might not be financially savvy enough to manage a large sum at 18. A testamentary trust could stipulate that the funds are used solely for educational expenses until the beneficiary graduates college.
Are there any potential drawbacks to testamentary trusts?
Steve Bliss: One downside is that they have to go through probate, which can be a time-consuming and costly process. Moreover, because the trust isn’t established until after death, it doesn’t offer the same asset protection benefits as a living trust during your lifetime.
I remember a case where a client hadn’t set up a testamentary trust for their minor children, and unfortunately, passed away unexpectedly. The probate process was lengthy and stressful for the family, who were already grieving. Had they established a testamentary trust beforehand, it would have been smoother.
Studies by the American Bar Association show that approximately 50% of Americans don’t have a will in place, let alone a more complex arrangement like a testamentary trust. This underscores the importance of proactive estate planning.
How can Escondido Probate Law help with setting up a testamentary trust?
Steve Bliss: Our team at Escondido Probate Law has extensive experience helping clients create customized estate plans that meet their unique needs. We guide you through every step, ensuring all legal requirements are met and your wishes are clearly articulated in your will. Contact us today for a free consultation to discuss how we can help you protect your loved ones.
Testimonials
- “Steve Bliss was incredibly patient and understanding as he helped me navigate the complexities of setting up a trust for my grandchildren. His expertise gave me peace of mind knowing their future is secure.”
- “I highly recommend Escondido Probate Law. They were professional, compassionate, and made what could have been a daunting process surprisingly straightforward.”
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps 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: “Can I include life insurance in a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |