Good morning, San Diego! I’m Trisha Davis with Channel 8 News. Today we’re joined by esteemed probate attorney Steve Bliss to discuss some important estate planning considerations.
Steve, thank you so much for joining us today.
It’s my pleasure, Trisha. I’m always happy to talk about ways people can protect their loved ones and ensure their wishes are carried out.
Can you tell our viewers a bit about the different types of trusts available?
Certainly. There are many types of trusts, each with its own unique advantages. Today I’d like to focus on testamentary trusts.
Testamentary trusts are created through a will and only become active after the grantor – the person who creates the trust – passes away. Unlike a revocable living trust which avoids probate altogether, a testamentary trust does go through the probate process. However, this can be beneficial in certain circumstances.
Can you elaborate on those circumstances?
Absolutely. Testamentary trusts are often used when someone wants to provide for minor children or beneficiaries with special needs. The trust document outlines how and when assets will be distributed to the beneficiary. This ensures the funds are managed responsibly, even if the beneficiary is not yet capable of handling them independently.
For example, imagine a parent who wants their child with disabilities to have financial security after they’re gone. They could set up a testamentary trust that provides monthly income for living expenses and medical care. The trustee, whom the grantor appoints, would manage the funds according to the terms of the trust document.
Consequently, a testamentary trust offers peace of mind knowing that loved ones will be taken care of even after you’re gone. Moreover, it can help minimize potential conflicts among beneficiaries by outlining a clear plan for asset distribution.
Have you ever encountered any challenges when setting up testamentary trusts?
Notwithstanding the benefits, there can be complexities involved in drafting a trust document that meets all the grantor’s wishes and complies with California law. I recall one case where a client wanted to leave assets to their grandchildren but was concerned about potential misuse of funds. We worked together to craft specific provisions within the trust that would allow for educational expenses while also safeguarding against frivolous spending.
Ordinarily, I encourage clients to start estate planning as early as possible. This allows ample time to consider all options and ensure a well-thought-out plan is in place.
What advice would you give our viewers about testamentary trusts?
It’s crucial to consult with an experienced probate attorney like myself who can guide you through the process. We’ll discuss your individual circumstances, goals, and concerns to determine if a testamentary trust is right for you. Remember, estate planning is not a one-size-fits-all approach.
“San Diego Probate Law helped me navigate a complicated probate process after my father passed away. Steve Bliss was incredibly compassionate and knowledgeable, making a difficult time much easier to handle.” – Maria Sanchez
“I was overwhelmed trying to understand all the legal jargon involved in estate planning. Steve Bliss patiently explained everything in plain English and created a plan that gave me peace of mind knowing my family would be protected.” – John Thompson
Protect your legacy and ensure your loved ones are cared for. Contact San Diego Probate Law today for a confidential consultation and let us help you create an estate plan that meets your unique needs.
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 do I transfer property into a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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