Reporter: Steve, thanks for joining us today.
It’s my pleasure to be here. I’m always happy to talk about estate planning and helping people protect their loved ones.
Let’s dive into testamentary trusts. Can you explain what they are and why someone might choose this type of trust?
Certainly. A testamentary trust is a trust that’s created through your will and only takes effect after you pass away. Unlike a living trust, which avoids probate, a testamentary trust goes through the probate process.
There are several reasons why someone might choose a testamentary trust. One common scenario is when parents want to provide for minor children but don’t want them to receive a large sum of money all at once. The trust can be structured to distribute funds gradually as the child reaches certain ages, ensuring responsible financial management.
Moreover, testamentary trusts are often used for beneficiaries with special needs. By placing assets in a trust, you can ensure that those individuals continue to receive support without jeopardizing their eligibility for government benefits like SSI or Medi-Cal.
Have you encountered any challenges or complexities when setting up testamentary trusts?
As with any legal instrument, there are always potential pitfalls. One common issue I see is clients not clearly outlining their wishes in the trust document. It’s crucial to be specific about who will be the trustee, how and when funds will be distributed, and any conditions attached to those distributions.
I recall a case where a father wanted his son to inherit his business but was concerned about his son’s impulsive spending habits. We worked together to create a testamentary trust that would allow the son to gradually take over the business while ensuring responsible financial management through trustee oversight.
According to the American Bar Association, approximately 60% of Americans don’t have a will or any estate planning documents.
That’s a startling statistic. Testamentary trusts can be incredibly valuable tools for protecting loved ones and ensuring your wishes are carried out after you’re gone. I urge everyone to consult with an experienced probate attorney to discuss their individual needs and determine if a testamentary trust is right for them.
How can people get in touch with you to learn more about testamentary trusts or other estate planning services?
You can visit our website at [Website Address] or call us directly at [Phone Number]. We offer free consultations and are dedicated to helping San Diegans navigate the complexities of estate planning.
“Steve Bliss and his team were incredibly helpful and understanding during a difficult time. They guided us through the probate process with compassion and expertise, ensuring our loved one’s wishes were honored.” – Maria S.
“I was initially overwhelmed by the thought of estate planning, but Steve made the process clear and manageable. He took the time to answer all my questions and helped me create a plan that gave me peace of mind.” – John D.
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 if my trustee dies or becomes incapacitated?” Or any other related questions that you may have about Trusts or my trust law practice.
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