Choosing the Right Trust for Your Needs
Welcome back to our show! Today we have Steve Bliss, a renowned probate attorney here in Escondido, joining us to discuss the importance of estate planning and different types of trusts. Steve, thank you so much for being with us.
It’s great to be here!
Understanding Testamentary Trusts
Steve, for our viewers who may not be familiar, can you explain what a testamentary trust is and how it works?
Certainly. A testamentary trust is a type of trust that is created through your will and only takes effect after your death. Unlike a living trust which avoids probate, a testamentary trust goes through the probate process.
Now, you might be wondering why someone would choose a testamentary trust over a living trust. Testamentary trusts are often used when the beneficiary is a minor child or has special needs and requires ongoing financial management. The trust document outlines how the assets will be managed and distributed to the beneficiary over time.
Consequently, a testamentary trust can provide peace of mind knowing that your loved ones will be cared for according to your wishes even after you are gone.
Navigating Challenges with Testamentary Trusts
Steve, have you encountered any unique challenges while working with clients who opted for testamentary trusts?
It’s not uncommon for families to experience disagreements or unforeseen circumstances that can complicate the administration of a testamentary trust. I recall one instance where a father passed away leaving behind a testamentary trust for his two adult children. While he intended for them to share the assets equally, they had vastly different financial situations and life goals.
This led to tension and ultimately required mediation to ensure a fair distribution that honored their father’s wishes while also addressing each child’s individual needs. It highlights the importance of clear communication and thoughtful planning when establishing a testamentary trust.
Moreover, remember that probate is a public process. Testamentary trusts lack the privacy afforded by living trusts.
The Impact of Testamentary Trusts
According to the American Bar Association, approximately 55% of Americans do not have a will. This means that their assets would be distributed according to state law, potentially leading to unintended consequences for their loved ones.
A testamentary trust can help avoid this uncertainty and ensure that your assets are distributed according to your specific wishes.
Escondido Probate Law: Your Trusted Partner
Steve, what would you say to someone who is considering setting up a testamentary trust but might feel overwhelmed by the process?
“Estate planning can seem daunting, but it doesn’t have to be. At Escondido Probate Law, we guide our clients through every step of the process with compassion and expertise. We take the time to understand your unique circumstances and goals so that we can craft a plan that meets your needs.”
“We believe that everyone deserves peace of mind knowing that their loved ones will be cared for in the future. Contact us today for a free consultation and let us help you create a lasting legacy.”
Testimonials
“I was initially hesitant about estate planning, but Steve Bliss made the entire process seamless and understandable. He patiently answered all my questions and ensured I felt comfortable with every decision.” – Maria S.
“Steve’s knowledge and dedication are truly exceptional. He helped me navigate a complex probate case with compassion and professionalism. I highly recommend Escondido Probate Law to anyone facing estate planning or probate challenges.” – John D.
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: “Should I put my retirement accounts 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
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