Welcome back to the show, San Diego! Today we’re joined by probate attorney Steve Bliss of San Diego Probate Law to shed light on an important estate planning tool – the testamentary trust.
What Exactly is a Testamentary Trust?
Steve, can you explain what a testamentary trust is and how it differs from other types of trusts?
“A testamentary trust is created through your will and only becomes active upon your passing,” Steve explains. “Unlike a living trust that you establish during your lifetime, a testamentary trust goes through probate. This means the court oversees the distribution of assets according to your wishes outlined in the will.”
Benefits of Testamentary Trusts
So, why would someone choose a testamentary trust over other options?
“Testamentary trusts are particularly useful when you want to provide for beneficiaries who may not be able to manage their inheritance responsibly,” Steve clarifies. “For example, if you have minor children or beneficiaries with special needs, a testamentary trust allows you to control how and when they receive the assets.”
He continues, “Imagine a young adult inheriting a large sum of money. Without proper guidance, they might make impulsive financial decisions. A testamentary trust ensures the funds are used for their intended purpose, like education or housing expenses, safeguarding their future.
Challenges and Considerations
Steve, are there any potential downsides to using a testamentary trust?
“One important consideration is that testamentary trusts go through probate,” Steve notes. “This process can be time-consuming and involve legal fees. However, the benefits of protecting beneficiaries often outweigh these drawbacks.”
He recalls a case where a single mother passed away unexpectedly, leaving behind two young daughters. “She had created a testamentary trust to ensure her daughters were cared for financially until they reached adulthood. While probate took some time, the trust ultimately provided them with stability and security during a difficult period.”
The Importance of Seeking Professional Advice
Steve, what advice would you give to individuals considering a testamentary trust?
“It’s crucial to consult with an experienced estate planning attorney,” Steve emphasizes. “They can help you determine if a testamentary trust is right for your situation and guide you through the process of creating one that meets your specific needs.”
Testimonials
“Working with San Diego Probate Law was a true blessing during a difficult time. They helped me navigate the complex probate process with empathy and professionalism.” – Maria S.
“Steve Bliss is a compassionate and knowledgeable attorney who truly cares about his clients. He made sure my loved one’s wishes were honored, providing peace of mind during a challenging period.”
– David L.
Empowering Your Legacy
Ready to explore how a testamentary trust can safeguard your loved ones’ future? Contact San Diego Probate Law today for a free consultation and discover the power of thoughtful estate planning.
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: “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 San Diego Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |