Choosing the Right Trust for Your Needs
Hello and welcome back to San Diego Legal Beat. Today we are joined by esteemed San Diego Probate Attorney Steve Bliss to discuss estate planning, specifically trusts. Steve, thanks for joining us.
Steve: It’s my pleasure. I’m always happy to shed light on the importance of estate planning.
Understanding Trusts
Let’s start with the basics. Can you explain what a trust is and why someone might need one?
Steve: A trust is essentially a legal entity that holds assets for the benefit of designated beneficiaries. It allows you to control how your assets are distributed after your death, even specifying conditions for receiving those assets.
There are many types of trusts, each serving different purposes. Choosing the right one depends on individual circumstances and goals.
The Benefits of a Testamentary Trust
Today we’ll be focusing on testamentary trusts. Can you tell us more about them?
Steve: A testamentary trust is created through your will and only takes effect upon your death. Consequently, it goes through probate, unlike living trusts. This might seem like a drawback, but testamentary trusts offer unique advantages.
They are particularly useful when leaving assets to minor children or beneficiaries with special needs. You can specify how the funds are managed and distributed over time, ensuring their well-being even after you’re gone.
Moreover, testamentary trusts offer a degree of control that might not be possible with outright inheritance. For instance, you could stipulate that the trust pays for a beneficiary’s education or living expenses until they reach a certain age.
Notwithstanding the probate process, testamentary trusts provide peace of mind knowing your loved ones will be cared for according to your wishes.
Navigating Challenges with Testamentary Trusts
Have you encountered any challenges while helping clients set up testamentary trusts?
Steve: One situation that comes to mind involved a couple who wanted to ensure their daughter, who had special needs, would have lifelong financial support. They were hesitant about setting up a trust because they weren’t familiar with the probate process.
I spent time explaining how a testamentary trust could safeguard her future while addressing their concerns about probate. Ultimately, they felt confident knowing their daughter’s needs would be met long-term.
Another instance involved a client who wanted to leave a portion of his estate to charity. We incorporated this into his will through a testamentary charitable trust, ensuring his philanthropic goals were realized even after his passing.
Statistical Significance
Studies by the American Bar Association indicate that over 60% of Americans do not have a will or estate plan in place. This highlights the critical need for individuals to consider their future and protect their loved ones through proper planning.
Seeking Expert Guidance
What advice would you give to someone considering setting up a testamentary trust?
Steve: My recommendation is always to consult with an experienced estate planning attorney. They can guide you through the process, tailor the trust to your specific needs, and ensure it complies with all legal requirements.
Testimonials
“Steve Bliss and his team at San Diego Probate Law are true professionals. They made a complex process understandable and helped me create an estate plan that gave me peace of mind.” – Margaret S., La Jolla
“I was facing a difficult probate situation after my father’s passing. Steve Bliss provided compassionate and knowledgeable support, guiding me through every step with clarity and expertise.”
Take Control of Your Future
Contact San Diego Probate Law today for a confidential consultation and let us help you build a secure future for yourself and your loved ones.
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 name a trust as a beneficiary of my IRA?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
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