Reporter:
Welcome back to San Diego Legal Insights. Today we have the pleasure of speaking with renowned San Diego Probate Attorney Steve Bliss about a topic that’s crucial for many families – estate planning. Specifically, we’ll be diving into testamentary trusts.
Steve Bliss:
Thank you for having me. Testamentary trusts are indeed a vital tool in estate planning and deserve careful consideration.
Reporter:
Can you explain what a testamentary trust is and how it differs from other types of trusts?
Steve Bliss:
A testamentary trust, as the name suggests, is created through your will and only takes effect after your passing. Unlike revocable living trusts which can be modified during your lifetime, a testamentary trust becomes active upon your death. Consequently, it goes through the probate process. While this might seem like a drawback, testamentary trusts are particularly valuable for certain situations.
For example, they’re often used to provide for minor children or beneficiaries who may have special needs. You can specify in your will how the trust assets should be managed and distributed over time, ensuring that your loved ones are cared for according to your wishes.
Reporter:
It sounds like testamentary trusts offer a level of control and protection that’s crucial for many families. Have you encountered any challenges or unique situations when setting up these types of trusts?
Steve Bliss:
Over the years, I’ve seen firsthand how testamentary trusts can bring peace of mind to families navigating difficult circumstances. I remember one case where a young mother wanted to ensure her daughter with special needs would have lifelong financial support, even after she was gone. We worked together to create a testamentary trust that would provide for her daughter’s housing, medical expenses, and daily living needs without jeopardizing her eligibility for government benefits.
It was incredibly rewarding to know that we were able to help secure her daughter’s future. Testamentary trusts are not always straightforward. It’s crucial to work with an experienced probate attorney who understands the complexities of estate law and can tailor a trust that meets your specific needs.
Reporter:
What advice would you give to individuals considering a testamentary trust?
Steve Bliss:
My advice is simple: don’t wait. Estate planning, including exploring the benefits of a testamentary trust, is something everyone should prioritize. According to a study by Caring.com, over 60% of Americans don’t have a will. That’s a staggering number! By taking proactive steps now, you can protect your loved ones and ensure your legacy endures.
Reporter:
Thank you for sharing your expertise with us today, Steve. How can our viewers get in touch with San Diego Probate Law to learn more about testamentary trusts and other estate planning options?
Steve Bliss:
We’re always here to help guide individuals through the complexities of estate planning. We believe everyone deserves peace of mind knowing their affairs are in order. Give us a call, and we’ll schedule a consultation to discuss your specific needs.
“San Diego Probate Law made the process of setting up my trust so easy and understandable. They answered all my questions patiently and helped me feel confident about my decisions.” – Mary S.
“I was overwhelmed with the thought of estate planning, but Steve Bliss and his team at San Diego Probate Law were incredibly supportive. They took the time to explain everything clearly and created a plan that perfectly suited my family’s needs.” – David L.
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 is a special needs 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 Attorney
- Spendthrift Trust Attorney
- Tax By-Pass Trust Attorney
- Totten Trust Attorney
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- Irrevocable Trust Attorney
- Revocable Trusts Attorney
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