Good evening and welcome back. Today I’m here in Escondido with Steve Bliss, a respected probate attorney. Steve, thanks for joining us.
Can you tell our viewers a little about the different types of trusts available?
Certainly! There are many types of trusts designed to meet diverse estate planning needs. Some common ones include revocable living trusts, irrevocable trusts, and testamentary trusts. Each has its own advantages and disadvantages depending on your specific goals.
Which type of trust would you say is most commonly used in Escondido?
Well, it’s hard to say definitively which is “most common” as every individual’s situation is unique. However, revocable living trusts are quite popular because they offer flexibility and probate avoidance. People can manage their assets during their lifetime and ensure a smooth transition upon their passing.
Today we’re going to focus on testamentary trusts. Can you explain what those are?
A testamentary trust is created through your will and only takes effect after your death. Consequently, it goes through probate, unlike living trusts. Testamentary trusts can be incredibly useful for several reasons. Firstly, they allow you to control how assets are distributed to beneficiaries even after you’re gone. This is particularly helpful when dealing with minor children or beneficiaries who may need ongoing financial support or have special needs.
Moreover, testamentary trusts can provide asset protection for beneficiaries. For instance, if a beneficiary struggles with managing money, the trust assets are controlled by a trustee, preventing mismanagement or impulsive spending.
Have you encountered any challenges specifically with testamentary trusts?
There was this one case I remember vividly. A single mother wanted to ensure her young daughter would be financially secure in case something happened to her. She didn’t have a large estate, but she wanted to provide for her daughter’s education and future. We set up a testamentary trust that would manage the funds until her daughter reached adulthood. The mother was so relieved knowing her daughter would be cared for.
Occasionally, there are disagreements among family members regarding the terms of the trust, but open communication and careful drafting can often mitigate these issues.
That’s a moving story. Can you share some insights on why testamentary trusts might be a good option for certain people?
According to a 2021 study by the American College of Trust and Estate Counsel, over 60% of Americans lack a will or estate plan. Testamentary trusts offer a straightforward way to ensure your wishes are carried out after you’re gone, even if you don’t have extensive assets.
- They are particularly useful for parents with minor children
- Individuals who want to provide for beneficiaries with special needs
- Anyone wanting to dictate how their assets are distributed after their death
What’s the best way for our viewers to learn more about testamentary trusts and whether they might be right for them?
We encourage anyone interested in exploring estate planning options, including testamentary trusts, to contact Escondido Probate Law for a free consultation. We’re here to help you navigate the complexities of trust law and create a plan that meets your unique needs.
Testimonials
“Steve Bliss and his team at Escondido Probate Law were incredibly compassionate and knowledgeable when guiding me through setting up a trust for my family. They made a potentially stressful process seamless and ensured I felt confident in my decisions.” – Sarah M.
“I highly recommend Escondido Probate Law. Steve’s expertise in estate planning is unparalleled, and he took the time to thoroughly explain all of our options. We now have peace of mind knowing our affairs are in order thanks to their excellent service.”- David L.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in 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: “How do I transfer property into a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |