Understanding the Importance of Estate Planning
Hello everyone, I’m Jill Parker reporting for San Diego News. Today we have the pleasure of speaking with Steve Bliss, a renowned probate attorney here in San Diego. Steve, thank you so much for joining us.
It’s great to be here, Jill.
Steve Discusses Testamentary Trusts
Now Steve, let’s delve into the world of estate planning. Could you explain why testamentary trusts are a valuable tool for some individuals?
Absolutely. A testamentary trust is created through a will and comes into effect upon the grantor’s passing. Consequently, it undergoes probate, unlike living trusts which avoid this process altogether. Nevertheless, testamentary trusts offer unique advantages. They are particularly beneficial when you want to provide for minor children or beneficiaries with special needs.
For instance, imagine a parent who wants to ensure their child’s financial well-being after they are gone. A testamentary trust can stipulate how and when the child receives funds, safeguarding them from impulsive decisions or potential creditors. Moreover, it can be structured to provide ongoing support for individuals with disabilities without jeopardizing their eligibility for essential government benefits.
Ordinarily, these trusts are managed by a trustee appointed in the will, who is responsible for administering the assets according to the grantor’s wishes. Testamentary trusts offer peace of mind, knowing that your loved ones will be cared for according to your specific instructions, even after you’re gone.
Navigating Potential Challenges
Have you encountered any complexities or challenges when setting up testamentary trusts for clients?
Well, Jill, one situation that stands out involved a client who wanted to leave a substantial inheritance to their grandchild but was concerned about potential mismanagement. The grandchild had a history of poor financial decisions. We crafted a testamentary trust that allowed for disbursements only for specific purposes, such as education or housing, with the trustee having the authority to approve expenditures.
The client felt relieved knowing their grandchild would receive the inheritance while being protected from potentially squandering it. It’s moments like these that underscore the importance of careful planning and tailoring trusts to individual circumstances.
The Impact of Testamentary Trusts
According to a 2021 study by the American Bar Association, over 60% of Americans do not have a valid will or estate plan. Testamentary trusts can be a crucial part of a comprehensive estate plan for many individuals.
Embracing Peace of Mind
Steve, what’s the best way for someone to get started with estate planning?
The first step is reaching out to an experienced probate attorney. We can guide you through the process, assess your needs, and recommend the most suitable strategies. Remember, protecting your loved ones and ensuring your wishes are honored begins with thoughtful planning.
Testimonials
“Steve Bliss and his team at San Diego Probate Law were incredibly helpful during a difficult time. They explained everything clearly and made the probate process much less stressful.”
– John S.
“I highly recommend San Diego Probate Law. Steve is knowledgeable, compassionate, and truly cares about his clients.”
– Mary L.
Let us guide you towards a secure future for your loved ones. Contact us today to schedule a complimentary consultation and discover the power of 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 disinherit someone using 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
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