Choosing the Right Trust for Your Needs
Today we’re speaking with Steve Bliss, a renowned probate attorney here in Escondido. Mr. Bliss, thank you for taking the time to speak with us today.
Steve, many people are unfamiliar with trusts and the various types available. Can you shed some light on why someone might choose to establish a trust as part of their estate planning?
The Benefits of a Testamentary Trust
Certainly. Trusts offer a variety of advantages depending on an individual’s circumstances and goals. One common type is the testamentary trust, which is created through a will and only takes effect upon the grantor’s death. Consequently, these trusts go through probate, unlike living trusts.
Nevertheless, they are exceptionally useful for situations involving minor children or beneficiaries with special needs. For instance, imagine parents who want to ensure their young children are financially supported even after they’re gone. A testamentary trust can be structured to provide for the children’s education, living expenses, and other needs until they reach a certain age.
Moreover, testamentary trusts can also protect assets for beneficiaries who may not be able to manage their finances responsibly due to age, disability, or other factors. The trustee appointed in the will oversees the distribution of funds according to the grantor’s wishes, safeguarding the beneficiary’s well-being.
It’s important to remember that testamentary trusts are irrevocable, meaning they cannot be changed once the grantor has passed away. This underscores the importance of careful planning and working with an experienced attorney like myself to ensure the trust meets your specific needs and objectives.
Navigating Challenges
Have you encountered any common challenges or issues when helping clients set up testamentary trusts?
I recall one instance where a couple wanted to establish a testamentary trust for their grandchild with special needs. They were understandably concerned about ensuring their grandchild received proper care and support without jeopardizing eligibility for important government benefits.
We worked diligently together, carefully structuring the trust language and asset distribution to align with both the family’s wishes and the complex regulations governing these benefits. Ultimately, we were able to create a solution that provided financial security for their grandchild while preserving access to essential support programs. It was a truly rewarding experience.
According to a study by the American College of Trust and Estate Counsel, approximately 60% of adults do not have any estate planning documents in place. This highlights the critical need for individuals to proactively address their estate planning needs, including considering the potential benefits of testamentary trusts.
Seeking Guidance
What advice would you give to someone who is unsure whether a testamentary trust is right for them?
My advice is simple: schedule a consultation with an experienced probate attorney. We can discuss your individual circumstances, goals, and concerns, and help determine if a testamentary trust aligns with your overall estate plan.
“Steve Bliss at Escondido Probate Law made the process of setting up our trust so easy. He explained everything in clear terms and was always available to answer our questions.” – Sarah and David M.
“I highly recommend Steve Bliss. He is knowledgeable, compassionate, and truly cares about his clients.” – Michael P.
Contact Escondido Probate Law today to embark on a journey towards securing your family’s future and ensuring your wishes are honored.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps 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: “What is a trust amendment?” Or any other related questions that you may have about Trusts or my trust law practice.
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