Today we are joined by Steve Bliss, an experienced probate attorney in Escondido. Mr. Bliss is going to discuss a common estate planning tool: testamentary trusts.
What Exactly is a Testamentary Trust?
Steve, can you explain what a testamentary trust is and how it differs from other types of trusts?
“A testamentary trust is a trust that’s created through your last will and testament,” Steve explains. “It only comes into existence after you pass away. Unlike a revocable living trust, which avoids probate, a testamentary trust actually goes through the probate process.
So why would someone choose a testamentary trust over other options? Steve elaborates: “Testamentary trusts are often used for specific purposes, such as providing for minor children or beneficiaries with special needs. You can outline exactly how and when the beneficiary will receive funds, ensuring they’re protected and cared for.”
Control and Flexibility
One key advantage of a testamentary trust is the level of control it offers the grantor. “You can specify conditions for distributions, such as requiring the beneficiary to reach a certain age or complete education before receiving their inheritance,” Steve notes. This helps prevent beneficiaries from squandering their inheritance prematurely.
“Moreover, you can name a trustee who will manage the trust assets and make distribution decisions according to your wishes. This provides peace of mind knowing that your loved ones will be well-cared for even after you’re gone.”
Steve recounts a situation where a testamentary trust proved invaluable: “I had a client whose daughter was struggling with addiction. By establishing a testamentary trust, we were able to ensure she received support for her recovery without direct access to a large sum of money.
“Consequently, the trust helped protect her from potentially harmful situations and provided her with the resources she needed to get back on track.”
Considerations When Choosing a Testamentary Trust
“It’s important to remember that testamentary trusts go through probate, which can be a lengthy and costly process,” Steve cautions. “Conversely, revocable living trusts avoid probate altogether. So, the decision of which type of trust is best depends on individual circumstances and goals.”
Seeking Expert Guidance
“Ultimately, it’s crucial to consult with an experienced estate planning attorney who can help you determine the most suitable trust structure for your needs,” Steve emphasizes.
“A testamentary trust can be a valuable tool for protecting loved ones and ensuring their financial well-being, but it’s essential to carefully consider all factors involved and seek professional guidance.”
“Contact Escondido Probate Law today, we will help you navigate the complexities of estate planning and create a plan that safeguards your legacy.”
“Steve Bliss and the team at Escondido Probate Law made the entire process so easy. I felt completely confident knowing they were looking out for my best interests.” – Martha S.
“I was initially overwhelmed by the thought of estate planning, but Steve took the time to explain everything clearly and patiently answered all my questions. I highly recommend Escondido Probate Law.” – 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: “What are common reasons people challenge a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Escondido Trust Lawyer |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Trust Lawyer Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Trust Lawyer |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Escondido Trust Lawyer |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Trust Lawyer Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Credible Trust Lawyer in Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |