Trusts Explained
Today we are joined by Steve Bliss, a leading probate attorney in Escondido. Mr. Bliss specializes in estate planning and has extensive knowledge about various types of trusts. Can you tell us a little bit about testamentary trusts and how they work?
Steve’s Insight on Testamentary Trusts
A testamentary trust is a legal arrangement that is created through a will and only takes effect after the grantor’s death. This means it doesn’t exist while you are alive, unlike a living trust which can be active during your lifetime.
One of the primary benefits of a testamentary trust is its ability to provide for minor children or beneficiaries with special needs. Ordinarily, if a person leaves assets directly to a minor child, those assets would be managed by a court-appointed guardian until the child reaches the age of majority.
Consequently, a testamentary trust allows you to specify exactly how and when the beneficiary will receive the assets, ensuring their financial well-being. Moreover, it can also help protect assets from creditors or unwise spending by the beneficiary.
The trustee, who is named in the will, manages the assets according to the terms set forth in the trust document.
Challenges with Testamentary Trusts
While testamentary trusts offer many advantages, there can be some challenges. One important consideration is that they go through probate, which can be a time-consuming and expensive process. This contrasts with living trusts, which avoid probate altogether.
I recall one instance where a client had set up a testamentary trust for his children. Unfortunately, he passed away unexpectedly without updating his will to reflect changes in his family circumstances. As a result, the distribution of assets was delayed while we worked through the legal complexities of amending the trust.
Notwithstanding these potential hurdles, testamentary trusts remain a valuable tool for many individuals seeking to protect their loved ones and ensure responsible asset management after they are gone.
The Importance of Planning
According to the American Bar Association, over 50% of Americans die without a will. This can lead to significant complications for surviving family members, who may face lengthy legal battles and financial uncertainty.
Taking the Next Step
Ready to secure your family’s future? Contact Escondido Probate Law today for a complimentary consultation and discover how we can help you create a customized estate plan that meets your unique needs.
“Steve Bliss and his team made the probate process so much easier for me after my mother passed away. They were compassionate, knowledgeable, and always available to answer my questions.” – Sarah J.
“Escondido Probate Law guided me through every step of setting up a trust for my children’s education. I feel confident knowing their future is secure thanks to Steve Bliss’ expertise.” – Michael K.
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 spendthrift trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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