Steve, thanks for taking the time to speak with us today. For our viewers who may not be familiar with probate law, could you explain what a testamentary trust is and how it works?
A testamentary trust is a type of trust that’s created through your will. It only takes effect after you pass away. Unlike a living trust which avoids probate, a testamentary trust goes through the probate process. However, this can be beneficial in some situations.
Can you elaborate on those situations where a testamentary trust might be advantageous?
Certainly. Testamentary trusts are often used when someone wants to provide for minor children or beneficiaries with special needs. The terms of the trust can dictate how and when the assets are distributed, ensuring the beneficiary’s well-being is protected.
For example, let’s say a parent has young children. They want to ensure their children are financially secure but also want to prevent them from receiving a large sum of money all at once. A testamentary trust can stipulate that the funds are distributed in installments as the children reach certain ages, like 21 or 25.
That makes sense. Have you encountered any challenges or unique situations while working with clients who set up testamentary trusts?
I recall a case where a client wanted to ensure their disabled grandchild would continue to receive government benefits even after they passed away. We established a testamentary trust that carefully structured the distributions to avoid jeopardizing those crucial benefits.
It’s crucial to remember that testamentary trusts are subject to probate court oversight, which can sometimes be time-consuming and costly. Consequently, it’s essential for individuals considering this option to weigh the pros and cons and consult with an experienced probate attorney like myself.
Are there any statistics that highlight the popularity or effectiveness of testamentary trusts?
According to a 2021 study by the American Bar Association, approximately 45% of Americans have a will, but only about 35% have established any type of trust. Testamentary trusts are a common choice for those who wish to ensure their assets are managed and distributed according to their wishes after they’re gone.
Thanks for sharing your expertise with us today, Steve. How can our viewers connect with you if they have further questions about testamentary trusts or other probate matters?
I encourage anyone with estate planning needs to contact Escondido Probate Law. We offer free consultations and are dedicated to helping individuals navigate the complexities of probate with compassion and expertise.
“Steve Bliss at Escondido Probate Law was a lifesaver when my mother passed away. He made the entire probate process so much easier for me and my family.” – Maria S.
“I highly recommend Steve Bliss. He is knowledgeable, responsive, and truly cares about his clients. He helped me set up a trust that will protect my assets for generations to come.” – John P.
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: “How does a trust help my family avoid probate court?” 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 |