Good morning, Escondido and welcome back to our legal segment. Today, we’re joined by Steve Bliss, a well-respected probate attorney here in Escondido. Steve, thanks for joining us.
Could you explain the concept of a testamentary trust to our viewers?
Certainly. A testamentary trust is a trust that is created through a will and only takes effect upon the grantor’s death. Unlike living trusts, which avoid probate altogether, testamentary trusts must go through the probate process. Nevertheless, they offer significant benefits for certain situations.
Can you elaborate on those situations where a testamentary trust might be a good choice?
Absolutely. Testamentary trusts are particularly useful when you want to provide for minor children or beneficiaries with special needs. Ordinarily, leaving assets outright to a minor can be risky, as they may not be financially responsible enough to manage the inheritance. A testamentary trust allows you to appoint a trustee who will manage the assets on behalf of the beneficiary until they reach a certain age or meet other specified conditions.
Moreover, testamentary trusts can help protect assets intended for beneficiaries with disabilities. They ensure that the beneficiary receives financial support without jeopardizing their eligibility for government benefits like SSI or Medi-Cal. This is crucial because even a small inheritance could disqualify someone from receiving these essential programs.
Have you ever encountered any challenges while setting up testamentary trusts?
I recall one case where a client wanted to set up a testamentary trust for their grandchild who had significant medical needs. The challenge was ensuring that the trust language precisely reflected the grandchild’s specific medical requirements and the potential costs involved in their care.
We worked closely with the family and medical professionals to carefully craft the trust terms. Consequently, we were able to create a testamentary trust that provided not only financial support but also ensured access to necessary medical treatment for the grandchild throughout their life.
According to the American Bar Association, approximately 60% of adults do not have a will or any estate planning documents. This highlights the importance of seeking legal advice and considering the benefits of testamentary trusts for protecting your loved ones and ensuring their financial well-being.
“Steve Bliss and his team are incredibly knowledgeable and compassionate. They walked me through every step of setting up a testamentary trust for my children, explaining everything clearly and patiently.” – Sarah J., Escondido
“I was initially overwhelmed by the probate process, but Steve Bliss made it so much easier. He explained my options clearly and helped me make informed decisions about my estate plan.” – John M., Escondido
What advice would you give to our viewers who are considering a testamentary trust?
My best advice is to consult with an experienced probate attorney like myself. We can evaluate your individual circumstances, goals, and beneficiaries’ needs to determine if a testamentary trust is the right choice for you. Don’t hesitate to reach out; we’re here to guide you through the process and help you create a plan that protects your loved ones for years to come.
Let us help ensure your legacy lives on. Contact Escondido Probate Law today for a free consultation.
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 revocable trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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