Choosing the Right Trust for Your Needs
Good morning, Mr. Bliss, thank you for joining us today.
It’s a pleasure to be here.
The Benefits of a Testamentary Trust
Steve, for our viewers who may not be familiar with estate planning, could you explain what a testamentary trust is and its advantages?
Certainly. A testamentary trust is created through your will and takes effect only after your passing. Unlike a living trust that avoids probate, a testamentary trust goes through the probate process.
Now, you might wonder why someone would choose a trust that requires probate. The primary reason is to provide for beneficiaries who may not be able to manage their inheritance responsibly, such as minor children or individuals with special needs.
Consequently, the trust assets are managed by a trustee you designate, ensuring that the funds are used according to your wishes and for the beneficiary’s benefit.
Moreover, testamentary trusts offer asset protection. Since the beneficiary doesn’t directly own the assets, they are shielded from creditors or potential lawsuits.
Real-World Examples
Have you encountered any challenges with setting up or administering testamentary trusts?
While testamentary trusts are generally straightforward, there have been instances where families disagree on who should serve as trustee. I recall a situation where siblings couldn’t agree on the best candidate to manage their inheritance after their parents passed away.
It was crucial to facilitate open communication and guide them towards a solution that respected everyone’s concerns. Ultimately, they decided on a neutral third party with experience in trust administration.
Trusts Offer Peace of Mind
Are there any statistics about the prevalence of testamentary trusts?
According to a 2019 study by the American Bar Association, approximately 40% of wills include provisions for testamentary trusts. This highlights their popularity as a valuable estate planning tool.
Taking the Next Step
Protecting Your Legacy with Escondido Probate Law
Steve, thank you so much for sharing your expertise with us today. What’s the best way for our viewers to get started with estate planning?
“Contact us today and let’s create a plan that safeguards your loved ones’ future. We are dedicated to providing compassionate and knowledgeable legal guidance every step of the way.”
Testimonials
“Steve Bliss and his team at Escondido Probate Law were incredibly supportive during a difficult time. They made the probate process smooth and understandable, allowing us to focus on healing.” – Maria S.
“I highly recommend Escondido Probate Law for their professionalism and commitment to their clients. Steve patiently answered all my questions and ensured that my estate plan reflected my wishes perfectly.” – John D.
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: “Can a bank or trust company serve as trustee?” 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 Attorney
- Spendthrift Trust Attorney
- Tax By-Pass Trust Attorney
- Totten Trust Attorney
- Constructive Trust Attorney
- Charitable Trust Attorney
- Asset Protection Trust Attorney
- Irrevocable Trust Attorney
- Revocable Trusts Attorney
- Living Trust Attorney