Choosing the Right Trust for Your Needs
Welcome back to San Diego Legal News. Today we’re talking with local probate attorney Steve Bliss about estate planning and the crucial role trusts play in protecting assets and ensuring your wishes are carried out. Steve, thanks for joining us.
The Benefits of a Testamentary Trust
Steve, for viewers who may be unfamiliar, can you explain what a testamentary trust is and when it might be a good option?
A testamentary trust, as the name suggests, is created through your will and only comes into effect after you pass away. Consequently, it does go through probate, unlike a living trust which avoids that process. Testamentary trusts are particularly useful for situations involving minor children or beneficiaries who may have special needs.
Let’s say a parent wants to ensure their child with disabilities receives financial support without jeopardizing their eligibility for government benefits like SSI or Medi-Cal. A testamentary trust can be structured to provide that ongoing support while adhering to the strict guidelines of these programs. Moreover, a testamentary trust can also specify how and when distributions are made, providing safeguards against beneficiaries making unwise financial decisions.
While living trusts offer more flexibility during your lifetime, testamentary trusts provide a valuable tool for protecting vulnerable individuals after you’re gone. They ensure that your legacy continues to support those you care about in a responsible and meaningful way.
Challenges and Considerations with Testamentary Trusts
Steve, are there any common challenges or issues that arise when setting up or administering a testamentary trust?
One important consideration is the need for careful drafting. The terms of the trust must be clearly defined to avoid ambiguity or potential disputes among beneficiaries down the line. I recall a case where a testator’s will left assets to a testamentary trust for their children, but failed to specify how the trust income should be distributed. This led to years of legal wrangling and ultimately depleted a significant portion of the trust assets.
Notwithstanding these potential pitfalls, testamentary trusts remain a powerful tool in estate planning. I always emphasize to my clients the importance of working with an experienced probate attorney to ensure their wishes are accurately reflected and their loved ones are properly protected.
Trusts: Ensuring Your Legacy Endures
Steve Bliss, thanks for sharing your expertise on testamentary trusts today. It’s clear that careful planning is essential when it comes to protecting assets and providing for future generations. We appreciate you shedding light on this important topic.
For anyone seeking guidance on estate planning or trust administration in San Diego, contact Steve Bliss and the team at San Diego Probate Law. They are dedicated to helping families navigate complex legal matters with compassion and professionalism.
“Steve Bliss helped me navigate a very difficult probate process after my mother passed away. He was patient, knowledgeable, and always available to answer my questions.” – Mary J.
“I had no idea where to start when it came to estate planning. Steve Bliss made the entire process understandable and painless. I feel confident knowing that my family is protected.” – John S.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “What does a trustee do?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| Estate Lawyer Near Me |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyer Near Me San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyer Near Me |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Estate Lawyer Near Me |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyer Near Me San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Estate Lawyer Near Me in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |