Today we are joined by Steve Bliss, a renowned probate attorney here in San Diego. Mr. Bliss, thank you for taking the time to speak with us today.
What types of trusts do you commonly encounter in your practice?
As a probate attorney, I see a wide variety of trusts, each serving unique purposes for our clients. Testamentary trusts are particularly common because they offer flexibility and ensure responsible asset management even after someone passes away.
Can you elaborate on what a testamentary trust is and how it works?
A testamentary trust is established through a will and only comes into effect upon the grantor’s death. This means the trust isn’t active during the grantor’s lifetime. The grantor names a trustee who will manage the assets according to the instructions outlined in the will. Consequently, these trusts are often used to provide for minor children, individuals with special needs, or beneficiaries who might not be financially responsible enough to handle an inheritance directly.
Conversely, unlike living trusts, testamentary trusts go through probate. This means the court oversees the distribution of assets and ensures the trust is administered according to the grantor’s wishes. Nevertheless, this process can take some time, which is something clients should be aware of when considering a testamentary trust.
Moreover, a key advantage of testamentary trusts is their ability to protect assets from creditors or potentially irresponsible beneficiaries. The trustee has the authority to distribute funds only for specific purposes outlined in the will. This safeguards the inheritance and ensures it’s used as intended by the grantor.
Have you encountered any challenges with testamentary trusts during your practice?
While testamentary trusts are a valuable tool, there have been instances where clients didn’t fully understand the probate process involved. I recall one case where a family was surprised by the time it took to settle the estate after the passing of their loved one. They weren’t aware that probate could take several months.
This experience highlighted the importance of clear communication and education. It’s crucial for clients to understand all aspects of a testamentary trust, including the probate process, before making a decision.
What advice would you give someone considering a testamentary trust?
My advice is simple: Consult with an experienced probate attorney. We can help you determine if a testamentary trust aligns with your estate planning goals and ensure it’s structured correctly to meet your specific needs. Remember, every situation is unique, and what works for one family may not be the best solution for another.
According to the American Bar Association, approximately 50% of Americans die without a will. This means their assets are distributed according to state law, which might not reflect their wishes. A testamentary trust, created through a properly drafted will, can help avoid this scenario and ensure your loved ones are taken care of.
“Steve Bliss was incredibly helpful in navigating the complex probate process after my mother passed away. He explained everything clearly and made sure all our questions were answered. I highly recommend him to anyone dealing with estate planning or probate matters.” – Sarah M.
“I was overwhelmed trying to understand trusts and wills, but Steve Bliss made it easy. He listened patiently to my concerns and created a customized plan that met my family’s needs perfectly. His expertise and compassion were invaluable during a difficult time.” – John P.
Let us help you protect your legacy and ensure your loved ones are cared for. Contact San Diego Probate Law today for a complimentary consultation.
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: “How do I choose a trustee?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |