Today we’re speaking with Steve Bliss, an esteemed probate attorney here in Escondido. Steve, thank you so much for taking the time to talk with us today.
Can you explain what a testamentary trust is and how it differs from other types of trusts?
Certainly. A testamentary trust is a unique type of trust that comes into existence only upon your passing. It’s essentially created through your will, so it doesn’t function while you’re alive. This distinguishes it from living trusts, which you can establish and manage during your lifetime. Testamentary trusts are particularly beneficial when you want to ensure the well-being of minor children or beneficiaries who may have special needs.
What are some advantages of using a testamentary trust?
One primary advantage is control. You dictate exactly how your assets will be managed and distributed after your death. This can include provisions for education, healthcare, or ongoing support for beneficiaries who may not be able to manage their finances independently.
Moreover, testamentary trusts can help minimize estate taxes. By transferring assets into the trust, you can potentially reduce the taxable value of your estate.
Are there any potential downsides to consider?
While testamentary trusts offer significant benefits, they do go through probate upon your death. This means the court will oversee the administration of the trust, which can be a time-consuming and somewhat costly process. Conversely, living trusts generally avoid probate.
I understand that testamentary trusts are often used for minor children. Can you share any experiences that illustrate this?
I remember working with a single mother who was facing a terminal illness. Her greatest concern was ensuring her young son would be financially secure after her passing. We created a testamentary trust that would provide for his education, living expenses, and even future healthcare needs. It brought her immense peace of mind knowing he would be cared for.
Do you have any advice for individuals considering a testamentary trust?
Consulting with an experienced probate attorney is crucial. We can help you tailor the terms of the trust to your specific needs and goals. Additionally, regularly reviewing and updating your will, which houses the testamentary trust instructions, is vital as circumstances change.
“Steve Bliss made the complex process of setting up a trust for my grandchildren so simple. His guidance and expertise were invaluable.” – Mary S., Escondido
“I was facing a difficult probate situation after losing my father. Steve Bliss’s compassion and legal knowledge helped me navigate through it with ease.” – David K., San Marcos.
Let us empower you to secure your legacy for generations to come.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in 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 pour-over will?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Escondido Trust Attorney |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Trust Attorney Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Trust Attorney |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Escondido Trust Attorney |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Trust Attorney Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Credible Trust Attorney in Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |