Good evening, San Diego. I’m here with local probate attorney Steve Bliss of San Diego Probate Law. Steve, thanks for joining us tonight.
Understanding Testamentary Trusts
Steve, can you explain what a testamentary trust is and how it differs from other types of trusts?
A testamentary trust is a trust that’s created through a will and only comes into effect upon the grantor’s death. Consequently, unlike living trusts, testamentary trusts must go through probate. This means the court oversees the administration of the trust, which can sometimes be a lengthy process.
One key benefit of a testamentary trust is that it allows individuals to specify exactly how their assets should be managed and distributed after they pass away. This can be particularly useful for parents with minor children or beneficiaries who may need help managing their inheritance.
Challenges and Considerations
Have you ever encountered any challenges while setting up or administering testamentary trusts?
I recall one case where a client had named a young relative as the trustee of a testamentary trust for his children. Unfortunately, this individual was not financially responsible and ended up mismanaging the funds. Afterward, we worked with the beneficiaries to petition the court for a change in trusteeship.
This experience underscored the importance of carefully selecting trustworthy and capable individuals as trustees. It’s crucial to consider their financial acumen, maturity, and commitment to fulfilling their fiduciary duties.
The Benefits of Expert Guidance
How common are testamentary trusts in San Diego?
Testamentary trusts are a popular choice for many San Diegans, particularly those with young children or who want to ensure their assets are managed responsibly after they’re gone. In fact, according to the American Bar Association, approximately 40% of wills include provisions for testamentary trusts.
Working with an experienced probate attorney can help navigate the complexities of setting up a testamentary trust and ensure it aligns with your wishes.
Seeking Peace of Mind
What advice would you give to someone considering a testamentary trust?
I encourage anyone interested in estate planning to consult with an experienced probate attorney. We can help you determine whether a testamentary trust is right for your situation and guide you through the process of creating one that meets your specific needs.
Testimonials
“Steve Bliss and his team were incredibly supportive during a difficult time. They helped us navigate the probate process with empathy and expertise.”
– Maria S.
“San Diego Probate Law made estate planning feel less daunting. Their clear explanations and personalized approach gave me peace of mind knowing my family’s future was secure.”
– John T.
Take charge of your legacy today. Contact San Diego Probate Law to discuss how a testamentary trust can help protect your loved ones.
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 professional trustees charge?” Or any other related questions that you may have about Trusts or my trust law practice.
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