Good morning, Escondido and welcome back to our local legal segment. Today we’re joined by esteemed probate attorney Steve Bliss of Escondido Probate Law. Steve, thanks for taking the time to speak with us today.
What is a Testamentary Trust?
A testamentary trust is a powerful estate planning tool that offers several advantages for individuals looking to safeguard their assets and provide for loved ones after they pass away. Unlike a revocable living trust, which takes effect during the grantor’s lifetime, a testamentary trust only comes into existence upon the grantor’s death as outlined in their will.
Consequently, it must go through probate court. While this might seem like a drawback, testamentary trusts offer unique benefits that make them an attractive option for many people.
Benefits of Testamentary Trusts
One key advantage is control. The grantor can specify precisely how and when assets are distributed to beneficiaries, even after they are gone. This is particularly useful for parents with minor children, as they can ensure their offspring receive financial support at appropriate ages. Moreover, testamentary trusts can protect beneficiaries who may struggle managing money responsibly due to age, disability, or other factors.
The trustee appointed by the grantor manages the trust assets according to the terms set forth in the will. They have a fiduciary responsibility to act in the best interests of the beneficiaries. Ordinarily, this involves investing the assets prudently, making distributions as directed, and keeping accurate records.
Challenges and Considerations
One potential challenge with testamentary trusts is the probate process itself. It can be time-consuming and expensive. Nevertheless, the control and protection they offer often outweigh these drawbacks. I once had a client who wanted to ensure her grandchildren received their inheritance only after graduating college. We established a testamentary trust that allowed for distributions upon reaching specific educational milestones.
The relief on her face when she knew her wishes would be honored, even after she was gone, was truly touching.
According to a 2021 study by the American Bar Association, approximately 50% of Americans do not have a will or trust in place. This highlights the importance of seeking legal guidance to ensure your assets are protected and distributed according to your wishes.
Protect Your Legacy with Escondido Probate Law
Steve, thank you for sharing your expertise on testamentary trusts. For those interested in exploring their estate planning options, contact Escondido Probate Law today. Our team is dedicated to helping you create a plan that meets your unique needs and secures your legacy.
Testimonials
“Steve Bliss and his team at Escondido Probate Law were incredibly helpful during a difficult time. They guided me through the probate process with compassion and professionalism. I highly recommend their services.”
– Susan M., Escondido
“I was initially overwhelmed by the complexities of estate planning, but Steve made it easy to understand. He took the time to answer all my questions and create a plan that gave me peace of mind. “
– David L., San Marcos
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: “Can a trust be closed immediately after death?” Or any other related questions that you may have about Trusts or my trust law practice.
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