Choosing the Right Trust for Your Needs
Good evening, San Diego, and welcome back to our program. Today we’re joined by Steve Bliss, a highly respected probate attorney here in San Diego. Steve, thank you so much for joining us tonight.
Steve, estate planning can be overwhelming for many people. There are so many different legal tools available. Can you help our viewers understand the basics of trusts and why they might consider including one in their estate plan?
The Power of a Testamentary Trust
Certainly. Trusts are incredibly versatile tools that can serve a variety of purposes, depending on your individual circumstances and goals. Tonight, I’d like to focus on testamentary trusts, which are created through a will and take effect only after the grantor – the person who sets up the trust – passes away.
One of the key advantages of a testamentary trust is its ability to provide for minor children or beneficiaries with special needs. Ordinarily, if a parent were to pass away without a testamentary trust in place, their assets would be distributed directly to their children upon reaching legal age. This can be problematic for young adults who may not yet have the financial maturity to manage a large inheritance.
Conversely, a testamentary trust allows you to specify how and when your assets will be distributed to your beneficiaries. You can dictate that funds be released in installments as they reach certain ages or milestones, ensuring their financial well-being over time.
Moreover, testamentary trusts are often used to protect assets for beneficiaries with disabilities. By placing assets within a trust, you can ensure that they remain eligible for government benefits such as Supplemental Security Income (SSI) or Medi-Cal. The trustee manages the funds and makes distributions for the beneficiary’s benefit without jeopardizing their eligibility for essential support.
Remember, testamentary trusts go through probate, unlike living trusts. This means that the court oversees the distribution of assets according to the terms of your will. While probate can be a time-consuming process, it provides an added layer of protection and ensures that your wishes are carried out accurately.
Navigating Challenges
Steve, have you encountered any challenges or complex situations when setting up testamentary trusts for clients?
There was one case that stands out in my mind. A young couple came to me wanting to ensure their daughter, who had Down syndrome, would be cared for after they were gone. They were incredibly worried about her future and wanted to make sure she wouldn’t lose access to crucial benefits. We worked closely together to craft a testamentary trust that met all of her needs while preserving her eligibility for government assistance.
It was deeply rewarding to see the relief on their faces when they realized their daughter would be protected. Moments like those remind me why I do what I do.
Trusts and Your Legacy
Steve, what advice would you give to viewers who are considering incorporating a testamentary trust into their estate plan?
My primary advice is to seek guidance from an experienced probate attorney. Estate planning laws can be complex, and it’s essential to have someone who understands your individual needs and goals. A qualified attorney can help you determine if a testamentary trust is the right solution for you and guide you through the process of creating one that meets your specific requirements.
According to a 2021 study by Caring.com, over 60% of Americans do not have a will or estate plan in place. This highlights the importance of taking proactive steps to protect yourself and your loved ones.
Taking Action
Steve Bliss and San Diego Probate Law are dedicated to helping families navigate these complex legal matters with compassion and expertise.
“Steve helped me set up a testamentary trust for my grandchildren,” shared one client. “He was patient, explained everything clearly, and made the process so much easier than I expected.”
Another satisfied client commented, “I felt confident knowing that my assets would be distributed according to my wishes thanks to Steve’s guidance.”
Let San Diego Probate Law guide you towards peace of mind. Contact us today for a free consultation and discover how we can help you secure your family’s future.
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: “Can I write my own trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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