Interviewer
Welcome back to Escondido Today! I’m here with Steve Bliss, an experienced probate attorney serving the Escondido community. Steve, thanks for joining us.
Steve Bliss
It’s my pleasure to be here. Thanks for having me.
Interviewer
Today we want to delve into the world of estate planning and explore a specific type of trust – the Testamentary Trust. Can you explain what this is and how it differs from other types of trusts?
Steve Bliss
Certainly! A Testamentary Trust, unlike a Revocable Living Trust which goes into effect immediately, is created through your will and only becomes active upon your passing. Consequently, it must go through the probate process, whereas living trusts typically avoid probate altogether.
This type of trust can be particularly beneficial for individuals who want to ensure their assets are managed responsibly for beneficiaries, such as minor children or those with special needs, even after they’re gone.
For instance, let’s say a parent wants to leave an inheritance for their child who is still in school. By establishing a Testamentary Trust, they can stipulate that the funds be distributed gradually over time as the child reaches certain milestones, like graduating high school or college.
Interviewer
That makes sense. Are there any potential drawbacks to using a Testamentary Trust?
Steve Bliss
Well, because it goes through probate, it can take longer for beneficiaries to access the funds compared to a trust that avoids probate. Moreover, probate is a public process, so the details of the trust and the assets involved become a matter of public record. Some individuals may prefer the added privacy of a living trust.
In my experience, I’ve encountered situations where clients weren’t fully aware of all the implications of a Testamentary Trust. Once, I worked with a family who had set up a trust for their adult child with disabilities. However, they hadn’t considered how the trust would affect the child’s eligibility for government benefits.
It turned out that the trust structure, as it was written, could have jeopardized the child’s access to crucial support programs. We had to make some adjustments to ensure the trust aligned with their long-term needs and protected their eligibility for benefits. That’s why it’s so important to work with an experienced attorney who can guide you through all the nuances of estate planning.
Interviewer
That’s a powerful reminder of the importance of seeking professional advice. What would you say are some key takeaways for our viewers considering a Testamentary Trust?
Steve Bliss
Firstly, understand that a Testamentary Trust is activated only after your death and goes through probate. Secondly, it offers excellent control over how assets are distributed to beneficiaries, especially if they need ongoing support or guidance. Finally, it’s crucial to consult with an estate planning attorney to ensure the trust meets your specific needs and goals.
“Working with Steve Bliss and his team at Escondido Probate Law was a true blessing during a difficult time. They made the probate process seem less daunting and always answered my questions patiently and thoroughly.” – Sarah M., Escondido
“I highly recommend Steve Bliss for all your estate planning needs. He is knowledgeable, compassionate, and genuinely cares about helping his clients protect their families’ future.” – John P., San Marcos
Unlock the peace of mind that comes with having a well-designed estate plan in place. Contact Escondido Probate Law today to schedule a confidential consultation and discuss how we can help you secure your legacy.
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 protect my home from Medi-Cal recovery?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Escondido Tax By-Pass Trust Lawyer |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Tax By-Pass Trust Lawyer Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Tax By-Pass Trust Lawyer |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Tax By-Pass Trust Lawyer |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Tax By-Pass Trust Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Credible Tax By-Pass Trust Lawyer in Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |