Today we’re joined by Steve Bliss, a respected probate attorney serving the Escondido community. Steve, thank you for taking the time to speak with us today.
Steve, can you explain what a testamentary trust is and how it differs from other types of trusts?
Certainly. A testamentary trust is unique because it’s created through a will and only becomes effective upon the grantor’s death. Consequently, unlike living trusts that avoid probate, a testamentary trust goes through the probate process.
Now, why would someone choose this type of trust? Testamentary trusts are often utilized for minor children or beneficiaries who may need ongoing financial management or protection, such as those with special needs.
Can you elaborate on the benefits of a testamentary trust for beneficiaries with special needs?
Absolutely. A testamentary trust can be structured to provide for a beneficiary’s needs without jeopardizing their eligibility for crucial government assistance programs like Supplemental Security Income (SSI) or Medi-Cal. Ordinarily, if a beneficiary receives an inheritance outright, it could disqualify them from these benefits.
Moreover, the trust terms can dictate how and when distributions are made, ensuring responsible financial management. This is particularly important for beneficiaries who may lack the capacity to handle their finances independently.
I recall a case where a young woman inherited a significant sum but had Down syndrome. We established a testamentary trust that allowed her access to funds for essential needs like housing and medical care while preserving her eligibility for government support.
It was incredibly rewarding to see the positive impact this trust had on her life, allowing her to live comfortably and independently.
Have you ever encountered challenges when setting up testamentary trusts?
As with any legal instrument, there can be complexities. Sometimes clients don’t fully understand the implications of a testamentary trust or may have unclear wishes regarding distribution. Clear communication is paramount.
One instance involved a family with complex dynamics and differing opinions on how assets should be distributed. We facilitated open discussions, helping them arrive at a solution that honored their deceased loved one’s intentions while addressing the needs of each beneficiary.
According to a 2021 study by the American College of Trust and Estate Counsel, approximately 40% of Americans lack estate planning documents, highlighting the need for education and professional guidance.
What advice would you give to individuals considering a testamentary trust?
I strongly encourage anyone with minor children or beneficiaries who require ongoing financial support to consult with an experienced probate attorney. We can help determine if a testamentary trust is right for your situation and guide you through the process, ensuring your wishes are carried out effectively.
Ready to Protect Your Loved Ones’ Future?
Contact Escondido Probate Law today for a confidential consultation and let us help you create a lasting legacy of care and security.
“Steve Bliss and his team at Escondido Probate Law were instrumental in guiding me through the complex process of setting up a testamentary trust for my grandchildren. Their expertise and compassionate approach made a difficult time much easier.” – Mary S., Escondido
“I highly recommend Steve Bliss for all your probate needs. He is knowledgeable, thorough, and truly cares about his clients’ well-being.” – John T., 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 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 I put a rental property into a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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