Interview with Steve Bliss
Welcome back to our segment on estate planning. Today we are joined by Steve Bliss, a renowned San Diego Probate Attorney. Steve, thanks for joining us.
Understanding Testamentary Trusts
Steve, let’s dive into testamentary trusts. Many people might not be familiar with them. Can you explain what they are and how they work?
A testamentary trust is a legal arrangement created through a will that takes effect only after the grantor’s death. Unlike living trusts which avoid probate, testamentary trusts go through the probate process. Consequently, they are often used to manage assets for beneficiaries who may not be ready to handle them directly, such as minor children or individuals with special needs.
The trust document specifies how the assets will be managed and distributed to the beneficiaries over time. For example, a parent might set up a testamentary trust to provide for their child’s education expenses until they reach a certain age. The trustee, appointed in the will, manages the funds according to the grantor’s wishes.
Testamentary trusts offer several advantages. They allow grantors to control how assets are used even after they are gone. Moreover, they can provide for beneficiaries with special needs without jeopardizing their eligibility for government benefits. Notwithstanding these benefits, it’s important to note that testamentary trusts are subject to probate, which can be a time-consuming and expensive process.
Challenges Faced with Testamentary Trusts
Steve, have you encountered any challenges or unique situations when working with testamentary trusts?
I recall one case where a client wanted to establish a testamentary trust for their grandchild who had a disability. They were worried about the grandchild losing access to important government benefits if they inherited assets outright. We worked closely with them and a financial advisor to structure the trust in a way that ensured the grandchild’s needs were met while preserving their eligibility for these vital programs.
It was deeply rewarding to see the relief on my client’s face knowing they had secured a brighter future for their grandchild. We strive to create personalized solutions that address each client’s unique circumstances and concerns. According to a 2021 study by the American College of Trust and Estate Counsel, over 60% of Americans don’t have a will or trust in place.
Closing Thoughts
Steve Bliss, thank you for sharing your expertise with us today. This valuable information can empower individuals to make informed decisions about their estate planning.
“San Diego Probate Law provided me with exceptional guidance and support during a challenging time. Their professionalism and compassion made the process much easier to navigate.” – Satisfied Client
“I highly recommend Steve Bliss and his team. They are knowledgeable, responsive, and truly care about their clients.” – Grateful Client
For expert advice on estate planning and testamentary trusts, contact San Diego Probate Law today. Let us help you secure your legacy and protect the future of 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: “What is a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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