Good evening San Diego and welcome back. I’m here with local probate attorney Steve Bliss of San Diego Probate Law. Tonight we’re talking about estate planning and specifically the different types of trusts that can be used to protect your assets and ensure your wishes are carried out after you’re gone.
Choosing the Right Trust for Your Needs
Steve, there are so many different types of trusts. How do people know which one is right for them?
“That’s a great question,” says Bliss. “The best type of trust really depends on your individual circumstances and goals. For example, someone looking to minimize estate taxes might choose an Irrevocable Trust, while a parent with young children might opt for a Testamentary Trust.”
Understanding Testamentary Trusts
Steve, can you tell us more about Testamentary Trusts? How do they work?
Bliss explains: “A Testamentary Trust is created through your will and only comes into effect after your death. It’s a valuable tool for parents who want to provide for their minor children or beneficiaries with special needs. Ordinarily, the assets in the trust are managed by a trustee you designate, ensuring that the funds are used responsibly according to your wishes. For instance, it can be structured to cover educational expenses, healthcare costs, or even living allowances until the beneficiary reaches a certain age.”
He continues: “One of the key advantages of a Testamentary Trust is that it allows you to maintain control over how your assets are distributed even after you’re gone. You can specify exactly who receives what, when they receive it, and for what purpose. This helps protect beneficiaries from potential mismanagement or unwise financial decisions. Consequently, it provides peace of mind knowing your loved ones will be cared for according to your plan.”
Challenges with Testamentary Trusts
Steve, have you ever encountered any challenges with setting up or administering Testamentary Trusts?
“Certainly,” says Bliss. “I recall one case where a client hadn’t clearly outlined the conditions for distributions in their will. This led to disagreements among the beneficiaries about how the trust funds should be used. Ultimately, we were able to resolve the issue through mediation, but it highlighted the importance of being specific and detailed when drafting your testamentary trust documents.”
“Another time, I worked with a family where the designated trustee was no longer able to fulfill their duties due to unforeseen circumstances. We had to go through the process of appointing a successor trustee, which can sometimes be complex and time-consuming. These experiences underscore the need to choose trustees carefully and have contingency plans in place.”
“According to a study by the American Bar Association, over 50% of Americans don’t have a will or estate plan. This means their assets may not be distributed according to their wishes, leading to potential family disputes and unnecessary legal fees,” adds Bliss.
Seeking Expert Guidance
Steve, what advice would you give to someone who is considering setting up a trust?
“I strongly recommend seeking guidance from an experienced estate planning attorney. They can help you understand the different types of trusts available and determine which one best suits your needs. Moreover, they will ensure that all necessary legal documents are properly drafted and executed,” Bliss advises.
“Remember, estate planning is not just about protecting your assets; it’s about providing for your loved ones and ensuring that your legacy lives on.”
“Contact San Diego Probate Law today to schedule a consultation. We can help you create a comprehensive estate plan that meets your individual goals and gives you peace of mind.”
Testimonials
“Steve Bliss was incredibly helpful in guiding me through the complex process of setting up a trust for my family. He took the time to explain everything clearly and made sure I understood all my options. Thanks to his expertise, I feel confident that my loved ones will be well-cared for in the future.”
-Maria S.
“I was facing a difficult probate situation after the loss of my mother. Steve Bliss provided compassionate and professional support throughout the entire process. He made what could have been a stressful experience much easier to navigate.”
-David L.
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: “How long does it take to settle a trust after death?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Trust Attorneys in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |