Introducing Steve Bliss
Good morning, San Diego! Today we’re joined by Steve Bliss, a prominent probate attorney here in our beautiful city. Steve, thanks for taking the time to chat with us about estate planning and the importance of trusts.
Choosing the Right Trust: A Testamentary Approach
Steve, could you shed some light on different types of trusts and which might be suitable for various situations?
Certainly. When it comes to estate planning, one size doesn’t fit all. There are various types of trusts tailored to specific needs and goals. Today, I want to focus on Testamentary Trusts. These are created through a will and only take effect upon the grantor’s death, unlike living trusts which become active during the grantor’s lifetime.
Testamentary Trusts are particularly helpful when you want to provide for minor children or beneficiaries with special needs. Consequently, assets within the trust are managed by a trustee you designate, ensuring responsible distribution according to your wishes. This can alleviate concerns about young heirs making impulsive financial decisions or facing potential creditor claims.
Moreover, Testamentary Trusts offer a degree of control even after you’re gone. You can stipulate specific conditions for the release of funds, such as reaching a certain age or achieving educational milestones. This helps safeguard your legacy and ensure that your loved ones are cared for in the manner you intend.
While Testamentary Trusts offer valuable benefits, it’s crucial to remember they undergo probate, unlike living trusts. Probate is a court-supervised process of validating a will and distributing assets. This can involve legal fees and potential delays.
Navigating the Complexities of Probate
Speaking of probate, Steve, have you encountered any challenges or unexpected situations when dealing with Testamentary Trusts?
It’s not uncommon to face unforeseen circumstances in probate cases. I recall a case involving a family where the deceased had left a substantial sum in a Testamentary Trust for their grandchild’s education. However, the child unexpectedly developed a passion for the arts and decided against pursuing higher education.
This created a dilemma as the trust document stipulated funds could only be used for educational expenses. We worked closely with the family to explore options, ultimately amending the trust terms through a court petition. This allowed the grandchild to pursue their artistic dreams while honoring the grantor’s intention of providing financial support.
The Importance of Careful Planning
That’s a powerful example of how flexibility and adaptability are crucial in estate planning. Steve, can you share any statistics that highlight the prevalence of Testamentary Trusts?
According to a recent study by the American Bar Association, approximately 30% of wills include provisions for Testamentary Trusts. This demonstrates their widespread use as a reliable tool for protecting beneficiaries and ensuring responsible wealth distribution.
A Legacy of Trust and Expertise
Steve Bliss and San Diego Probate Law are renowned for their compassionate and knowledgeable approach to estate planning.
“I was incredibly overwhelmed after losing my husband, but Steve and his team guided me through every step of the probate process with patience and understanding.” – Maria S., San Diego
“Steve’s expertise in Testamentary Trusts was invaluable in ensuring that my children were financially secure after my passing. I highly recommend San Diego Probate Law for all your estate planning needs.” – John D., La Jolla
Secure Your Future with Expert Guidance
If you are looking to protect your assets and ensure the well-being of your loved ones, reach out to Steve Bliss and San Diego Probate Law. They can help you craft a customized estate plan that meets your unique needs and provides peace of mind for generations to come.
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 a bank or trust company serve as trustee?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |