Reporter: Welcome to San Diego News Now, Steve. Thanks for joining us today
It’s great to be here.
Reporter: Can you tell our viewers about testamentary trusts and why someone might choose this type of trust?
A testamentary trust is a powerful tool that allows individuals to provide for loved ones even after they are gone. It’s established through a will and only becomes active upon the grantor’s death, unlike living trusts which take effect immediately.
Consequently, testamentary trusts go through probate. However, this shouldn’t deter potential beneficiaries as it offers several distinct advantages. Testamentary trusts are particularly beneficial for situations involving minor children or individuals with special needs.
Reporter: How do testamentary trusts specifically help those who are minors or have special needs?
Imagine a parent wanting to ensure their young child is financially cared for after they pass away. A testamentary trust can outline specific instructions for how and when the funds should be distributed, safeguarding the inheritance until the child reaches a certain age.
Moreover, for individuals with special needs, a testamentary trust can help preserve eligibility for crucial government benefits like SSI or Medi-Cal. The trust assets are managed by a trustee, ensuring responsible disbursement without jeopardizing these vital support systems.
Reporter: Have you ever encountered any unique situations involving testamentary trusts?
I recall working with a family where the parents wanted to leave a portion of their estate for their grandchild’s education but were concerned about potential mismanagement. We established a testamentary trust specifying that funds could only be used for educational expenses, providing peace of mind and ensuring their grandson’s future.
Testamentary trusts are versatile instruments that can address a wide range of needs. It’s important to remember that approximately 70% of Americans don’t have a will, according to the American Bar Association. Utilizing a testamentary trust within a will is a proactive step towards securing your loved ones’ financial well-being.
Reporter: What message would you like to leave with our viewers today about San Diego Probate Law?
At San Diego Probate Law, we understand that navigating the complexities of estate planning can be daunting. Our team is dedicated to providing compassionate and personalized guidance, helping you create a secure future for your loved ones.
“Steve Bliss and his team at San Diego Probate Law were incredibly supportive during a difficult time. They explained everything clearly and made sure my wishes were respected.” – Maria S.
“I highly recommend San Diego Probate Law. Steve’s expertise in estate planning gave me peace of mind knowing my family is well-protected.” – John D.
Contact us today for a free consultation to discuss your individual needs and how we can help you achieve your estate planning goals.
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 dynasty trust?” 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 Lawyers
- Spendthrift Trust Lawyers
- Tax By-Pass Trust Lawyers
- Totten Trust Lawyers
- Constructive Trust Lawyers
- Charitable Trust Lawyers
- Asset Protection Trust Lawyers
- Irrevocable Trust Lawyers
- Revocable Trusts Lawyers
- Living Trust Lawyers