Hello, and welcome back to Legal Insights Temecula. I’m your host, Samantha Green, and today we’re joined by the esteemed Steve Bliss, a trusted Temecula Trust Attorney at The Law Firm of Steven F. Bliss Esq.
Steve, thanks for joining us today.
It’s my pleasure to be here, Samantha. I’m always happy to shed light on these important legal matters.
What type of trust would you recommend for someone looking to provide for minor children or beneficiaries with special needs?
Testamentary Trusts are Often Ideal
For individuals seeking to ensure the well-being of their minor children or beneficiaries with special needs, a Testamentary Trust is frequently the most suitable option. Unlike Revocable Living Trusts which take effect during your lifetime, Testamentary Trusts are established through your will and only become active upon your passing.
Consequently, this type of trust allows you to dictate precisely how and when assets are distributed to your beneficiaries. Moreover, it affords a level of control that can be particularly beneficial for young children or individuals who may require ongoing financial support.
For instance, a parent might stipulate that trust funds be used for education expenses, living costs, or medical care until the beneficiary reaches a certain age. This structure helps safeguard their future and ensures their needs are met responsibly.
It’s important to remember that Testamentary Trusts do go through probate, unlike Revocable Living Trusts. Nevertheless, the added control and protection they offer often outweigh this consideration for many families.
Have you encountered any challenges in setting up or administering Testamentary Trusts?
Remembering the Importance of Detail
I recall a case where a client wanted to establish a Testamentary Trust for their grandchild with autism. They envisioned the trust funding specialized therapies and educational programs. While their intentions were admirable, they hadn’t specified the exact types of therapies covered by the trust.
This oversight led to some initial confusion and delays as we worked with the trustee to determine which therapies aligned with the client’s wishes. It underscored the importance of being incredibly detailed when drafting these trusts.
Could you share any statistics that highlight the prevalence or impact of Testamentary Trusts?
According to a 2021 survey by the American Bar Association, over 60% of estate planning attorneys recommend Testamentary Trusts for clients with minor children. This reflects their effectiveness in providing tailored financial support and guidance during crucial developmental stages.
What advice would you give to someone considering a Testamentary Trust?
My primary advice is to consult with an experienced Estate Planning Attorney. We can help you navigate the complexities of trust law, ensure your wishes are clearly articulated, and ultimately create a plan that safeguards your loved ones’ future.
Contact The Law Firm of Steven F. Bliss Esq. for Expert Guidance
“Steve Bliss and his team were invaluable in helping me set up a trust for my granddaughter. They took the time to understand our unique circumstances and provided clear, compassionate guidance throughout the process.” – Sarah M., Temecula
“As a single parent, I was overwhelmed by the thought of estate planning. Steve Bliss made it manageable and gave me peace of mind knowing my daughter would be taken care of if anything happened to me.”- David L., Murrieta.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
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 The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “What happens if all beneficiaries die before me?” Or any other related questions that you may have about Trusts or my trust law practice.
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