Good morning, Escondido and welcome back to our segment on local legal matters. Today we have the pleasure of speaking with Steve Bliss, a renowned probate attorney here in Escondido, specializing in helping families navigate complex estate planning issues.
What are some common types of trusts you see used in your practice?
Steve: “Testamentary trusts are quite prevalent in my practice. They’re created through a will and only become active after the grantor’s passing,” explains Steve. “Unlike revocable living trusts, testamentary trusts must go through probate, which can be a lengthy process.
“Nevertheless, they offer significant advantages, particularly for families with minor children or beneficiaries who might need additional support managing their inheritance. By designating a trustee to oversee the funds according to your wishes, you can ensure responsible and timely distribution,” Steve adds. “Imagine a parent wanting to provide for their child’s education but fearing the child might squander the funds prematurely. A testamentary trust allows them to specify the conditions under which the money is released, such as reaching a certain age or completing educational milestones.”
Can you elaborate on some challenges or considerations when setting up a Testamentary Trust?
Steve: “Certainly. One key consideration is the need for meticulous drafting of the trust document within the will. The language must be precise and unambiguous to avoid future disputes among beneficiaries. Moreover, because testamentary trusts are subject to probate, they can be more expensive and time-consuming to administer than living trusts.
“I recall a case where a client’s will lacked clear instructions regarding the distribution of assets from a testamentary trust. This resulted in prolonged litigation amongst family members, ultimately draining the estate and causing unnecessary emotional distress. It underscored the importance of working with an experienced attorney to ensure your wishes are accurately reflected in the legal documents.”
According to the American Bar Association, approximately 55% of Americans do not have a valid will or trust in place, leaving their families vulnerable to probate complications and potential disagreements.
What advice would you give to someone considering a Testamentary Trust?
“Consult with an experienced probate attorney like myself,” Steve emphasizes. “We can help determine if a testamentary trust aligns with your specific goals and circumstances. Remember, estate planning is not a one-size-fits-all approach. We’ll work together to craft a plan that provides for your loved ones while minimizing potential conflicts.”
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “What happens to my trust if I move to another state?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |