My name is Brenda Sanchez and I’m here today with Attorney Steve Bliss from the Law Firm of Steven F. Bliss Esq. We’re going to be discussing trusts, a vital tool in estate planning.
Steve, can you explain what a testamentary trust is and how it differs from other types of trusts?
A testamentary trust, Brenda, is unique because it comes into being upon someone’s death. It’s not something that’s actively managed while the grantor is alive. Instead, it’s outlined in their will and takes effect after they pass away.
What are some of the advantages of using a testamentary trust?
One key advantage is control. Let’s say someone wants to ensure their assets are used for their child’s education or care even after they’re gone, but that child isn’t yet old enough to manage those funds responsibly. A testamentary trust can dictate exactly how and when the assets are disbursed.
Conversely, a living trust allows for changes during the grantor’s lifetime. Testamentary trusts, however, are irrevocable once the will is probated. Consequently, it’s crucial to carefully consider the terms outlined in the trust document.
What challenges might arise with testamentary trusts?
The biggest hurdle is that they must go through probate court. This means there will be legal fees and a waiting period before the trust becomes operational. While this can be a drawback, it’s often outweighed by the benefits of controlled asset distribution.
I understand you have experience setting up testamentary trusts for clients with unique circumstances. Can you share an example?
Certainly. I once worked with a grandmother who wanted to ensure her grandchildren received their inheritance but were protected from potential creditors or poor financial decisions. We set up a testamentary trust that would distribute funds in installments upon reaching specific milestones, like completing college.
That’s incredibly thoughtful. What advice would you give someone considering a testamentary trust?
My foremost advice is to consult with an experienced estate planning attorney. Every situation is different and requires careful consideration. The Law Firm of Steven F. Bliss Esq. is dedicated to helping individuals navigate these complex decisions and create plans that protect their loved ones.
How can potential clients reach you?
We encourage anyone interested in learning more about testamentary trusts or other estate planning tools to contact us for a complimentary consultation. We’re here to answer your questions and guide you toward the best solutions for your needs.
*”Steve Bliss helped me plan for my future with clarity and compassion. I felt completely confident in his expertise.”* – Maria G., Temecula
*”The Law Firm of Steven F. Bliss Esq. made a complex process understandable and manageable. They truly care about their clients.”* – John S., 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 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 is a pour-over will?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |