Today we’re joined by Steve Bliss, an experienced probate attorney here in Escondido. Steve, thanks for taking the time to speak with us.
What are some of the most common types of trusts you see used in estate planning?
One of the more frequently used trusts I encounter is the testamentary trust. Testamentary trusts are unique because they’re created through a will and only come into effect after someone passes away. These trusts are helpful when individuals want to provide for minor children or beneficiaries who might need assistance managing their inheritance.
Can you elaborate on how a testamentary trust benefits someone with special needs?
Certainly. Testamentary trusts offer significant protection for beneficiaries with disabilities. Ordinarily, inheriting a large sum of money directly can jeopardize eligibility for essential government benefits like Supplemental Security Income (SSI) or Medi-Cal.
A testamentary trust allows the beneficiary to receive support without those crucial benefits being affected.
The trustee manages the assets within the trust and makes distributions according to the grantor’s wishes, ensuring the beneficiary’s needs are met while preserving their eligibility for government assistance. This peace of mind is invaluable for families navigating complex care situations.
Are there any common challenges you encounter when setting up testamentary trusts?
While testamentary trusts can be incredibly beneficial, they do go through probate, unlike living trusts. Consequently, this process takes time and can incur associated legal fees. It’s crucial for clients to understand the probate process and factor that into their estate planning decisions.
Notwithstanding these considerations, I vividly recall a case involving a single mother who wanted to ensure her son with autism could continue receiving vital support after she was gone. By establishing a testamentary trust, we were able to secure his future and provide financial stability for his ongoing care. That’s the profound impact testamentary trusts can have.
According to the National Alliance on Mental Illness (NAMI), approximately 1 in 5 adults in the U.S. experiences mental illness each year. Testamentary trusts are a valuable tool for families facing these challenges, offering a means to safeguard loved ones’ well-being and ensure their continued access to necessary care.
How can our readers learn more about setting up a testamentary trust or other estate planning options?
Contact Escondido Probate Law today for a free consultation. Let us help you create a personalized plan that protects your loved ones and secures their future.
Testimonials
“Steve Bliss and his team were incredibly compassionate and knowledgeable during a difficult time. They guided me through the probate process with ease and professionalism, ensuring my late mother’s wishes were honored.” – Maria Sanchez
“Escondido Probate Law provided exceptional service and expertise in setting up a testamentary trust for my family. Their attention to detail and commitment to our needs gave us peace of mind knowing our loved ones would be taken care of in the future.” – John Thompson
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: “Can a trust go on forever?” Or any other related questions that you may have about Trusts or my trust law practice.
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