Choosing the Right Type of Trust
Hello everyone and welcome back! I’m Veronica Mendez reporting live from sunny San Diego where I’m joined today by esteemed probate attorney Steve Bliss.
Steve, thank you so much for taking the time to speak with me. Probate can be a confusing process, and many people don’t even realize they need an estate plan until it’s too late. For our viewers who may not be familiar, could you explain why setting up a trust is often a crucial step in estate planning?
The Benefits of Trusts
Steve Bliss: Veronica, it’s a pleasure to be here. You’re right; probate can be incredibly complex and time-consuming for loved ones already dealing with grief. Trusts offer a fantastic way to avoid probate altogether, which saves both time and money.
Furthermore, trusts provide an added layer of privacy. Unlike wills which become public record during probate, the details of a trust remain confidential. This can be incredibly important for families who value discretion.
In my experience, many individuals are initially hesitant about trusts because they seem complex. But let me assure you, with the right guidance from an experienced attorney like myself, establishing a trust is straightforward and well worth the effort.
Exploring Testamentary Trusts
Veronica Mendez: That’s very reassuring to hear, Steve. Now, there are various types of trusts available. Could you explain one type in detail for our viewers?
Steve Bliss: Certainly! Today I’d like to focus on testamentary trusts. These are created through a will and only come into effect after the grantor’s passing.
A testamentary trust can be particularly beneficial when leaving assets to minor children or beneficiaries with special needs. The trust document outlines how the assets are to be managed and distributed, ensuring the beneficiary’s well-being is protected. Testamentary trusts go through probate, unlike living trusts, which allows for court oversight and further safeguards.
Conversely, a revocable living trust, which I often recommend, avoids probate altogether. It allows the grantor to maintain control over their assets during their lifetime while specifying how those assets are distributed after they pass away.
Navigating Complexities
Veronica Mendez: Steve, you mentioned that testamentary trusts go through probate. Have you encountered any challenges specific to this type of trust?
Steve Bliss: Occasionally, I’ve encountered situations where a will lacked clear instructions regarding the establishment and funding of a testamentary trust. This can lead to delays and complications during probate.
I recall one case involving a young mother who tragically passed away. Her will stipulated the creation of a testamentary trust for her children but didn’t specify how much money should be allocated. This resulted in disagreements among family members, prolonging the already difficult process.
Accordingly, I always emphasize the importance of meticulous drafting when it comes to wills and trusts. Every detail matters and can significantly impact the smooth administration of these legal instruments.
The Power of Planning
Veronica Mendez: It’s clear that careful planning is essential. Steve, are there any statistics that highlight the benefits of having a trust in place?
Steve Bliss: Absolutely! According to a 2021 study by the American Bar Association, individuals with trusts experience probate costs that are on average 35% lower than those who rely solely on wills. Moreover, trusts can expedite asset distribution, sometimes reducing the probate process from months to weeks.
Taking Action
Veronica Mendez: Steve, this has been incredibly insightful. What final advice would you offer our viewers regarding estate planning?
Steve Bliss: Don’t delay! Estate planning is a gift you give to your loved ones. By taking proactive steps now, you can ensure their financial security and minimize potential stress down the road.
Testimonials
“Steve Bliss made a complex process feel manageable. He was patient, understanding, and always available to answer my questions. I highly recommend San Diego Probate Law.” – Maria L., La Jolla
“After losing my father, I felt overwhelmed and unsure where to begin. Steve provided compassionate guidance and helped me navigate probate with ease. His expertise and professionalism were invaluable during a difficult time.”- David S., Carlsbad
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: “How much does it cost to set up a trust in San Diego?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Spendthrift Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Spendthrift Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Spendthrift Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |