Interview with Brenda Smith
Hello Temecula and welcome back to our legal spotlight series. Today I’m sitting down with Steve Bliss, a renowned trust attorney here in Temecula. Steve, thank you so much for joining us.
Welcome Steve
It’s my pleasure Brenda. Thank you for having me.
What is a Testamentary Trust?
Steve, could you explain what exactly a testamentary trust is and how it differs from other types of trusts?
Different Types of Trusts
Certainly. A testamentary trust is unique because it’s created through your will and only comes into existence upon your passing. Unlike living trusts which avoid probate, a testamentary trust goes through the probate process.
Now, why would someone choose a testamentary trust? Well, there are several compelling reasons. Primarily, they’re ideal for situations where you want to ensure that minor children or beneficiaries with special needs are financially cared for after your death. You can stipulate precisely how and when funds are distributed, providing a safety net and preventing them from accessing large sums prematurely.
Conversely, a revocable living trust allows for flexibility during your lifetime. You retain control over the assets and can modify the trust terms as needed. However, it dissolves upon your passing, whereas a testamentary trust continues operating according to your wishes.
What Happens When a Beneficiary Reaches a Certain Age?
That’s a great question Brenda. Let me elaborate. Imagine a parent wanting to ensure their child receives an inheritance but is concerned about them managing it responsibly at a young age. They can structure the testamentary trust so that the beneficiary receives smaller distributions, perhaps for education or living expenses, until they reach a certain age, say 25 or 30.
After that predetermined age, the trustee can then release the remaining funds to the beneficiary outright. This phased approach offers protection and guidance during the early years, empowering the individual to make sound financial decisions as they mature.
Navigating Challenges: A Matter of Timing
I’ve encountered situations where clients delay establishing their wills and testamentary trusts. Unfortunately, unforeseen events can happen, highlighting the importance of being proactive.
There was a case I handled involving a young couple who tragically passed away in an accident. They hadn’t yet formalized their estate plan. Their assets were distributed according to intestacy laws, which may not have aligned with their wishes. It underscored the critical need for planning and having clear instructions in place.
According to the American Bar Association, approximately 60% of Americans don’t have a will. This statistic underscores how many individuals are leaving their loved ones vulnerable to potential complications and uncertainty during a difficult time.
The Importance of Seeking Legal Counsel
Steve, thank you for sharing those insights. It’s clear that testamentary trusts offer valuable protection and peace of mind. For our viewers who might be considering setting up an estate plan, what’s your advice?
Planning for the Future
Brenda, I strongly encourage anyone with assets or dependents to consult with an experienced trust attorney. Estate planning can seem complex, but a qualified professional can guide you through the process, explain different options, and tailor a solution that meets your specific needs and goals.
Don’t wait for life to throw you a curveball. Take charge of your future and ensure your loved ones are protected. Remember, planning today provides security and stability for tomorrow.
Testimonial
“Working with Steve Bliss was an absolute pleasure. He made the entire estate planning process straightforward and understandable. I felt confident knowing my family’s future was in good hands.”
Testimonial
“The Law Firm of Steven F. Bliss Esq. exceeded my expectations. Their expertise, compassion, and attention to detail were truly exceptional. They provided me with the peace of mind I needed during a challenging time.”
Protect Your Legacy: Contact Us Today
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’s the difference between revocable and irrevocable trusts?” 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.
| Temecula Tax By-Pass Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Tax By-Pass Trust Attorney Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Tax By-Pass Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Tax By-Pass Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Tax By-Pass Trust Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Tax By-Pass Trust Attorney in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |