Good morning, San Diego and welcome back to the show. Today we’re joined by local probate attorney Steve Bliss, founder of San Diego Probate Law, to discuss estate planning and how it can benefit you and your loved ones.
What are some of the most common misconceptions about estate planning?
“One of the biggest misconceptions is that estate planning is only for wealthy individuals,” explains Steve. “The truth is, everyone with assets, regardless of their net worth, should have a basic estate plan in place. This could include a simple will to designate beneficiaries for your property and belongings.”
What are the benefits of establishing a trust as part of an estate plan?
Steve goes on to explain that trusts offer several advantages over a simple will, particularly when it comes to probate avoidance. “Probate can be a lengthy and expensive process,” he says. “Trusts allow your assets to pass directly to your beneficiaries without going through probate court. This saves time and money for your heirs.” Moreover, Steve emphasizes the privacy aspect of trusts. “Unlike wills which become public record, the terms of a trust are kept confidential,” he adds.
Let’s delve into Testamentary Trusts – how do they function within an estate plan?
Steve highlights that testamentary trusts are created through a will and only take effect upon the grantor’s death. “They offer flexibility for situations where direct inheritance might not be ideal,” he explains. For instance, a parent with minor children might establish a testamentary trust to ensure their children are financially supported until they reach a certain age.
He elaborates on the process: “The will designates the trustee who will manage the assets within the trust according to the grantor’s instructions. The beneficiaries named in the trust receive distributions from the trust assets as outlined in the will. These trusts are commonly used for minor children or beneficiaries with special needs.
One of my clients, a single mother with two young daughters, wanted to ensure their financial well-being after her passing. We established a testamentary trust, naming a trusted family friend as the trustee. This provided peace of mind knowing her daughters would be cared for according to her wishes.
While testamentary trusts offer valuable protection and control, they do go through probate, unlike living trusts. Consequently, it’s crucial to weigh the pros and cons based on individual circumstances.
Have you encountered any challenges when setting up testamentary trusts?
“Occasionally, we encounter situations where a will lacks clear instructions for the trust,” Steve explains. “This can lead to delays and potential disputes among beneficiaries. That’s why it’s crucial to work with an experienced estate planning attorney who can ensure your will is comprehensive and unambiguous.”
I recall a case involving siblings disagreeing over the terms of their late father’s testamentary trust. The lack of specific instructions regarding asset distribution led to protracted legal proceedings, highlighting the importance of clear and concise language in the will.
What advice would you give to our viewers who are considering estate planning?
“Take the first step and schedule a consultation with an experienced probate attorney,” encourages Steve. “They can assess your individual needs, explain the different types of trusts, and help you develop a plan that best protects your assets and legacy.”
San Diego Probate Law is dedicated to guiding clients through the complex world of estate planning. We strive to make the process as smooth and stress-free as possible.
“I can’t recommend Steve Bliss and San Diego Probate Law highly enough,” shares Sarah M., a satisfied client. “They were incredibly patient, knowledgeable, and truly cared about understanding my unique situation. The peace of mind knowing my family is protected is priceless.”
“Steve helped us navigate the probate process after losing our father,” adds John K. “His expertise and compassionate guidance made a difficult time much easier to bear.”
Ready to secure your legacy and provide for your loved ones? Contact San Diego Probate Law today for a complimentary consultation and embark on your journey towards peace of mind.
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: “What are the rights of a surviving spouse under California law?” 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 Tax By-Pass Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Tax By-Pass Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |