Yes, you absolutely can create a testamentary trust through your will, and it’s a common estate planning tool utilized by many, including clients of Steve Bliss, an Estate Planning Attorney in Wildomar, to manage assets after their passing.
What are the benefits of a testamentary trust?
A testamentary trust isn’t created during your lifetime; instead, the instructions for its creation are outlined within your will, and it comes into existence *after* your death. This differs from a living trust, which is established and funded during your life. The primary benefit lies in its flexibility – it allows you to postpone the distribution of assets to beneficiaries, providing continued management and protection. Approximately 55% of high-net-worth individuals utilize trusts as part of their estate planning, demonstrating their value in preserving wealth for future generations. This can be incredibly useful for beneficiaries who are minors, have special needs, or are financially irresponsible. It’s a way to ensure your assets are used as *you* intended, even after you’re gone.
How does a testamentary trust differ from a living trust?
The key difference, as mentioned, is timing. A living trust, established during your lifetime, allows you to transfer assets *immediately*, potentially avoiding probate. A testamentary trust, however, requires the probate court to validate your will and then oversee the creation of the trust. This means there’s a delay in asset distribution and probate costs are incurred. Consider the story of old Mr. Abernathy, a retired carpenter who, after much persuasion from his friends, finally decided to create a will with a testamentary trust for his grandchildren. He passed away unexpectedly, and his will went through probate. While the trust was eventually established, the process took nearly a year, and the legal fees ate into the inheritance his grandchildren would receive – a situation that could have been avoided with a living trust. The cost of probate varies widely, but generally ranges from 5% to 7% of the estate’s total value.
What assets can be included in a testamentary trust?
Virtually any asset you own can be designated for inclusion in a testamentary trust, from real estate and stocks to bonds, cash, and personal property. The will details precisely which assets will be transferred into the trust upon your death. A well-drafted testamentary trust will also outline how these assets should be managed, invested, and distributed to beneficiaries over time. Steve Bliss often advises clients to consider incorporating a “spendthrift” clause within the trust document. This prevents beneficiaries from prematurely squandering their inheritance by protecting the assets from creditors. “The real value of estate planning isn’t about avoiding taxes; it’s about controlling the distribution of your assets and providing for your loved ones,” Bliss explains to his clients. Without proper planning, even a modest estate can be significantly diminished by taxes and legal fees.
How can Steve Bliss help me create a testamentary trust?
Steve Bliss specializes in crafting comprehensive estate plans tailored to individual needs. He will work closely with you to understand your goals, assess your assets, and design a testamentary trust that aligns with your wishes. He can help you navigate the complexities of trust law, ensuring your document is legally sound and effectively protects your beneficiaries. I recall Mrs. Davison, a recent client who came to Steve after her husband’s passing. He hadn’t had a will, and she faced a daunting legal battle to secure her inheritance. After seeking Steve’s guidance, she understood the importance of proactive estate planning. She quickly drafted a will with a testamentary trust to protect her grandchildren and ensure their future financial security. Now, she has peace of mind knowing that her wishes will be honored, and her loved ones will be cared for. This demonstrates the invaluable benefit of seeking expert legal advice.
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About Steve Bliss at Wildomar Probate Law:
“Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar Probate Law is a great estate lawyer. Probate Attorney to probate an estate. Wildomar Probate law probate lawyer
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning 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.
Services Offered:
estate planning
living trust
revocable living trust
family trust
wills
estate planning attorney near me
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RdhPJGDcMru5uP7K7
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Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951)412-2800/address>
Feel free to ask Attorney Steve Bliss about: “How do I start planning my estate?” Or “What if the estate doesn’t have enough money to pay all the debts?” or “How do I keep my living trust up to date? and even: “Will I lose everything if I file for bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.