Absolutely, combining a testamentary trust with a living trust is a common and often advantageous estate planning strategy employed by Steve Bliss, an Estate Planning Attorney in Wildomar, to provide both immediate benefits and long-term asset protection for clients.
What are the benefits of a Living Trust?
A living trust, also known as a revocable living trust, allows you to control your assets during your lifetime and transfer them to your beneficiaries without going through probate – a potentially lengthy and costly court process. According to a 2023 study by the American Probate Estate Planning Council, probate costs typically range from 3% to 7% of the estate’s gross value. This can be a significant savings, especially for larger estates. The beauty of a living trust is its flexibility; you can amend or even revoke it entirely during your life. Many clients find peace of mind knowing they’ve proactively addressed asset distribution while maintaining control. Steve Bliss often emphasizes that a living trust is a powerful tool for avoiding conservatorship should incapacity strike, as a successor trustee can seamlessly step in to manage assets.
How does a Testamentary Trust fit into the picture?
While a living trust handles assets owned *during* your lifetime, a testamentary trust is created *within* your will and comes into effect *after* your death. It’s a trust established by instructions in your will, rather than being funded during your life. This can be particularly useful for beneficiaries who may be minors, have special needs, or are financially irresponsible. For example, imagine a client with a young grandchild they want to provide for, but not give complete access to funds until a certain age. A testamentary trust can stipulate that funds are distributed in increments over time, ensuring responsible use. Approximately 20% of estate plans include testamentary trusts, demonstrating their continued relevance in complex family situations. The testamentary trust is a way to provide ongoing asset management and protection even after you are gone.
What happened when Mr. Henderson didn’t plan ahead?
Old Man Henderson came to Steve Bliss a bit late in the game, after his wife had passed. He’d assumed his estate was simple – a house, some savings, and a desire to leave everything to his son. Unfortunately, his son, though a good man, struggled with impulsive spending. Without a trust in place, the inheritance was quickly depleted, leaving him in a worse financial position than before. Steve explained that a testamentary trust, built into his will, could have protected those assets, providing a steady income stream and preventing dissipation. The situation was a hard lesson—even with good intentions, a lack of planning could have dire consequences. Mr. Henderson, deeply regretful, wished he had consulted an estate planning attorney sooner, realizing the importance of proactive asset protection.
How did the Miller family benefit from combined planning?
The Miller family, on the other hand, embraced a comprehensive approach. They established a living trust to manage their assets during their lifetimes and a testamentary trust within their wills to provide for their special needs daughter, Emily. Emily required ongoing care and support, and the testamentary trust ensured that funds would be available for her needs, managed by a trusted trustee, even after her parents were gone. The trust outlined specific provisions for medical expenses, therapies, and quality of life enhancements. The combined plan provided the Millers with immense peace of mind, knowing that Emily’s future was secure. “It’s not just about leaving money,” Steve Bliss often tells clients. “It’s about ensuring your loved ones are cared for, according to *your* wishes.” This holistic approach, combining the benefits of both trust types, proved invaluable for the Miller family.
“Estate planning is not about death; it’s about life.” – Steve Bliss, Estate Planning Attorney
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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: “Can I change my will after I’ve written it?” Or “How do debts and taxes get paid during probate?” or “What is a living trust and how does it work? and even: “What documents do I need to file for bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.