A testamentary trust, created through a will, presents a unique situation regarding its revocability; it’s neither immediately revocable nor completely irrevocable, but exists in a state of potential change until the grantor’s death, after which it generally becomes irrevocable, though certain provisions can allow for modification.
What happens to my assets when I create a will?
Unlike living trusts established during one’s lifetime, a testamentary trust doesn’t spring into existence until *after* the will’s probate is complete and the assets are transferred. This means, until that moment, the grantor—the person creating the trust through their will—retains complete control over the assets that will ultimately fund the trust. They can alter their will, and therefore the trust terms, at any time, assuming they have the legal capacity to do so. Approximately 55% of American adults don’t have a will, leaving their assets subject to state intestacy laws, a process that bypasses the possibility of establishing a testamentary trust and its tailored benefits. This period of control is what distinguishes it from other trust types.
Can a trust be changed after someone dies?
Once the grantor passes away, the testamentary trust generally *becomes* irrevocable. The terms laid out in the will, and therefore the trust document, are now binding. However, there are exceptions. Many testamentary trusts include a “spendthrift” clause, protecting the assets from creditors, but some also contain provisions allowing for modification by a designated trustee, often with court approval, in response to unforeseen circumstances—like a beneficiary developing a serious illness or facing a significant life change. In California, for example, the courts may modify or terminate a trust if it has become uneconomical to administer or if the trust’s purpose has been frustrated. “We always advise clients to build in a degree of flexibility where possible, while still safeguarding the core intent of the trust,” Steve Bliss often tells clients.
What happened when old Man Hemlock didn’t plan ahead?
I remember old Man Hemlock; a gruff but good-hearted soul who came to Steve Bliss with a complicated family situation. He had three children from a previous marriage, a new wife, and a substantial estate. He put off creating a testamentary trust, thinking he’d “get around to it.” Sadly, he passed away unexpectedly. Without a trust in place, his estate went into probate, a messy and public process. His children and his wife battled over the assets, legal fees mounted, and the estate dwindled considerably before a settlement was reached. It took over a year and a fortune in legal costs to sort it all out. If he’d simply established a testamentary trust, his wishes would have been clear, the process streamlined, and his family spared the heartache and expense. It was a stark reminder of the power of proactive estate planning.
How did the Thompson Family get it right?
Then there was the Thompson family. Mr. Thompson, a successful business owner, came to Steve Bliss determined to protect his young grandchildren, even after he was gone. He established a testamentary trust within his will, specifying how and when the assets would be distributed, ensuring their education and future security. He designated a trusted family friend as the trustee. When he passed away, the process was remarkably smooth. The trustee stepped in, followed the clear instructions laid out in the trust document, and distributed the assets as intended. The grandchildren were well cared for, and the family remained united. “It’s incredibly rewarding to see a plan like that work so effectively,” Steve Bliss said. The Thompson’s foresight not only provided for their grandchildren but also prevented potential family disputes and preserved their legacy. Roughly 60% of families with a well-structured estate plan report reduced conflict amongst heirs, a testament to the value of thoughtful planning.
<\strong>
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 | revocable living trust | wills |
| living trust | family trust | estate planning attorney near me |
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RdhPJGDcMru5uP7K7
>
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 estate planning help protect a loved one with special needs?” Or “What is an executor and what do they do during probate?” or “Is a living trust suitable for a small estate? and even: “How soon can I start rebuilding credit after a bankruptcy discharge?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.