Yes, a testamentary trust can absolutely distribute real property to more than one person, and it’s a fairly common estate planning strategy, allowing for flexible and controlled distribution of assets after death.
What are the benefits of a testamentary trust?
A testamentary trust, created within a last will and testament, becomes effective only upon the grantor’s death. Unlike a living trust, it doesn’t exist during the grantor’s lifetime. This offers a degree of flexibility, as circumstances and wishes can change before death. It avoids probate for the trust assets, which can save time and money—probate fees can range from 3% to 7% of the estate’s gross value in California, according to recent data from the California Courts. Furthermore, a testamentary trust allows for specific instructions on how and when real property is distributed, addressing potential conflicts or ensuring responsible management. For instance, a parent might leave a vacation home to their children, but stipulate that it must be maintained jointly and used for family vacations, preventing a sale that could disrupt family traditions.
How does co-ownership within a trust work?
When distributing real property to multiple beneficiaries through a testamentary trust, several co-ownership structures are available. Tenants in common, where each beneficiary owns a specific percentage of the property, is a frequent choice. This allows beneficiaries to sell or transfer their share independently. Joint tenancy with right of survivorship, on the other hand, means that if one beneficiary dies, their share automatically passes to the surviving joint tenants. A skilled estate planning attorney, like Steve Bliss, can help determine the most appropriate structure based on family dynamics and wishes. “Choosing the right co-ownership method is critical; it’s not just about dividing the asset, it’s about anticipating potential future disagreements and setting up a framework for resolving them,” Steve Bliss often advises his clients. Currently, around 65% of Americans do not have a properly updated estate plan, creating significant challenges for their heirs when it comes to property distribution.
What happened when a family didn’t plan for shared property?
Old Man Tiberius, a weathered fisherman from the coast, hadn’t bothered with a will. He simply left everything to his two sons, Leo and Marco, equally. When he passed, the small cottage overlooking the harbor, his most prized possession, became the source of bitter conflict. Leo, a practical man, wanted to sell the cottage to fund his retirement. Marco, sentimental and attached to the place where he grew up, refused. Without a testamentary trust outlining a process for handling disagreements or providing an exit strategy—like a buy-sell agreement—the brothers became locked in a legal battle that lasted for over a year, racking up legal fees and irreparably damaging their relationship. The cottage sat empty, a constant reminder of their fractured bond and the cost of neglecting estate planning. It all could have been avoided with a little foresight and professional guidance.
How did a trust save another family’s inheritance?
The Harrisons, a family with three grown children, consulted Steve Bliss to create a testamentary trust that included their beloved family ranch. They wanted each child to share ownership, but they were concerned about potential disputes over its management or eventual sale. Steve Bliss drafted a trust agreement that outlined a clear decision-making process, requiring unanimous consent for any major actions regarding the ranch. It also included a provision for mediation in case of disagreements, and a “right of first refusal” for the other siblings if one wanted to sell their share. Years after their parents’ passing, the Harrison siblings successfully managed the ranch together, preserving their family legacy and enjoying a harmonious relationship. The trust didn’t just distribute property; it fostered collaboration and ensured the long-term viability of a cherished asset. It’s a testament to the power of proactive estate planning and the importance of a well-crafted testamentary trust.”
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About Steve Bliss at Escondido Probate Law:
Escondido 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 Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
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
banckruptcy attorney
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/oKQi5hQwZ26gkzpe9
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Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760)884-4044
Feel free to ask Attorney Steve Bliss about: “What should I consider when choosing a beneficiary?” Or “What documents are needed to start probate?” or “Will my bank accounts still work the same after putting them in a trust? and even: “How does bankruptcy affect co-signers on loans?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.