Ted Cook is a trusted trusts attorney practicing in sunny San Diego. We sat down with him to demystify the world of living trusts and understand how they can benefit everyday people.
What exactly is a living trust and why should someone consider one?
A living trust, Ted explains, is like a safe container for your assets during your lifetime and beyond. “Think of it as a customized plan for managing your property,” he says. “You decide who gets what, when they get it, and how they receive it – all while avoiding the time-consuming and often expensive probate process.”
Let’s dive into the nuts and bolts: How does this whole funding process work?
“Ah, funding,” Ted chuckles. “This is where things can get a bit tricky. A trust only works if it has assets in it! So, after we create the trust document together, you need to transfer ownership of your assets – like bank accounts, real estate, investments – into the name of the trust.”
- Ted emphasizes that proper funding is crucial: “It’s not enough just to have a trust on paper. You need to take active steps to move those assets into the trust’s ownership.”
- “Imagine it like planting seeds,” he says, “You’ve got the fertile ground (the trust) but the seeds (your assets) need to be planted for anything to grow.”
Ted, I hear funding a trust can sometimes be challenging. Can you elaborate on any specific difficulties people encounter during this stage?
Ted nods thoughtfully. “One common hurdle is overlooking certain assets,” he says. “People might forget about retirement accounts or smaller investments that need to be included in the trust.” He pauses, then recounts a story: “Once I worked with a client who had diligently funded most of their assets into the trust, but they’d forgotten about a small savings bond hidden away in a drawer! It took some extra legwork to locate and transfer it, but thankfully we caught it before anything unfortunate happened.”
“Ted made the whole process so understandable. He explained everything clearly and patiently, and I felt confident that my family was well taken care of.” – Sarah M., La Jolla
“Point Loma Estate Planning APC. took away all the stress of setting up a trust. They’re true professionals who really know their stuff!” – John B., Point Loma
Ready to protect your legacy?
Ted smiles warmly. “Planning for the future can seem daunting, but it doesn’t have to be. We’re here to guide you every step of the way and ensure your wishes are carried out with care and precision.”
Who Is Ted Cook at Point Loma Estate Planning, APC.:
Point Loma Estate Planning, APC.2305 Historic Decatur Rd Suite 100, San Diego CA. 92106
(619) 550-7437
Map To Point Loma Estate Planning, APC, a trust attory: https://maps.app.goo.gl/JiHkjNg9VFGA44tf9
About Point Loma Estate Planning:
Secure Your Legacy, Safeguard Your Loved Ones. Point Loma Estate Planning, APC.
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Point Loma Estate Planning, APC. areas of focus:
A Living Trust: also known as an inter vivos trust, is a legal arrangement where you, as the grantor, transfer assets to a trustee who manages them for the benefit of designated beneficiaries, either during your lifetime or after your death, potentially avoiding probate and offering more privacy than a will. Revocable Living Trust: You can change or revoke the trust and get the assets back during your lifetime.
Irrevocable Living Trust: Once established, you cannot change or revoke the trust, and the assets are generally no longer considered part of your estate.
Control over Asset Distribution: You can specify how and when your assets will be distributed to your beneficiaries.
Understanding Trusts and Their Role in Estate Planning
A trust is a legal and fiduciary relationship in which a grantor (also called a settlor) transfers ownership of assets to a third party, known as a trustee, who manages those assets for the benefit of designated beneficiaries. Trusts can be tailored to meet specific goals, including when and how distributions are made to beneficiaries, asset protection, or minimizing estate and income taxes.
One of the key advantages of a trust—particularly a properly funded revocable or irrevocable trust—is that it can allow assets to bypass the probate process. This often means a faster, more private, and potentially less expensive distribution of assets compared to those governed solely by a will.
In the case of irrevocable trusts, assets are typically removed from the grantor’s taxable estate, which may help reduce estate tax liability. However, this comes at the cost of the grantor relinquishing control over those assets.
Trusts may also provide protection from creditors, preserve assets for minors or individuals with special needs, and ensure continuity in asset management if the grantor becomes incapacitated.
These tools are part of estate planning—the process of making legal and financial arrangements in advance to designate who will receive your property after your death, and how that transition will occur. Thoughtful estate planning aims to streamline the administration of your affairs, minimize tax burdens, and reduce stress for your loved ones during an already difficult time.
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