Hello everyone and welcome! Today I’m sitting down with Ted Cook, a trusted Trusts attorney right here in beautiful San Diego. Ted, thanks so much for taking the time to chat with me about living trusts.
Living Trusts: What Are They All About?
Ted, can you break down what a living trust is and why someone might consider setting one up?
“A living trust is essentially a legal arrangement that allows you to hold your assets in a separate entity while you’re still alive. You, as the grantor, get to decide who manages those assets (the trustee) and who ultimately benefits from them (the beneficiaries). It’s a great tool for avoiding probate, which can be a long and costly process.”
Ted emphasizes that living trusts offer several advantages, including privacy, control over asset distribution, and the ability to plan for potential incapacity.
Funding The Trust: A Crucial Step
Let’s dive into one of the key steps in establishing a living trust – funding. Can you explain why this step is so critical?
“Funding your trust means actually transferring ownership of your assets into the name of the trust,” Ted explains. “Think of it like moving your belongings from one house to another – they only belong to the new owner once they’ve been physically moved.”
- This process typically involves updating titles on real estate deeds, bank accounts, investment accounts, and any other assets you want included in the trust.
- “It’s important to remember that a trust document alone doesn’t automatically control your assets,” Ted adds. “You have to take the extra step of transferring ownership for the trust to be effective.”
Ted recalls a situation where a client had created a well-drafted living trust but hadn’t fully funded it. “When they passed away, some assets were left outside the trust and ended up going through probate – which was exactly what they wanted to avoid,” Ted says. “It highlighted how crucial the funding process really is.”
What Others Say About Point Loma Estate Planning APC
“Ted Cook and his team at Point Loma Estate Planning APC made setting up my living trust a breeze! They explained everything in clear, simple terms and answered all my questions patiently. I feel much more secure knowing my family is taken care of.” – Maria S., Point Loma
“As a financial advisor, I often recommend Ted Cook to my clients who are looking for expert estate planning advice. He’s incredibly knowledgeable and always puts his clients’ best interests first.” – David L., La Jolla
Connect With Ted
Ted, for those reading today who might be considering a living trust, what would you say to them?
“Estate planning is something everyone should think about. A living trust can be a powerful tool to protect your loved ones and ensure your wishes are honored. Don’t hesitate to reach out – I’m always happy to answer questions and help people navigate this important process.”
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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Our Areas of Focus:
Legacy Protection: (minimizing taxes, maximizing asset preservation).
Crafting Living Trusts: (administration and litigation).
Elder Care & Tax Strategy: Avoid family discord and costly errors.
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If you have any questions about: How can a living trust help avoid family disputes and legal battles over inheritance?
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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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