Hello everyone, today we’re diving into the world of trusts with Ted Cook, a highly experienced Trusts Attorney here in sunny San Diego.
So Ted, for our readers who might be unfamiliar, what exactly is a living trust?
“A living trust,” Ted explains, “is essentially a legal agreement where you transfer ownership of your assets into a separate entity. This entity, the trust, is managed by someone you choose – often yourself initially – according to the terms laid out in the trust document. It’s a great tool for managing your assets during your lifetime and ensuring they’re distributed efficiently after you’re gone.”
Let’s talk about funding the trust. I imagine that’s a crucial step?
“You got it,” Ted says with a nod. “Funding is absolutely vital because the trust only has control over assets that are legally transferred into its name. Think of it like setting up a new bank account – you need to deposit money for it to work! We carefully help our clients transfer ownership of things like real estate, bank accounts, and investments into the name of the trust.
- It’s all about making sure those assets are protected and distributed according to your wishes.
“Funding can be tricky sometimes because people forget about seemingly small things like retirement accounts or even personal property,” Ted adds with a chuckle. “We always do a thorough review to make sure everything is accounted for.”
Ted, you mentioned challenges with funding. Can you share any examples from your experience?
“I recall working with a client who thought they’d funded their trust completely. However, they’d forgotten about a valuable stamp collection! Luckily, we were able to add it to the trust before anything unfortunate happened. It’s a good reminder to always double-check everything and be as detailed as possible.”
“Ted was incredibly patient and thorough throughout the entire process. He made sure I understood every step and answered all my questions. My family and I feel so much more secure knowing our assets are protected.” – Maria S., La Jolla
What about issues with transferring ownership of assets?
“Sometimes, especially with real estate, there can be complications with deeds or titles. Maybe a property is jointly owned, or there’s an outstanding lien. We work closely with title companies and other professionals to resolve any issues and ensure a smooth transfer. It’s about anticipating potential roadblocks and finding solutions.”
“Point Loma Estate Planning APC made the process of setting up our trust so easy. They were professional, knowledgeable, and always available to answer our questions.” – John D., Mission Hills
Ted concludes, “Creating a living trust is a powerful way to plan for the future and protect your loved ones. If you have questions or want to learn more about how it can benefit you, don’t hesitate to reach out. We’re here to guide you every step of the way.”
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:
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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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