Today I’m sitting down with Ted Cook, a trust attorney here in beautiful San Diego, specializing in helping individuals navigate the often confusing world of estate planning. Welcome, Ted!
Why Should Someone Consider a Living Trust?
“Well, there are a lot of reasons why someone might choose a living trust over a traditional will,” Ted explains. “For starters, a trust allows your assets to avoid probate, which can be a lengthy and expensive process. Probate is public record, so it also offers more privacy compared to a will.”
“Beyond avoiding probate, a living trust provides flexibility and control. You can dictate exactly how and when your beneficiaries receive their inheritance. It’s also a fantastic tool for incapacity planning. If you become unable to manage your affairs, the successor trustee steps in, ensuring your finances are handled according to your wishes.”
Understanding the Process: Funding the Trust
“Ah yes, funding,” Ted says with a knowing smile. “This is where things can get a bit tricky for some folks. Simply creating the trust document isn’t enough; you need to actually transfer ownership of your assets into the trust. Think of it like moving your belongings into a new house.
- You need to retitle real estate deeds, change account names at banks and brokerage firms, and update beneficiary designations on insurance policies and retirement accounts.
“I had one client who thought he could just put a list of his assets in the trust document and be done with it,” Ted chuckles. “He was surprised to learn that he actually needed to take concrete steps to transfer ownership! Thankfully, we were able to get everything sorted out.”
It’s crucial to remember that only assets legally held by the trust benefit from its protections. If an asset isn’t properly funded, it will likely go through probate.
Testimonial
“Ted made the whole process of setting up my trust so easy! He explained everything in clear, simple language and was always available to answer my questions.” – Maria S., La Jolla
Testimonial
“Point Loma Estate Planning APC. helped me protect my family’s future. They were patient, professional, and truly cared about understanding my needs.” – David B., Point Loma
Ready To Take Control of Your Future?
“Ted, any final words for our readers?”
“Estate planning can seem daunting,” Ted assures us, “but it doesn’t have to be. Taking the time to create a solid plan now can save your loved ones a lot of stress and uncertainty down the road. If you’re ready to take control of your future and protect what matters most, don’t hesitate to reach out.”
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).
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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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