Good afternoon San Diego and welcome to today’s interview with local Trusts Attorney, Ted Cook. Ted, thanks so much for taking the time to chat with me.
What Exactly is a Living Trust Anyway?
“A living trust is essentially a legal arrangement that lets you control your assets even after you’re gone,” Ted explains. “You create this separate entity – the trust – and put your stuff in it: house, savings, investments, you name it. Then you decide who gets what, when they get it, and how they get it.
>“It’s all about peace of mind,” Ted adds. “Knowing your loved ones will be taken care of according to your wishes.”
What Happens When Someone Passes Away With a Living Trust?
“Imagine this,” Ted starts, leaning forward: “You pass away. Your successor trustee, someone you’ve chosen ahead of time, steps in. They use the instructions in your trust document to distribute your assets directly to your beneficiaries. No court, no lengthy probate process – it’s smooth sailing.”
- Saves Time and Money
- Keeps Things Private
- Minimizes Stress for Your Loved Ones
Let’s Talk About Funding a Trust, Ted. Any Challenges There?
“Funding is crucial,” Ted emphasizes. “It means officially transferring ownership of your assets into the trust’s name. Think of it like changing addresses – you need to update everything: bank accounts, deeds for property, investment accounts. It can be a bit tedious, but it’s essential for the trust to work properly.”
>“Once I had a client who forgot to change the beneficiary on his life insurance policy,” Ted chuckles, remembering. “It took some extra legwork to get that sorted out and make sure the proceeds went to the right person.”
He goes on: “That’s why working with an experienced attorney is so important. We guide you through every step of the process, making sure everything is done correctly.”
>“Point Loma Estate Planning made setting up our family trust a breeze! Ted was incredibly patient and explained everything in a way that was easy to understand. Highly recommend them!” – Sarah J., Ocean Beach.
>“I was hesitant about trusts, but Ted put my mind at ease. He answered all my questions and helped me create a plan that protected my assets for my grandchildren. Couldn’t be happier.” – David M., Point Loma.
Want to Explore Your Options for Estate Planning?
Ted smiles: “Estate planning can seem daunting, but it doesn’t have to be. I encourage anyone who wants to ensure their loved ones are taken care of to reach out and discuss their needs. Together we can find the best solution for you.”
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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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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