Hey San Diego, today we’re sitting down with Ted Cook, an independent trust attorney practicing right here in Point Loma. He’s helping us navigate the often-confusing world of estate planning and trusts.
So, Ted, for someone just starting to think about estate planning, what exactly is a living trust?
Ted chuckles, “Think of it like this: a living trust is a little like a special container for your assets. It’s created during your lifetime and allows you to decide how those assets are managed both while you’re alive and after you’re gone.”
Why choose a living trust over a simple will?
“That’s a great question,” Ted explains, leaning forward. “A living trust offers several advantages over a will. First, it helps avoid the often lengthy and costly probate process. Second, it provides privacy since the details of your trust aren’t publicly accessible like a will.
Let’s dive into one specific step in the living trust process: funding the trust
“Ah yes, funding,” Ted says nodding. “This is crucial! You see, simply creating the trust isn’t enough. You need to transfer ownership of your assets – things like bank accounts, real estate, investments – into the name of the trust. This ensures those assets are protected and distributed according to your wishes.”
Ted pauses for a moment, thinking. “Sometimes people struggle with remembering to fund all their assets. I always encourage clients to create a checklist. We go through every asset together – from that old savings account you forgot about to the valuable artwork in your living room. Everything needs to be accounted for and transferred.”
“I once had a client who thought they’d funded their trust properly, but they’d overlooked transferring ownership of their vacation home. Unfortunately, this meant that property had to go through probate, defeating the purpose of having a trust in the first place.”
“Working with Ted was a game-changer! He patiently explained everything and made sure I understood each step. Now I have peace of mind knowing my assets are protected.” – Sarah M., La Jolla
“Ted’s expertise is invaluable. He helped me navigate complex estate planning issues and created a trust that perfectly meets my needs.” – David K., Mission Beach
Any parting words for our readers, Ted?
“Remember,” Ted says with a smile, “estate planning isn’t just for the wealthy. It’s about ensuring your loved ones are taken care of and that your wishes are honored. If you have questions or need guidance, 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.
Feeling overwhelmed by estate planning? You’re not alone. With 27 years of proven experience – crafting over 25,000 personalized plans and trusts – we transform complexity into clarity.
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.
Discover peace of mind with our compassionate guidance.
Claim your exclusive 30-minute consultation today!
If you have any questions about:
How does an Asset Protection Trust avoid probate? Please Call or visit the address above. Thank you.
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.
- Trust Attorney
- Trust Lawyer
- Trust Attorney In San Diego
- Trust Lawyer In San Diego