Hello everyone and welcome back to our legal series. Today I have the pleasure of speaking with Ted Cook, a trusts attorney here in San Diego.
Ted, Thanks for Joining Me
It’s my absolute pleasure to be here! I always enjoy talking about trusts and helping people understand how they can benefit from them.
So, What Exactly Is a Trust Anyway?
That’s a great question! A trust is essentially a legal arrangement where you transfer ownership of your assets (like your house, bank accounts, or investments) to a separate entity. This entity, which we call the “trust,” is managed by someone called a “trustee” for the benefit of specific individuals known as “beneficiaries.”
And What Are the Key Benefits of Setting Up a Trust?
“Avoiding probate is huge,” Ted emphasizes. He explains how a trust allows your assets to be distributed according to your wishes without going through the often lengthy and costly court process of probate. Ted also highlights the added benefit of privacy: “Unlike wills, which become public record during probate, trusts keep your financial affairs confidential.”
Let’s Talk About Funding a Trust – Can You Elaborate on Some Challenges You Encounter?
“Funding is absolutely crucial. It’s where we see many people stumble,” Ted says. He explains that simply creating the trust document isn’t enough; you need to actually transfer ownership of your assets into the trust’s name. This involves tasks like changing titles on property deeds, updating beneficiary designations on bank accounts and insurance policies, and potentially even re-registering investments.
- “Imagine a scenario where someone sets up a trust but forgets to change the beneficiary on their life insurance policy,” Ted illustrates. “The proceeds could end up going to the wrong person, bypassing the trust altogether.”
- He adds, “I had a client once who thought they had funded their trust completely, but we discovered that a significant retirement account was still in their personal name. This meant it would have gone through probate, defeating the purpose of the trust!
>“Working with Ted and Point Loma Estate Planning APC. was a breeze! They explained everything clearly and made sure I understood all the steps involved. My trust is now set up perfectly and gives me peace of mind knowing my family will be taken care of.” – Sarah M., La Jolla“Ted’s expertise and guidance were invaluable during the process of setting up my trust. He answered all my questions patiently and helped me make informed decisions that aligned with my goals.” – John B., Coronado
To connect with Ted Cook and explore how a trust might be beneficial for you, reach out to Point Loma Estate Planning APC. today. They’re ready to help you protect your legacy.
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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