Hello, everyone! Today I’m chatting with Ted Cook, a Trusts Attorney over at Point Loma Estate Planning APC here in San Diego. Ted, thanks for taking the time to talk trusts with me today.
What Exactly is a Living Trust?
Ted: Well, think of it as a safe box for your assets while you’re alive and even after you’re gone. It’s a legal agreement that lets you decide who gets what, when they get it, and even how they use it.
Who Needs a Living Trust?
Ted: Honestly, most people over 30 can benefit from one, especially those with property or savings. It simplifies things for your loved ones when you’re no longer around and helps avoid the messy probate process.
Why Choose a Living Trust Over a Will?
Ted: Imagine a will as a public announcement of your wishes – anyone can see what happens to your stuff after you pass. A living trust, on the other hand, is private. It keeps things confidential and avoids court involvement.
Let’s Dig Into The Trust Process. How Does Funding Actually Work?
Ted: Ah, funding! That’s where we take your assets – think bank accounts, real estate, investments – and officially put them into the trust’s name. It’s like transferring ownership from you to the trust.
Funding Challenges: Any Common Pitfalls?
Ted: People sometimes forget about certain assets, like retirement accounts or jewelry collections. Or they think it’s a one-time thing and don’t update the trust when their life changes – new marriage, kids, etc. I always tell folks to review their trusts periodically, just like checking in on your car’s maintenance.
- Once I had a client who thought their home was automatically part of the trust because they lived there! We had to go through some extra steps to get it formally transferred.
- Another time, someone forgot about an old savings account from college days, and it ended up causing delays because we hadn’t accounted for it in the initial funding.
“I wasn’t even sure what a living trust was before I met Ted! He took the time to explain the benefits and helped me create a plan that protected my family’s future. Now I sleep better knowing things are taken care of.” -David L., La Jolla. “Ted is a true professional. He’s knowledgeable, responsive, and genuinely cares about his clients. I highly recommend Point Loma Estate Planning APC to anyone looking for trustworthy estate planning advice.” -Maria G., Mission Beach. Ready To Explore Your Options?“Ted made the trust process surprisingly easy to understand. He explained everything clearly, answered all my questions patiently, and even followed up a few weeks later to make sure I was comfortable with everything.” -Sarah M., Point Loma.
Ted: If you’re curious about trusts or have any questions about your own situation, please don’t hesitate to reach out. I offer free consultations and would be happy to chat with you about your specific needs.
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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If you have any questions about:
Who manages the funds in a Special Needs Trust and what are their responsibilities?
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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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