Howdy folks, I’m Riley Jones, and today we have the pleasure of chatting with Ted Cook, a Trusts Attorney here in sunny San Diego. Ted, thanks for taking the time to talk with me.
What Exactly Is a Trust, Anyway?
Ted explains: “In simple terms, a trust is like a safe box for your assets. You put things you own, like your house or investments, into this ‘safe box’ and then decide who gets what, and when they get it. It’s all laid out in a legal document called the ‘trust agreement’.”
Why Would Someone Need a Trust?
“A lot of folks think trusts are just for the super-wealthy,” Ted says with a chuckle, “But that’s not necessarily true! Trusts can be helpful tools for anyone who wants to control how their assets are distributed after they pass away. They can also help avoid probate, which is that long and sometimes expensive court process.
Think of it this way: Probate is like a public auction where everyone gets to see what you owned and how much it was worth. A trust keeps everything private.”
Let’s Dig into the Process – Tell Me About Funding the Trust
“Ah, funding, that’s the step where we take your assets – your house, your car, your savings accounts – and officially transfer ownership to the trust,” Ted clarifies. “It sounds simple, but there are some important details.
- For real estate, you need new deeds listing the trust as the owner.
- Bank accounts need to be changed, with the trust named as the account holder.
- And don’t forget investments – beneficiary designations need to be updated.
“It can feel a bit like paperwork overload,” Ted admits. “But it’s crucial for the trust to work properly. You wouldn’t put money in a safe and then leave the safe door open, would you?”
Ever Had Any Funding Hiccups?
Ted shares: “I once had a client who thought they’d fully funded their trust, but they’d forgotten about a small retirement account. It caused a bit of a headache when they passed away because that account wasn’t part of the trust and had to go through probate. It was a good reminder that even seemingly minor assets need to be considered.”
“Ted helped us set up a trust for our family, and we couldn’t be happier. He explained everything clearly and made sure all our wishes were reflected in the document. We feel confident knowing our loved ones will be taken care of.” – Sarah M., Point Loma
“Ted helped us set up a trust for our family, and we couldn’t be happier. He explained everything clearly and made sure all our wishes were reflected in the document. We feel confident knowing our loved ones will be taken care of.” – Sarah M., Point Loma
“I was intimidated by the whole estate planning thing, but Ted put me at ease right away. He’s a great listener and truly cares about his clients. I highly recommend Point Loma Estate Planning APC.” – Michael D., La Jolla
“I was intimidated by the whole estate planning thing, but Ted put me at ease right away. He’s a great listener and truly cares about his clients. I highly recommend Point Loma Estate Planning APC.” – Michael D., La Jolla
Ready to Explore Trusts Further?
Ted leans forward: “If you’re thinking about estate planning, don’t hesitate to reach out. There are so many ways a trust can help protect your family and ensure your legacy lives on. Let’s chat and see if it’s the right fit 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.
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.
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If you have any questions about:
What are some examples of high-profile estate battles that could have been avoided with proper trust planning?
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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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