Hi everyone, I’m here today talking with Ted Cook, a Trusts Attorney based right here in sunny San Diego. We’re going to get into the nitty-gritty of trusts and why they might be something you should consider. Ted, thanks for joining me.
What Exactly is a Trust Anyway?
Ted: “It’s great to be here! Simply put, a trust is a legal arrangement where one person (the grantor) sets aside assets like property, investments, even cash, and places them in control of another person or entity (the trustee). The trustee then manages those assets for the benefit of specific individuals (the beneficiaries) according to the instructions laid out in the trust document.”
“Think of it as a safe and controlled way to manage and distribute your possessions, both during your lifetime and after you’re gone. It’s about ensuring things go where you want them to go, when you want them to get there.”
Why Would Someone Choose a Trust Over a Will?
“That’s a great question! While wills are essential for outlining how your assets should be divided after death, they become public record during probate. Trusts, on the other hand, offer more privacy as their terms generally remain confidential.”
“I worked with Ted to set up a living trust and was so impressed by his clarity and patience. I felt confident that my wishes would be honored and my family protected.” – Maria G., La Jolla
“Moreover, trusts can help avoid the often lengthy and expensive probate process altogether. This means your assets can be distributed to your loved ones more quickly and efficiently.”
Let’s Dive Into “Funding” a Trust
Ted: “Ah yes, funding. This is where many people get tripped up! Remember, a trust only controls the assets that have been legally transferred into its name. So, it’s crucial to carefully review all of your assets and make sure they are properly re-titled in the name of the trust.”
- “Think bank accounts, real estate deeds, investment portfolios – everything needs to be updated.
- “It can seem like a lot of paperwork initially, but it’s essential for ensuring your trust functions as intended.”
I remember one case where a client had meticulously funded his trust with all his assets except for a few sentimental pieces of jewelry. When he passed away, those items ended up going through probate because they weren’t included in the trust. It was a good reminder that attention to detail is key when it comes to funding.”
“Ted helped me understand all the complex legal language and made the process so much less daunting. I highly recommend Point Loma Estate Planning APC for anyone looking to protect their future.” – John S., Mission Beach
Have Any Questions For Ted About Setting Up a Trust?
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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If you have any questions about: How does a living trust offer greater privacy compared to a will?
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.
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