Today we’re sitting down with Ted Cook, a Trusts Attorney here in sunny San Diego. Ted, thanks so much for taking the time to chat with us about living trusts.
What Exactly is a Living Trust?
Ted: Well, imagine it like this – a living trust is a legal container you create during your lifetime to hold your assets. Think of it as a safe and secure vault for things like your house, investments, even that vintage car collection you’ve been working on. This vault is managed by someone you choose, called the trustee. You can be the initial trustee, meaning you still have full control over those assets while you’re alive and well.
How Does Funding a Trust Work?
Ted: Funding a trust is crucial – it’s like putting the treasures into your vault. It means officially transferring ownership of your assets from your name to the name of the trust. This might involve changing titles on property deeds, updating bank account information, and revising beneficiary designations for things like life insurance.
* Think of it as setting up a relay race – the baton (your assets) is passed from you directly to the trust.
It’s essential because if your assets aren’t properly “in the vault,” they won’t be protected by the trust.
Let’s Talk About Funding Challenges
Ted: I often see people get tripped up when it comes to funding, especially with things like retirement accounts. Sometimes folks think just naming the trust as beneficiary is enough, but that’s not always the case. Retirement plans have their own rules and may need specific paperwork or designations.
I remember one instance where a client had painstakingly funded everything except his 401k – he thought simply listing the trust was sufficient. Unfortunately, it meant those funds were subject to probate, defeating the purpose of setting up the trust in the first place!
What Do People Say About Your Work?
“Ted Cook made setting up our living trust so easy and stress-free. He explained everything clearly and patiently answered all of our questions.” – Sarah M., La Jolla
“Point Loma Estate Planning APC took care of everything. We felt confident knowing they were looking out for our best interests.” – David and Susan P., Point Loma
Want to Learn More?
Ted: Living trusts are a powerful tool for protecting your assets and ensuring your wishes are carried out. If you’re interested in learning more about how they can benefit you, don’t hesitate to reach out! I’m always happy to chat and answer any questions.
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: What is a spendthrift trust and how does it function?
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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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