Ted Cook on Living Trusts

Well folks, I’m here today with Ted Cook, a sharp and experienced trusts attorney based right here in beautiful Point Loma. Ted, thanks for taking the time to chat with me about living trusts.

Can You Explain What Exactly A Living Trust Is?

Ted: Sure! Think of a living trust like a safe box for your assets. It’s a legal arrangement you create during your lifetime where you put your belongings – like your home, savings, investments – into this “box” managed by someone you trust (often yourself initially).

• The key advantage is that when you pass away, these assets don’t have to go through probate court. Probate can be time-consuming and costly. A living trust helps your loved ones get what they’re entitled to much faster.

Let’s Dive Into Funding – How Does That Work?

Ted: Funding is crucial for a trust to work properly, it’s like putting the money in the safe box. You have to legally transfer ownership of your assets into the name of the trust. Imagine changing the title on your house deed from “John Smith” to “The John Smith Trust.”

You’ll also need to update bank accounts, investment accounts – anything with your name on it – so they become part of the trust.

Funding can be tricky; have you ever encountered any snags in that process?

Ted: Oh sure. I remember one client who forgot to update the beneficiary on her life insurance policy. She assumed it would automatically go to the trust, but because she hadn’t made the change, it ended up going to a distant relative instead. That was a real bummer, and something that could have been avoided with careful attention during funding.

What Advice Would You Give Someone Considering A Living Trust?

Ted: Honestly, if you own significant assets – a home, investments – or simply want to ensure your wishes are followed after you’re gone, a living trust is worth exploring. It offers control, privacy, and avoids the headaches of probate court.

Can people contact you for a consultation?

Ted: Absolutely! I’m always happy to chat with folks about their estate planning needs.

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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:
What is a special needs trust and how does it work in conjunction with government benefits?
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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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