Today we’re sitting down with Ted Cook, a Trusts attorney here in sunny San Diego. Ted, thanks for taking the time to chat with me.
How do you explain Trusts to someone who has never heard of them before?
“Think of a Trust like a safe box for your assets,” Ted says leaning forward. “It’s a legal entity that holds and manages your property – things like houses, savings, investments – according to your wishes. You decide who benefits from those assets, when they receive them, and how they’re used.”
What are the key advantages of setting up a Trust?
Ted smiles. “People often come to me wanting to avoid probate, that long and sometimes costly court process after someone passes away. A Trust allows you to bypass probate altogether, meaning your loved ones inherit faster and with less hassle. It also provides privacy – unlike a will which becomes public record, a Trust keeps your financial affairs confidential.”
- Privacy
- Avoiding Probate
- Control Over Asset Distribution
Let’s dive into the “Funding” stage. What are some common challenges you encounter when helping clients transfer assets into their Trust?
“Ah, funding – it’s crucial but can be tricky,” Ted explains. “Some people think simply naming a Trust as beneficiary on their bank accounts is enough. But it’s not! The legal ownership of the asset has to change. We have to formally retitle deeds for real estate, update account titles, and adjust beneficiary designations. It takes careful attention to detail.”
“Ted was incredibly patient in explaining all the details about funding our Trust. We felt confident we were doing everything correctly.” – Sarah M., Point Loma
“I remember one case,” Ted continues with a chuckle, “where a client had meticulously listed every asset they owned but forgot to mention a safe deposit box! Luckily, we discovered it in time and were able to transfer the contents into the Trust. It highlights how important it is to be thorough.”
>”We weren’t sure if a Trust was right for us, but Ted took the time to listen to our concerns and explain all our options. We felt empowered to make the best decision for our family.” – John & Susan K., La Jolla
Is there anything else you’d like readers to know?
Ted leans back in his chair, “Estate planning can seem daunting, but it doesn’t have to be. Taking steps now to protect your loved ones and ensure your wishes are followed is a gift that keeps on giving.” He pauses thoughtfully. “If you’re wondering if a Trust is right for you, don’t hesitate to reach out. Let’s discuss how we can build a plan tailored to your unique needs.”
“Ted made the whole process of setting up our Trust so easy! His expertise and professionalism were top-notch.” – Maria L., Mission Beach
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:
Can an Asset Protection Trust protect assets from family disputes? 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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