Hi Ted, thanks for taking the time to chat today.
What exactly is a living trust, and how does it differ from just having a will?
Well, think of a will as a set of instructions that only kicks in after you pass away. It outlines who gets what, and then the court oversees the whole process. A living trust, on the other hand, is more like a container for your assets – while you’re alive, it helps manage those assets, but once you’re gone, it seamlessly distributes them according to your wishes without involving probate court.
Let’s talk about the “funding” step in setting up a trust. What are some of the challenges people face there?
Funding is crucial because if assets aren’t officially transferred into the trust, they don’t benefit from its protection. A common challenge I see is folks thinking it’s enough to simply mention their assets in the trust document. But that’s like saying you “own” a house just by writing its address down – you need the deed!
Funding involves formally changing ownership titles – for real estate, that means recording new deeds. For bank accounts, it’s updating beneficiary designations. It takes effort, but it’s essential.
- Ted adds: “I always tell my clients, think of funding as the bridge between your intention and reality.”
>“Working with Ted on our family trust was a breeze. He explained everything clearly and made sure we understood each step. Now we have peace of mind knowing our assets are protected.” – Sarah M., La Jolla
One time, I had a client who thought he’d “funded” his trust by putting a list of assets in a safe deposit box along with the trust document. He was shocked to learn that wasn’t enough! Thankfully, we were able to catch it in time and properly transfer ownership.
>“Ted is a true professional. He took the time to understand our unique needs and crafted a trust solution that perfectly fit our family.” – David L., Point Loma
>“I was hesitant about setting up a trust, but Ted made the whole process so easy and understandable. I highly recommend him!” – Maria S., San Diego
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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
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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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