Why you may need or want to set up a trust in your estate
Working with our clients to protect their assets and minimize income tax and probate fees is very much a part of our comprehensive approach to planning. As Chartered Professional Accountants, we encourage our clients to look beyond their annual income tax filing needs and actively prepare for the future.
There are many reasons why we recommend Trusts to clients. “Trusts are considered beneficial because they give parents control over who gets their assets, how much and when. Trust assets are not subject to probate fees and are protected from creditors or other legal battles. The contents of a trust also remain private, unlike a will, which becomes a public document when an estate goes into probate, which is when a will is legally validated.”
This Globe and Mail article discusses how trusts might benefit those who are thinking about ways to pass on their wealth, and some factors that should be considered before choosing this strategy.
This type of planning is complex. We invite you to discuss your family’s unique needs and wishes with us to determine whether a Trust might be the right solution for you.