Testamentary Trust Services
Testamentary Trust Services
At Legacy we have always been advocates of Responsible Inheritance. To us this means passing your legacy in a way that in practice helps and does not ultimately hinder your beneficiaries.
Testamentary trusts are used to determine how assets are distributed after passing away (Testamentary) and are not to be confused with Inter Vivos trusts which deal with transferring assets during one’s lifetime (Inter Vivos). Trusts are the most flexible planning tools in Canada and often require that a trust company (the trustee) provide ongoing management, oversight and administration.
Who Can We Help?
We can help you if:
- Those you trust don’t have the appropriate professional skillsets
- Those you trust need partial support from a professional
- Those you trust live far away or in other legal jurisdictions
- Those you trust live busy lives
- Those you trust are elderly or may predecease you
- Those you trust need the full support of a professional
- You don’t have anyone appropriate to appoint
How Can Trusts be Used?
- To leave a responsible inheritance
- To prevent the misuse of an inheritance
- Asset protection from a relationship breakdown of beneficiaries
- Disability planning to maintain government benefits
- Asset protection from creditors
- Tax planning
Types of Trusts
- Asset protection trusts
- Charitable remainder trusts
- Cottage trusts
- Discretionary trusts
- Education trusts
- Education trusts
- Family trusts
- Henson or special needs trusts
- Insurance funded trusts
- Inter-generational trusts
- Irrevocable trusts
- Minor beneficiary trusts
- Personal trusts
- Revocable trusts
- Settlement trusts
- Spendthrift trusts
- Spousal Trusts, and more
Trustees
The roles and responsibilities of a trustee are always contingent on 3 factors: the terms of the trust, the assets involved and the needs of the beneficiaries. Available time, skills and residency impact a trustee’s abilities.
Duties & Responsibilities
- Follow the terms of the trust
- Keep trust in line with applicable law
- Understand and meet beneficiaries’ needs
- Reports and trust tax returns
- Regulatory compliance
- Maintain trust accounting
- Oversight of trust investments and investment managers
- Review of discretionary payments
- Protect the trust from challenges and creditors
- Ongoing management and administration
Skills Required
- Able to work with beneficiaries
- Cooperation with other stakeholders
- Knowledge of trust tax reporting
- Knowledge of trust law
- Knowledge of trust tax law
- Knowledge of trust accounting
- Discretionary decision making
- Investment oversight
Legacy Private Trust Can be Appointed as:
- Sole Trustee
- Co-Trustee with a family member or trusted friend
- Agent to an individual who is acting as Trustee, to help them with some or all of the tasks involved
"At Legacy we have always been advocates of Responsible Inheritance."
-Andrea Love
-Andrea Love