Having a lawyer who understands your overall estate planning goals will help ensure the trust is set up to do what you need to do over the long term. There are legal, financial and tax implications that you should discuss with your probate lawyer before creating a fund – revocable or irrevocable. In the case of a living trust, the exact process depends on the type of trust fund. In general, we follow these basic steps: a living trust can be set up without litigation and the assets of the trust can be changed at any time. If you want to pass on assets to beneficiaries, creating estate trust funds can be an effective solution. Even if you have established living trusts for beneficiaries, you still need a will. Many people named in a will as executors or executors of the estate have no training or experience in this role. The process of administering the estate may seem simple; However, the technical requirements arising from various legal provisions must be complied with. Early consultation with an estate lawyer ensures that the administration proceeds quickly and efficiently, eliminating liability, stress and frustration.
Estate trusts are important estate planning tools that allow another party (the “trustee”) to take possession of real estate or assets during your lifetime and mistake it for a beneficiary. The advice of an estate planning lawyer who has experience setting up trusts provides assurance that the “i`s have been noted and the t`s have been crossed.” Most people think of trust funds as a step in their larger estate plan when preparing a will, power of attorney, etc. Once a trust fund attorney from Vest Estate Lawyers LLP has helped you identify the type of trust you need, we will help you fill out the necessary paperwork to set them up as needed and ensure they are legally valid. Your will should list anything important that is not covered by your probate trusts, such as instructions on guardianship of dependent children. By setting up a living trust, you can transfer assets from your lifetime for tax purposes, which can also save beneficiaries on executor fees and estate taxes. Karen Platten believes in a practical and efficient approach that saves her clients time and money. With over 30 years of experience, she is able to provide a wealth of knowledge in estate planning, trusts, estate administration and dependency claims. Karen handles all types of estate planning, with a particular focus on helping business owners and individuals with complex issues such as cross-border estate planning and estate planning in second and third marriages. For families, creating a trust is particularly beneficial if you want to pass on property to a minor or dependent child. The trustee takes care of the trust until a certain date (for example, when the child reaches adulthood) and then it is returned to the beneficiary. You can configure a schedule for resource distribution.
There are too many different types of trusts to mention here. The type of trust you need depends on what you want to achieve with your assets. Since testamentary trusts are part of a will, the creation of such a trust fund requires the drafting or rewriting of a will to cover the terms of the trust. The transfer of assets from a living trust after your death is not affected by your will. As a lawyer specializing in corporate and corporate succession matters, trusts, wills and estate planning and administration, Audrey received her B.A. (1974) and LL.B. (1975 – Gold Medal) from the University of Saskatchewan and her LL.M. (1977) from the University of Illinois. She was a member of the Faculty of Law at the University of Saskatchewan for several years, where she taught taxes and offences. Audrey was called to the Saskatchewan Bar in 1980 and to the Alberta Bar two years later.
A CPLED statement. Others who have taken estate planning steps but have not received sound advice may never have considered trusts as a means of securing or passing on assets. Michelle is active in all areas of trust and estate law. With nearly 25 years of experience in corporate and commercial law, she provides comprehensive solutions to clients from both an estate and estate planning perspective. Michelle is recognized by Best Lawyers in Canada as the lead lawyer on trusts and estates. Michelle regularly lectures on estate and estate planning for clients, financial planners and insurance agents. She is also a dedicated member of her community and serves. Your estate fund can be constituted as a revocable or irrevocable fund. Shelly`s practice focuses on corporate and business matters, business and succession planning, estate planning including wills, continuing powers of attorney, personal policy, family trusts and estate administration. She is Team Leader at Wills, Estates & Trusts. Prior to entering legislation, Shelly worked for the Capital Health Authority and was Regional Coordinator for the Department of Laboratory Medicine.
She has also worked abroad as a medical laboratory technologist i. Irrevocable trusts cannot be changed because the assets they contain are no longer considered your property. Revocable trusts may be amended at any time. Wendi Crowe is recognized by Chambers as one of Canada`s leading private client lawyers. Her practice focuses on tax, business succession planning, trusts and estate planning to accommodate the complexities of today`s families. Through a practical, holistic and collaborative approach, she supports owner-operators in achieving their business succession goals. Wendi helps entrepreneurs transfer their business to a new owner, key employees or family members in a tax-efficient manner. W. Usually, all property (including money) over $5,000 to which a minor (under 18 years of age) is entitled must be turned over to the Public Trustee.
If the surviving parent wants to manage your child`s property on their behalf, they must get a court order appointing them as trustee of the child`s property. Perhaps even more worrisome is that without a properly drafted will, the Public Trustee is required to return all of your child`s or grandchild`s assets to the Public Trustee when they reach the age of majority, regardless of the value of the property or their ability to manage money. This situation can be avoided with a properly drafted will. Setting up an estate trust isn`t particularly challenging, but it can be difficult to do it in a way that implements your wishes and achieves your overall estate planning goals. Mistakes can be costly. Field Law`s estate and fiduciary dispute resolution team has extensive experience working with executors, administrators, lawyers, agents, trustees and beneficiaries in the negotiation, mediation, arbitration and litigation of claims. We have the knowledge and experience to help you resolve a wide range of disputes related to wills, trusts and estate administration.