Trusts can serve a wide variety of functions and can be a vehicle to support legacy, tax and estate planning goals. A trust can help provide asset protection and/or control the disbursement of a legacy to the intended beneficiaries.
A trust could be considered in the following circumstances:
- protecting a vulnerable or disabled beneficiary
- multigenerational gifting
- blended family situations
- spousal support or protection
- tax, succession or incapacity planning
Trustee Support Guide
Trusts can be created either through a will, upon the death of the testator (testamentary trusts), or by trust deed, during one’s lifetime (inter-vivos trusts). When choosing a trustee or trustees, you should be confident the trustee understands the duties of the role and has the knowledge and expertise to administer the trust in a timely, efficient way.
Some common trusts (if available in your province):
- Qualified Disability Trusts and Henson Trusts – used to provide support for a disabled individual while taking advantage of preferential tax rates or protecting the beneficiary’s means-tested benefits (Henson trusts)
- Alter Ego and Joint Spousal Trusts – used for estate and probate planning, providing greater privacy than passing assets through an estate on death and saving on probate. Can also assist with incapacity planning
- Spendthrift Trusts – holds assets to provide for an individual who may have significant difficulty managing money on their own
- Trusts for Minors – it is often unadvisable or impossible for minors to inherit funds. These trusts can provide for the assets to be held until the child reaches the age of majority (or beyond)
- Family Trusts – sometimes created in conjunction with an estate freeze, these trusts may provide for some income splitting between family members as well as helping transition assets to subsequent generations
How we can help.
By appointing Solus Trust as sole or co-trustee, the trust will be managed in a way that is impartial and professional and achieve your desired objectives. We provide knowledge of trust law and the required tax expertise to fulfill all of the obligations required of a trustee.
Appointed as trustee and need help?
Solus Trust can act on a trustee’s behalf as an agent. In this capacity, Solus Trust provides guidance on decision-making and performs various administrative tasks on the trustee’s behalf, such as preparing annual trust tax filings or managing disbursements and maintaining proper trust records.