Trusts

A trust is a legal structure in which control over assets (eg. real estate or money) is turned over to trustee who manages the assets for the benefit of specific beneficiaries.

Testamentary Trusts

Testamentary trusts are very common, especially where there are children involved.  Your assets can be left in the charge of a trustee who manages and distributes the funds to your children in accordance with your instructions.

Family Trusts

Family trusts are also commonly used to hold assets and distribute the income among various family members while retaining control and organization over how the assets are managed.

Henson Trusts

Henson trusts is the name commonly given to trusts involving a disabled or elderly beneficiary.   These beneficiaries may be entitled to certain government benefits which could be “clawed back” or denied if the beneficiary was to inherit any significant amount of money.

The Henson Trust allows the disabled beneficiary to be a beneficiary under the trust without losing entitlement to government benefits.

Offshore Trusts

Many people inquire about using offshore trusts as a vehicle for tax evasion.  If this is your intention, please do not call us.

Offshore trusts have many legitimate and legal functions.  Offshore jurisdictions have different laws thanCanadawhich can be used to protect assets from creditors.  These are called Asset Protection Trusts. 

Offshore trusts can also be used to protect assets which belong to non-Canadians.  For example, a trust can be created by an offshore relative who wants to leave assets to a Canadian beneficiary.  Offshore trusts can also be used by persons intending to immigrate toCanada.

Acting as Estate Trustee

Being named as the Estate Trustee for another person is a great honor and an indication of a great deal of trust and respect.  However, it is also a difficult and time-consuming task.

One of the first steps to be taken as Estate Trustee is to apply for Probate.