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Trusts
Types of Trusts
Exploring Different Types of Trusts
Trusts can be an effective tool for estate planning. Common types include:
Trusts can be an effective tool for estate planning. Common types include:
Family Trusts
Used to manage and protect family assets, often providing tax benefits.
Testamentary Trusts
Created through a will and activated upon death, often used for minor children or dependents.
Living Trusts
Established during a person’s lifetime to manage assets and provide for beneficiaries without going through probate.
Setting Up a Trust
How to Create and Manage a Trust
Creating a trust involves several steps:
Creating a trust involves several steps:
Choosing a Trustee
Selecting a trusted individual or institution to manage the trust.
Drafting the Trust Document
Outlining the terms and conditions of the trust, including the beneficiaries and the assets to be included.
Funding the Trust
Transferring assets into the trust.
Managing the Trust
The trustee is responsible for managing the trust assets in accordance with the trust document.
Related Topics
Guardians ensure the well-being and manage affairs for those unable to do so themselves.
A Living Will outlines preferences; Medical Power of Attorney appoints decision-makers if incapacitated.
Wills in Ontario must be written, signed, and witnessed by unrelated individuals to ensure legality and prevent disputes.