Trusts

Trusts can be extremely flexible tools used in professional estate planning. A trust is created by the transfer of an asset to a trustee who looks after it for the benefit of another person or persons. A trust can help you with both family-related and with tax-related planning issues.

There are several kinds of trusts, including trusts created during your lifetime and testamentary trusts setup in your will. They form an important part of the tool kit available in planning your estate. Here are some of the benefits of including trusts in your estate planning.

Trusts can help you:

• Protect family assets.
• Reduce probate costs.
• Provide income for dependents who cannot handle financial matters.
• "Freeze" your estate to transfer future growth to the next generation.
• Reduce tax.
• Avoid unnecessary publicity of your wishes.
• Avoid Wills Variations Act.