Westside Law: Wills Estate Trust Lawyer Notary Public Vancouver BC

Trusts are one of the most flexible and useful estate planning tools. There are two types of basic trusts: living trusts (or inter vivos trusts) which are established while the property owner is alive and testamentary trusts which are established in a will and which come into effect upon the death of the property owner.

Trusts can be used for a variety of purposes including the following common ones:

• Children's Trusts: administering and maintaining property for minors until they reach an age of your choice.
• Dependent's Trusts: administering and maintaining property for individuals who are under some type of disability which prevents them from managing their own property.
• Spendthrift Trusts: preventing a beneficiary from depleting his or her inheritance.
• Asset Protection Trusts: protecting assets from depletion due to various types of claims including those under the Wills Variation Act, creditors claims and matrimonial property claims.
• Alter Ego Trusts: a special type of trust recognized by the Income Tax Act which provides certain benefits to individuals who are 65 years of age or older.

The establishment of trusts for children in an individual's will is fairly straightforward. However, the creation and settlement of other trusts is fairly complex. Nevertheless, the benefits of using trusts as part of your overall estate plan can be significant. In some circumstances, the financial benefits associated with the trust can far outweigh the costs of establishing and administering the trust.

Please contact us for further information and for fee quotations.