Establishing Trusts: Strategic Estate, Trust and Tax Planning Solutions with Granville Law Group

A trust is a relationship that exists between the Settlor, the Trustees and Beneficiaries. A trust is settled when a person (the “Settlor”) transfers property to another person (the “Trustee”) to hold for the benefit of one or more persons (the “Beneficiaries”). The trust agreement or deed defines what the Trustees may do with the trust property and outlines the interests of the Beneficiaries.

Trusts are used in Estate Planning and Tax Planning and as asset protection tools. A trust can be created by a Will to come into existence as a result of the death of the testator (testamentary trusts) or settled during the settlor’s lifetime (inter vivos and life interests trusts).

The inter vivos trusts and life interest trusts are subject to a flat highest marginal rate of tax applicable to individuals. Also all income is attributed to the settlor and their spouse. A testamentary trust may be subject to marginal rates applicable to the individuals for the first 3 years of its existence.

 

At Granville Law Group, our lawyers are dedicated to creating the right plan for you and your family, we offer over 55 years of legal experience effectively guiding our clients toward their goals.

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Testamentary Trusts
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Inter Vivos Trusts
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Life Interest Trusts

You can find additional information on our blog.

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No two situations are exactly alike; we take the time to listen, discuss, and analyze your needs and goals, so that we can provide you with personalized advice, answers and options.

Arrange a free, 30-minute consultation with Granville Law Group. Call our team at 604-669-6580 today!

Frequently Asked Questions

1. What is a trust, and why should I consider setting one up?

A trust is a legal arrangement that allows you to manage and protect assets for beneficiaries, often used for estate planning and asset distribution.

2. What types of trusts are available?

Common types include testamentary (established under the will) and inter vivos trusts (such as family trusts, life interest trusts), each serving different financial and estate planning goals.

3. How can a trust protect my assets?

Trusts may shield assets from creditors and greedy relatives, and ensure that your assets are distributed according to your wishes.

4. Who should be a trustee, and what are their responsibilities?

A trustee manages the trust assets, following the instructions in the trust document. They can be a trusted individual or a professional trust company.

5. Can I modify or revoke a trust after it's created?

It depends on the type of trust. Revocable trusts can be altered or revoked, while irrevocable trusts cannot.

6. How does a family trust benefit my heirs?

A family trust can provide financial support to your heirs, provide protection for the assets from potential creditors or legal disputes, allow for tax and estate planning and allow continuous management.

7. What are the tax implications of setting up a trust?

Trusts can offer tax advantages, such as avoiding probate or tax deferrals, but the specifics depend on the type of trust and your individual circumstances.

8. Can a trust help in avoiding probate?

Yes, assets held in a trust typically bypass the probate process, allowing for quicker and more private distribution to beneficiaries and continuity of management.

9. How do I set up a trust with Granville Law Group?

You can start by consulting with their legal experts to determine the best trust structure for your needs.