3 Reasons a Trust May Make Sense For Your Family Even Though Your Name isn’t Trump, Gates, or Rockefeller

Trusts have long been a way that particularly wealthy families have strategically outwitted many legal and financial issues. Any family lawyer Ontario can explain the many benefits that come along with setting up a trust. The most obvious being that your heirs can easily avoid probate and the cost of probate Attorneys Ontario after your passing.

The Two Types Of Trusts

Trust and estate Attorneys Ontario can set up two different types of trusts for you. These include a living trust and a testamentary trust. A living trust is one that is set up during your lifetime. A testamentary trust is one that is set up after your passing. The latter may also be referred to as an inter-vivos trust.

One very popular type of living trust is a revocable trust. This is considered a very flexible type of trust. This type of trust can be altered at any point in time that you may wish. Revocable trusts are very simple and easy for people of all financial statuses.

Your trust litigation lawyers Ontario will advise you to retitle your assets into the name of the trust once it’s properly set up. This is a must-do to ensure that assets are protected under the trust. Once all assets are in the name of the trust, you’ll simply need to sign any official documents regarding them as the trustee.

An irrevocable trust is another common type of living trust. Once this type of trust is set up, it’s completely permanent. An irrevocable trust is commonly established for things like estate taxes and setting up funds for children or grandchildren. This type of trust fund is what most people think about when they hear the words ‘trust fund.’

You Can Reduce Estate Taxes

Any estate litigation lawyers Ontario can assist you in setting up a trust to reduce the real estate taxes that your heirs will pay. Traditionally, all wills must go through a probate process where the actions of the will are played out. 

This can be costly for the heirs. In addition, they’ll have to pay for the transfer of any estate belonging to their name. That is, unless there is a trust already established.

Wills Just Don’t Cut It Anymore

All probate Attorneys Ontario will tell you that the law hasn’t quite kept up with the changing of times. It’s no surprise considering the fact that it can take years to get laws passed. With the complexity of today’s family structure, it helps to have a trust that makes transferring assets much easier.

Any family lawyer Ontario can tell you that families are complex. There are people who are getting married a second and even third time. There are children that are born without both parents being married. There are people having long-term relationships that are similar to marriage but not recognized by the law. These can complicate any will probate process according to trust and estate Attorneys Ontario.

To Protect Your Financial Well-Being

All trust litigation lawyers Ontario recommend setting up trusts to help ensure your financial well-being going into the future. Unfortunately, people find themselves dealing with conditions like dementia and Alzheimer’s. When this happens, a trust can ensure that you can afford the medical help that you need. Your estate litigation lawyers Ontario can specify how your finances are to be handled through a trust.