In general a trust can be set up during your lifetime, by way of an inter vivos trust, or upon your death, by way of a testamentary trust. It can be created by you either verbally or in writing, by statute or by the court. With a trust, a settlor asks a trustee to hold certain property in trust for a beneficiary.
At Sweatman Law Firm, we have extensive experience helping clients establishing a variety of trusts to suit different circumstances, including:
- Family trusts
- Henson trusts for families with child who have disabilities
- Charitable trusts
- Life insurance trusts
- Alter ego, spousal and joint partner trusts
- Asset protection trusts
It is important that if trusts are set up they are fully integrated with your estate plan.
Trusts Offer a Wide Range of Benefits
One of our experienced Oakville trust lawyers can explain in detail the benefits of these legal documents, including the following:
- Provide a method to transfer property to others without giving up control of the assets entirely
- Provide a way to give to and support disabled beneficiaries who are unable to manage property on their own
- Provide a way to benefit a disabled person without affecting his or her eligibility for government benefits
- May (subject to some restrictions) permit income and capital gains splitting among family members with lower tax rates
- Provide a method by will to provide for your spouse (or other beneficiary) during his or her lifetime (spousal trust), while controlling what happens to any remaining assets on the beneficiary's death
- Transfer future growth (when combined with an estate freeze) to the next generation in a tax-efficient way
- Protect assets from the claims of creditors by providing trustee discretion over the distribution of the trust property
When you select our law firm, we are available to:
- Advise you as to ways to utilize trusts in your will, based on your personal circumstances
- Discuss your personal and family circumstances to help you determine whether an inter vivos trust is right for you
- Prepare various types of inter vivos and testamentary trusts
- Review and interpret trust deeds
- Assist with the replacement and removal of trustees
- Advise you on the rights and obligations of trustees and beneficiaries
- Review and prepare trust accounts
- Advise trustees and beneficiaries with respect to inter vivos and testamentary trusts
Offering Personalized Estate Planning Solutions
Our Oakville trust lawyers can develop a solution that is appropriate for your needs and goals. This could be a trust set up during your lifetime, an inter vivos trust, or upon your death, by way of a testamentary trust as part of an estate plan. We have extensive experience in this area of law and the ability to provide customized solutions to meet any needs.
Providing Trust Administration Advice and Services
With a trust, a settlor, the creator of a trust, asks one or more trustees to hold certain property in trust for one or more beneficiaries. A trustee has a fiduciary responsibility, together with other trustees if they are named, to manage the assets and disburse the proceeds of the trust to a beneficiary in a proper manner. If you are a trustee, our firm can provide a range of trust administration advice and services to help you comply with the law and fulfil your duties. We can also counsel beneficiaries on their rights regarding trusts.
Focusing On Trust Litigation
Sweatman Law Firm represents trustees and beneficiaries in all types of trust litigation. Our extensive experience both as counsel and as litigators enables us to quickly identify the key legal issues in any dispute and develop an effective litigation strategy.
Contact Our GTA Estate Planning Law Firm
For advice and assistance regarding a trust matter, contact Sweatman Law Firm in Oakville, Ontario. We are committed to representing clients in Oakville, Mississauga, Burlington, Milton and throughout the Greater Toronto Area.
