Legal Trusts in British Columbia

Trust Lawyers in British Columbia

Setting up a legal trust may be an effective solution if you are looking to pass on assets to beneficiaries. A trust can help you maintain some control over how and when your assets are distributed, as well as helping to minimize taxes for heirs and it may allow your estate to bypass probate. At Vest Estate Law, our lawyers can help you consider your trust options and establish your trust so that they reflect your wishes.

What is a legal trust?

A legal trust is an entity that can hold assets, just as a person or corporation, each trust has distinct and separate rights. A trust appoints a person, the trustee, to hold and manage assets and real property for the beneficiaries of the trust.

You can create a living trust or inter-vivos trust, which will hold specific assets for your benefit during your lifetime. Upon your death, the trustee of your trust will then transfer the assets to the beneficiaries of the trust.

There are specific requirements that must be met before you can paper a living trust at Vest Estate Law, our lawyers can help you consider if you meet these requirements.

A testamentary trust is created in your will and sets out how you wish your assets are to be distributed after your death.

How will your estate planning lawyer assist?

Once an estate planning lawyer from Vest Estate Law has helped you identify the type of trust you need, we will help you complete the paperwork to set it up as required and to ensure that it is legally valid. Trusts should be treated as a part of your overall estate plan, and we can use our experience to advise you on how best to protect your interests and those of your loved ones.

Can you set up a trust without a lawyer in British Columbia?

There is no legal requirement to hire a lawyer to set up a trust, it is strongly recommended that you seek legal advice and guidance from a legal professional. The paperwork, record-keeping requirements, and tax implications are so complex that few people are equipped to navigate all the hurdles alone. Having the guidance of an estate planning lawyer experienced in setting up trusts provides the peace of mind that the “i’s have been dotted and the t’s crossed.”

Make trusts a part of your estate plan in British Columbia

Most people consider a trust as a step in their broader estate plan when preparing a will, power of attorney, and so on. Either way, an estate planning lawyer at Vest Estate Law is ready to listen to your goals and advise you of your options.