Testamentary Trust Law in Vancouver

Testamentary Trust Lawyers in Vancouver, British Columbia

Most people in Vancouver expect to write a will at some point in their lives. However, many are not aware of the various tools at their disposal for transferring assets when creating a will. A testamentary trust can be an important aspect of your will, helping you transfer assets to a loved one tax-effectively and according to your preferences after you pass away. The testamentary trust experts at Vest Estate Lawyers in Vancouver can help you create a will that carries out your wishes in the most effective way possible.

What is a testamentary trust in British Columbia?

Like all trusts, a testamentary trust holds assets on behalf of a beneficiary or a group of beneficiaries and is managed on behalf of these individuals by a trustee. A testamentary trust is not really a type of trust per se – it is an “umbrella” term that includes many types of personal trusts, usually created as part of a will. The key point about a testamentary trust is that it only comes into effect after you die – as opposed to a living trust, which transfers assets to a trustee during your lifetime.

Why establish a testamentary trust?

A testamentary trust is a flexible way to protect the financial interests of loved ones after you pass away. This is generally a key goal of any will, so a testamentary trust becomes a dynamic tool able to help you achieve your objectives and seamlessly transfer wealth and assets to the intended beneficiaries – a spouse, children, disabled family members, or other loved ones. Assets can be in the form of property, cash, investments, etc., and the trust can manage these and any income generated from them tax-effectively.

Main uses of a testamentary trust

The type of testamentary trust you set up will depend greatly on what you want to achieve. Most commonly in Vancouver, individuals create these personal trusts to achieve the following goals after they die:

1. Protecting minor children
2. Protecting disabled adults
3. Protecting spouses
4. Minimizing taxes and preserving pensions
5. Protecting assets

How are the assets managed in private trusts?

The person who manages the assets in a private trust is called the trustee. This is often (but not necessarily) the person who executes the deceased person’s estate. The role comes with great responsibility and requires some financial management skills. A nominated trustee may choose to hire a qualified financial advisor (often a lawyer or accountant) to assist.

Considering a testamentary trust in Vancouver?

The testamentary trust experts at Vest Estate Lawyers are committed to helping you use your will to protect loved ones. Establishing your trust to accurately reflect your goals can be challenging. We can advise and help you set up your trust in the right way. Start with a one-on-one consultation. A lawyer will analyze your situation and advise how you can best achieve your goals.