Testamentary Trusts in British Columbia
Most people 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 o a loved one according to your wishes. The estate planning experts at Vest Estate Law can help you create a will that carries out your wishes in the most effective way possible.
What is a Testamentary Trust?
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 your personal representative. 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.
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, individuals create these personal trusts to achieve the following goals after they die:
- Protecting minor children
- Protecting disabled adults
- Protecting spouses
How are the Assets Managed in a Trust?
The person who manages the assets in a testamentary trust is called the trustee. This is often (but not necessarily) the personal representative of the deceased person’s estate. The role comes with great responsibility and requires some financial management skills.
Considering a Testamentary Trust?
The estate planning experts at Vest Estate Law 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.
Our Vancouver intake staff are standing by to help you. Call (604) 256-7152 [toll free 1 (877) 415-1484] or contact us online to schedule an appointment.
We also have a dedicated intake form to help you get the ball rolling. Our intake team will review your specific case and advise you on the next steps to take, as well as what to expect moving forward.
Our Vancouver office is open 8:30 a.m.—4:30 p.m., Mon—Fri.
Preet Mandair
WILLS and ESTATES LAWYER
Preet’s practice focuses primarily on estate litigation. Preet is dedicated to providing practical and strategic advice to all clients in all aspects of estate litigation by understanding and assessing each client’s unique needs and advocating for her clients in a methodical and effective manner.
