Trusts

trustsTwo main categories of Trusts operate in Canada.

TESTAMENTARY TRUST - A testamentary trust is a trust or estate that is generally created on the day a person dies. The terms of the trust are established by the will or by court order in relation to the deceased individual's estate under provincial or territorial law.

Generally, this type of trust does not include a trust created by a person other than a deceased individual, or a trust created after November 12, 1981, if any property was contributed to it other than by a deceased individual as a consequence of the individual's death.

What is the purpose of a Testamantary Trust. Typically these are created by either a deceased individual through a will or by a Court for the benefit of a beneficiary who is incompetent to manage the assets placed in a trust. Incompetence can stem from under legal age, infirmity or lack of suffistication in managing financial affairs.

INTER VIVOS TRUST - An inter vivos trust is a trust that is not a testamentary trust. There are many different types of inter vivos trusts each with its own set of tax rules. Here are a few of the common ones.

 

As always these are general description and for general information ONLY, you need to seek professional advice to see how any action benefits or impact your situation.

 


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