Family Trust & Estate Planning

Your estate consists of all the assets you possess at the time of your death. These assets could include:

• Securities
• Real estate
• Interest in a business
• Personal property
• Cash
• Retirement plans
• Life insurance death benefits

Estate planning and family trusts can be beneficial for anyone who has assets that they want to protect and manage effectively. This can include individuals, families, and even businesses. In general, people who may benefit from estate planning and family trusts include:

• People who want to make sure that their assets are distributed according to their wishes after they pass away.
• People who have significant assets, such as real estate, investments, or other property, that they want to protect from creditors, lawsuits, or other potential threats.
• People who want to minimize the taxes and other expenses associated with transferring their assets to their heirs.
• People who want to provide for loved ones who are unable to manage their own affairs, such as children or adults with disabilities.
• People who want to establish a legacy that reflects their values and goals, such as charitable giving or support for a particular cause.
  

Estate planning and family trusts can be particularly important for people who are concerned about preserving their wealth and ensuring that it is used in a way that is consistent with their wishes. An estate planning lawyer can help clients determine whether these legal tools are right for them, and can assist with the process of creating and implementing a plan that meets their needs and goals.

A well-designed estate plan typically includes several key elements. These may include:

• A will and/or trust that specifies how the person's assets will be distributed after they pass away. This can include instructions for the distribution of specific items, as well as more general provisions for the distribution of the person's property.
• A power of attorney that allows the person to appoint someone else to manage their financial and legal affairs in the event that they become incapacitated.
• A representation agreement that allows the person to appoint someone else to make healthcare decisions on their behalf if they are unable to make those decisions themselves.
• Instructions for the care of any minor children or dependents, including the appointment of a guardian or trustee to manage their assets and make decisions on their behalf.
  

In addition to these core elements, a well-designed estate plan may also include provisions for charitable giving, special needs trusts for loved ones with disabilities, and other components that are tailored to the individual's specific goals and circumstances. Strive Law can help clients design and implement an estate plan that meets their needs and achieves their objectives.

A trust does not replace the need for a will. A will is a separate legal document that allows you to specify how you want your assets to be distributed after you pass away. This is particularly important if you have assets that are not held in your trust, or if you want to appoint a guardian for your minor children or dependents.

In general, a trust and will are effective tools in your overall estate plan. and provide the most comprehensive protection for your assets and ensure that your wishes are carried out after you pass away. Strive Law can help you determine the best approach for your individual situation and can assist with the creation of both a trust and will.

A trust is a legal arrangement in which one person, called the settlor, transfers ownership of an asset(s) to another person or entity, called the trustee, to hold and manage for the benefit of a third party, called the beneficiary. The settlor and trustee create the trust by executing a legal document called a trust agreement, which specifies the terms and conditions of the trust.

The trustee is responsible for managing the assets held in the trust and using them to provide for the beneficiary. This can include investing the assets, making decisions about their use, and distributing them according to the trust agreement. The beneficiary has the right to receive the benefits of the trust, but they do not have direct control over the assets held in the trust.

Trusts can be used for a variety of purposes, including estate planning, asset protection, charitable giving, and providing for loved ones who are unable to manage their own affairs. At Strive we can help individuals and families determine whether a trust is right for their situation and can assist with the creation and administration of a trust.

The legal documents needed for estate planning in Canada will depend on an individual's specific situation and goals. However, some common legal documents used in estate planning in Canada include:

• A will, which is a legal document that specifies how a person's assets will be distributed after they pass away.
• A power of attorney, which allows a person to appoint someone else to manage their financial and legal affairs in the event that they become incapacitated.
• A representation agreement, which allows a person to appoint someone else to make healthcare decisions on their behalf if they are unable to make those decisions themselves.
• In addition to these core documents, an estate plan may also include other legal instruments such as inter vivos, alter egol and joint partner trusts, insurance policies, and other documents that are tailored to an individual's specific goals and circumstances. At Strive we can help clients determine the best approach for their situation and assist with the creation of the necessary legal documents.