Many people believe that a trust is only for the very wealthy, something that couldn't
possibly help them reach their family's financial goals. But that's not really the case. We all make
commitments during our lifetime that we want to see continued. A trust can provide the control needed to
ensure that these commitments to the financial security of others last a very long time.
A trust can be one of the most effective and flexible ways to ensure property is managed according to
your directions, or to transfer assets to your family or a charitable organization, both during and after
your lifetime. And it doesn't have to be complicated.
Do you require the benefits a trust can provide? Key questions to answer :
- Do you have a beneficiary with special needs or one who is too young to manage an inheritance?
- Do you want to provide income to someone without forcing him or her to make all the investment decisions?
- Do you have a cottage or family business?
- Are you concerned about taxes?
If you've answered yes to any of these questions, a trust deserves careful consideration as you plan your estate.
If a trust is right for your needs, our Trust Specialist can provide you with professional advice on:
- The role of a trust within your overall financial plan;
- The structure of your trust agreement,
- A comprehensive, long-term strategy to protect and transfer your assets, and
- The ongoing management of your trust.
As trusts can remain in existence for generations, we work hard to build a close relationship with your family and other beneficiaries. In many cases, beneficiaries ask us to help them with their own personal financial affairs such as investments, tax and estate planning. The fact that we have remained trusted advisors to many families over many generations demonstrates our ability to act impartially, efficiently, and with understanding.
Professional administration is also vital to the long-term success of your trust. This includes:
- Collection, reinvestment, and distribution of income capital;
- Custody and safekeeping of assets,
- Comprehensive reporting to beneficiaries,
- Trust tax preparation and filing, and
- Maintenance of personal financial records.
In addition, your trust and its beneficiaries will have the benefit of our professional advice in taxation, the management of private businesses and real estates, and charitable trusts.
If you wish, you may name a family member or other advisor as Co-Trustee in the management of your trust assets and we will consult with them about all major decisions.
In most cases, one of the following two types of trusts will meet your needs: - An Inter-Vivos or "living" Trust is arranged during your lifetime. The assets are then transferred to a trustee, such as Concentra, through Credential Financial Strategies, that ensures that the terms of the trust are carried out and that the trust is professionally managed. An Inter-Vivos Trust often becomes the foundation of your estate plan.
- A Testamentary Trust is set up under the provisions of your Will and can consolidate your estate plan for your heirs. Upon your death, the assets are retained in trust and administered according to the instructions given in your Will.
Both types of trusts can help you achieve a number of important estate planning objectives, including:
- Support for a beneficiary with special needs;
- Income to a loved one for life without the burden or responsibility of managing the estate's assets,
- Ongoing support to a favourite charity,
- Privacy - unlike a Will, a trust agreement can remain a private document between you and your trustee,
- The education or support of a beneficiary such as a child or grandchild,
- Holding in trust a family member's share of your estate until the individual reaches an age you consider appropriate,
- Holding an important asset such as a cottage or family business.
| Contact Us |
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| Credential Financial Strategies |
Jo-Ann Spicer
519-742-9998
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