Trusts can be settled during one’s life (inter-vivos) or upon death (testamentary). Trusts can be a lucrative estate planning tool, particularly where the objective is to preserve or provide added protection of wealth.
We at NIKA LAW LLP have particular expertise in trust law. We can advise, plan and draft trust instruments, trustee resolutions and prepare trust accounts.
Popular inter-vivos trusts include: Alter Ego Trusts for persons over the age of 65, and Joint-Partner Trusts. Family Trusts are an another important planning strategy, best used by private business owners who have a multi-generation estate plan.
On death, trusts are vital for beneficiaries who may be too young to manage wealth or for adult beneficiaries who you want to protect from themselves. Persons with disabilities and/or special needs can often benefit from a special type of trust called a “Henson Trust” which aims to protect recipients of Ontario Disability Support Program benefits (ODSP) while providing other discretionary benefits from an estate.
Are you a beneficiary of a trust?
Often, trust beneficiaries are at the mercy of the appointed trustee and have no insight into the terms of the trust meant to benefit them. Understanding the terms to which a trustee is bound and your rights to information and to distributions as a beneficiary is important. Just as we encourage trustees to seek legal advice before and throughout the administration of a trust, we promote beneficiaries to do the same. We at NIKA are here to help, regardless of your role within the structure of a trust.