There are two broad categories of trusts, an inter vivos trust and a testamentary trust. An inter vivos trust is created by a deed or instrument during one’s lifetime. A testamentary trust is created under one’s will and comes into being upon death of the testator.
A trust involves a relationship between the “settlor” who settles the trust property; a “trustee” who administers the trust; and a “beneficiary” who enjoys the fruit of the trust property. Trusts can be set up for different types of situations, including family trusts andspecial needs trusts. Because the beneficiary never holds legal title to the trust property, the trust property will be protected from creditors of a beneficiary, and is an excellent planning tool to provide for a spendthrift beneficiary or beneficiary with special needs. A trustee can either be an individual, a trust company or both. All trustees have a fiduciary obligation to the beneficiaries of the trust, and must act in their best interests at all times.
To find out more about trusts,contact Winnipeg estate planning lawyer from Assiniboia Law Group. We are an experienced and reliable estate planning law firm that can provide skilled legal advice regarding trusts, the duties of executors and acting executors as well as provide powers of attorney.
There are many different reasons to have a trust, such as:
Our office can answer your questions about trusts, wills and how best to ensure your assets are distributed according to your wishes after your death.