Testamentary Trust Lawyer in
What are Testamentary Trusts?
is a legal entity that includes a settlor, trustee and beneficiaries. The settlor is the person who establishes the trust. The trustee is the person designated to manage the trust, and the beneficiaries are the family members and other individuals who will receive the property and assets of the trust. There are two general categories of trusts, a testamentary trust and an inter vivo trust. A testamentary trust is created through a will and becomes active following the death of the settlor. An inter vivo trust is established while the settlor is still living.
There are various types of testamentary trusts that can be set up, depending on the situation, including a spousal trust, a minor child trust and a special needs trust
. A testamentary trust can be extremely adaptable, such as including the terms and conditions under which assets will be distributed to beneficiaries, or leaving decisions regarding assets and property up to the trustee.
Contact a Winnipeg estate planning attorney
if you are considering establishing a trust for reliable legal counsel. A competent lawyer can review your estate and provide knowledgeable advice on how to ensure your property is distributed the way you want after you die.
Winnipeg Testamentary Trust Attorney
Assiniboia Law Office is a skilled estate planning firm that can assist you in the preparation of wills and the establishment of trusts. We are highly experienced in all aspects of estate planning, and can explain the various ways you can legally protect your interests.
Some of the advantages of establishing a testamentary trust include:
- Reduced tax obligations
- Flexibility in the terms of the trust
- Continuity of ownership
- Protection from creditors
- Protection from spendthrift beneficiaries
Our office can provide sound legal advice regarding your estate and how best to establish a testamentary trust.