Winnipeg Trust Administration
Trust Administration and Your Estate
There are two primary categories of trusts, an inter vivo
trust and a testamentary
trust. An inter vivo trust is established by a settlor while he or she is still alive. A testamentary trust is activated through a will following the death of the settlor. Once a trust
has been established, it is managed by a trustee. A trustee can be any legal entity, individual or otherwise, including the executor of the settlor's will, another named person, a legal office, an accountant or bank. There are many legal and financial details that often need to be addressed when managing a trust. Depending on the terms of the trust, an administrator may be required to maintain regular contact with beneficiaries, pay debts, invest financial assets, prepare and file tax returns, distribute assets and/or income.
If you are the executor of a trust and have questions regarding its management, including asset distribution, investing, transfer of assets, contact a Winnipeg estate planning lawyer
from the Assiniboia Law Office for reliable legal advice. Our office has over two decades of experience in estate planning
and trust administration. We are intimately familiar with trust laws, and are well-versed in trust processes and procedures. Our firm can provide sound counsel to trust administrators, in addition to qualified trust administration services.
Trust Administration Attorney in Winnipeg
A trust administrator must know and abide by the terms of the trust, and make fair decisions in the best interests of the beneficiaries. There are many reasons why you should consider establishing a trust, including:
- Asset protection from creditors
- Reduced tax requirements
- Asset control
- Continuity of ownership
A reliable attorney from our firm can guide you through the process of establishing a trust, and help ensure that it is properly administered.