Trusts are applicable in many instances and contrary to common belief do not only apply to the wealthy. Should a person have a large insurance policy payable to their named beneficiaries on death, own and operate a family business or have a dependant who is receiving provincial assistance for a disability; that person would be wise to seek legal advice on the benefits of a trust.

Trusts if prepared carefully, can minimize the amount of taxes payable for beneficiaries, shelter a beneficiary from losing provincial disability allowance, help insure that assets can be partially transferred to a beneficiary during your lifetime while maintaining some amount of control over that asset.

Generally speaking there are two types of trusts –a trust with named conditions to the trustee and a trust which vests all control to the trustee. Depending on the objective of the trust it may be enacted either during the lifetime or after the death of the person/ entity who put the trust in place.

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