Living Trusts
A "living" trust can ensure assets are well managed until it's the right time for your intended beneficiary to receive the benefit or ownership.
A living trust is created during your lifetime, not after your death, thus more accurately known as an "inter vivos trust, which is Latin for "between the living". If a trust is created after your death such as by your Last Will & Testament ("Will") then it is called a "testamentary" trust.
Trusts can have several benefits including tax benefits, providing specific control or management of certain assets, and possibly reducing taxes or probate fees if you change ownership before your death using an inter vivos trust.
Be sure to obtain tax advice about your choices & consequences from an experienced CPA.
The SEA TO SKY LAW Group serves ALL of BC, offering estate planning advice including the use and drafting of both living and testamentary trust.
