BMO Nesbitt Burns
80 King Street
St. Catharines, ON
Trust & Estate Considerations
Protecting your family through trustsWe work with you and your legal advisors to ensure that your estate plan is clar and accomplishes what is important to you in a tax-efficient manner.
With professional guidance & advice, a trust can:
Testementary TrustIs created upon your death under the provisioins of your will.
Inter-vivos trustExists during your lifetime for family or spousal benefit.
Henson trustCreated for the benefit and financial security of a disabled family member who is financially dependent or unable to manage their own money.
Having a will & power of attorney is essentialWithout a will, provincial laws dictate who receives your assets. A will gives you the comfort of knowing that your wishes will be respected after your death.
A properly drafted will should minimize income taxes, appoint an executor, and provide instructions regarding all your assets, including your business and personal effects.
Power of attorneyA continuing power of attorney for property (POA) provides for the management of your property should you become physically or mentally incapable during your lifetime.
When planning for incapacity, knowing there is a trusted decision maker, authorized to manage your financial and/or health affairs on your behalf is vital.
Joint ownership of property is not an adequate estate planThere are definitely benefits to joint ownership such as ease of transfer between spouses upon death. However, conflicts can arise if disgruntled heirs or creditors try to claim that the property should form part of the estate to be distributed by the terms of the will.
Again, professional advice is recommended. Talk to us as well as your tax and legal advisors about the benefits and risks.
Let's talk about estate planning. Contact us today.