Estate Planning and Trusts
Tomorrow is a gift, not a promise
Tomorrow is a gift, not a promise
Living in the moment and spending quality time with family and loved one’s are some of life’s most precious gifts. But ensuring your affairs are in order with a detailed and personalized plan are also imperative to protect you and your family from unexpected events in the future.
The goal of Estate Planning:
The goal of estate planning is to guarantee the protection of those closest to you, from the first moments when you can no longer ensure their well-being and look after their financial security.
Each plan we complete is unique and customized. It is designed to reflect your wishes and life choices. We understand how to translate your most important wishes into a tangible plan using strategies adapted to your situation.
Why it’s important to have an estate plan:
- Document how you want your assets to be distributed after your death
- Prevent any misunderstandings among your heirs
- Plan for any situation
The value of a personalized Estate Plan
An estate plan will allow you to:
- Plan the steps and ensure the transfer of your assets at your death, according to your wishes
- Maintain your family’s quality of life in the short and/or long term
- Reduce probate fees (no probate fees in Quebec) and optimize taxation on revenues
- Anticipate funeral costs and allow your loved ones to mourn without having to deal with administrative formalities
- Plan charitable donations, if appropriate
- Appoint those who will carry out your wishes in case of incapacity
There are very few certainties in life, but unfortunately, death is one of them. It can happen anytime, and even if it is inevitable, its aftermath can be completely planned. Doing nothing or waiting until it is too late is certainly not in the best interest of your family or your business.
Your personalized estate plan in five steps
Our estate planning process takes you through five key steps to ensure your affairs and wishes are in order to provide you with complete peace of mind.
A comprehensive estate plan will ensure that your wealth is transferred to your loved ones in the way you intend. One vehicle that a lot of high-net-worth families utilize to ensure this transfer happens smoothly is the establishment of a Trust.
What is a Trust?
A trust is a legal relationship among the person settling the trust (the settlor), the person holding and administering property (the trustee) and the person(s) who are to benefit from the property (the beneficiaries). In Lehman’s terms, it is a medium for holding and transferring family assets.
Types of Trust
There are two main types of trust in Canada:
Also called “living trusts” are created during your lifetime for a variety of reasons. They are a way to manage assets today while at the same time planning for your estate.
Is established upon the death of the testator. It is stated in his/her will. There could be more than one testamentary trust in a will.
By working through our estate planning processes, our experts will be able to provide insight on whether a trust is applicable for your own circumstance. And if so, what type of trust will provide the most desired outcome based on your wishes.
Solutions created by establishing a Trust
Trusts are often a workable solution to many estate planning needs such as:
- Centralizing management of assets and ensuring continuity upon the incapacity or death of the person setting up the trust
- Managing assets for minor children until they reach the age of majority or a later age
- Managing assets for beneficiaries who lack the ability or interest to manage the assets on their own (including beneficiaries with a mental or physical disability, or that suffer from addictions)
- Protecting assets from spendthrift beneficiaries (and their creditors)
- Protecting assets from disgruntled family members
- Providing for children from a previous marriage
The administration of a trust is complex and requires expertise in several areas. Through our team-based approach and complete wealth management offering, you can be assured that your estate and trust objectives are fully realized.
We’re here to help
Your estate planning requires time and reflection, but will bear witness to your vigilance and attention with respect to your loved ones.
By your side, our experts will provide permanent and conscientious support for you in all the steps of a successful plan.
By choosing to complete your estate plan with our experts, you are offering yourself peace of mind.
Let us help you create the life you’ve earned. We have the expertise required to navigate life’s trickiest transitions and create enduring family legacies for generations to come.
From personalized investment portfolios to in-depth financial planning to nurturing your business transition; we provide the expert advice and holistic wealth management you need to feel confident in your family’s future.