Many people assume that a simple will is enough to handle all their estate planning needs, but the truth is, without a well-structured trust, your assets might not be distributed exactly as you wish.

Trusts are commonly used in estate planning to help ensure your assets are distributed the way you want, especially if you want to leave something for minors, provide for someone with special needs, or control how and when your beneficiaries receive their inheritance.

When you create a trust, you decide who will manage those assets (the trustee) and how they should be used to support your beneficiaries, whether that’s your partner, children, grandchildren, or other loved ones. The trustee, who can be a family member, friend, or professional, is responsible for managing the trust according to your instructions and in the best interest of the beneficiaries, providing an added layer of control and protection for your assets.

Choosing the right type of trust and deciding on the details are critical steps in the process. This often requires the expertise of an estate lawyer, but the end result is a flexible tool that can help safeguard your wealth and legacy and take care of your loved ones.

At DLegal, our trust lawyers handle creating personalized trust plans to safeguard your assets and ensure they are distributed according to your wishes after your passing. However, trusts are not right for everyone. Get in touch with our trust lawyers to discuss whether building one is suitable for your situation.

If you do decide to move forward, we will help draft the legal documents needed to create a trust, such as the trust deed, and work with you to structure the trust in a way that avoids disputes and aligns with your goals, whether it’s for estate planning, asset protection, or providing for loved ones.

Our trust attorneys can be incredibly helpful in administrating your trust, giving you peace of mind, and ensuring everything runs smoothly and in compliance with Alberta trust law. We can guide you or the trustee through the legal and financial responsibilities, ensuring the trust is managed according to the settlor’s wishes and in the best interests of the beneficiaries.

In addition, we can assist with interpreting the trust document, ensuring tax obligations are met, and providing advice on managing and distributing assets properly. If any legal issues or estate plan disputes arise during the administration, our attorneys can help resolve them, reducing the risk of estate litigation or misunderstandings.

Over time, personal circumstances and laws can change, and that’s where the services and advice of a trust lawyer become crucial. When you set up a living or inter vivos trust, the trust document is drafted based on your current situation, goals, and the legal framework in place at the time. However, life events like marriage, divorce, the birth of children, or changes in financial circumstances might require adjustments to the trust. Similarly, changes in tax laws or inheritance regulations could also necessitate amendments to your trust.

Similarly, laws regarding taxes, inheritance, succession, estates, or trusts themselves can change, potentially affecting how your trust operates or the tax implications it may have. A trust lawyer helps you review your trust periodically to ensure it still meets your goals and complies with current legal requirements.

If changes are needed, our trust lawyers can help you to amend the trust. These amendments might involve changing beneficiaries, updating the distribution of assets, adding new assets to the trust, or adjusting trustee responsibilities. Regular reviews and the ability to amend the trust ensure that it remains a flexible and relevant tool in your estate plan, capable of adapting to new circumstances.

Creating and administering a trust is one of the most important steps you can take to protect your family, loved ones, and legacy. But it’s not just about setting up the paperwork; it’s about building a strategy that works for your unique situation. At DLegal, our trust lawyers offer personalized client services, ensuring that your assets are managed according to your wishes and that the future of your family is secure. With our extensive experience and commitment to client satisfaction, we can simplify the trust process and help you create a personalized succession plan that keeps your estate safe while giving you peace of mind.

Our experienced wills and trust law firm can simplify the trust process and help you create a personalized succession plan that keeps your estate safe while giving you peace of mind. We are here to simplify all aspects of estate planning for you and your family and can help with anything from estate litigation to general estate administration. Get in touch today to get started with a trust.