How Trusts Empower You to Shape Your Estate Planning in Toronto & Pickering

How Trusts Empower You to Shape Your Estate Planning in Toronto & Pickering

(416) 380-7550v

What Is a Trust?

• A legal arrangement where assets are held by a trustee for the benefit of beneficiaries • Avoids probate court and its associated costs and delays • Offers flexibility and control over asset distribution

Learn more here: https://cohenlaw.ca/trusts/

Different Types of Trusts in Toronto

• Revocable Trusts: Can be changed or revoked by the grantor during their lifetime.

• Irrevocable Trusts: Cannot be changed or revoked by the grantor once created.

• Living Trusts: Take effect during the grantor's lifetime.

• Testamentary Trusts: Take effect after the grantor's death.

Benefits of Trusts: Unlocking the Secrets of Smart Estate Planning • Reduced Estate Taxes: Trusts can help minimize estate taxes by sheltering assets from the taxable estate.

• Asset Protection: Trusts can protect assets from creditors and lawsuits.

• Avoid Probate: Trusts can avoid the probate process, which can be time-consuming and expensive.

• Planning: Trusts can provide for the needs of a disabled beneficiary.

• Privacy: Trusts can keep assets private, which can be beneficial for families with a high net worth.

Challenges of Trusts

• Complexity: Trusts can be complex to set up and manage.

• Cost: Legal and administrative fees can be associated with trusts.

• Loss of Control: Grantors may lose some control over assets once they are transferred to a trust.

For experienced and professional trust lawyers in Toronto and Pickering, contact Cohen LLP, Barristers & Solicitors at (416) 380-7550

Choosing a Trust Lawyer for Your Estate Planning Deciding on a trust lawyer for your estate plan is a crucial step – after all, they'll guide you through complex legal waters to secure your family's future. Here's how to navigate the selection process: • Qualifications & Credentials • Communication & Compatibility • Fees & Services • Get Recommendations • Schedule Consultations For experienced and professional trust lawyers in Toronto and Pickering, contact Cohen LLP, Barristers & Solicitors at (416) 380-7550

References • Wills - https://cohenlaw.ca/wills/ • Power of Attorney- https://cohenlaw.ca/power-of-attorney/ • Estates and Probate - https://cohenlaw.ca/probate/ • Trusts - https://cohenlaw.ca/trusts/

Contact Us Toronto Office

Pickering Office

Cohen LLP

Stroud Cohen Law

41 Wynford Drive

1154 Kingston Rd., Unit 2

Toronto, Ontario M3C 1K1

Pickering, Ontario L1V 1B4

416-380-7550

905-837-1353

416-380-7555

905-837-237

https://cohenlaw.ca/

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