Trust Services
For those with an immediate need for trust and estate administration, Legacy Private Trust is pleased to offer our boutique Trust Services. We can be appointed as a trustee in a trust agreement, hired to act as an agent to an individual acting in a fiduciary role or become involved through a court appointment process. Below is an outline of our immediate need services in more detail:
- Those you trust don’t have the appropriate professional skillsets
- Those you trust need partial support from a professional
- Those you trust live far away or in other legal jurisdictions
- Those you trust live busy lives
- Those you trust are elderly or may predecease you
- Those you trust need the full support of a professional
- You don’t have anyone appropriate to appoint
- To leave a responsible inheritance
- To prevent the misuse of an inheritance
- Asset protection from a relationship breakdown of beneficiaries
- Disability planning to maintain government benefits
- Asset protection from creditors
- Tax planning
Types of Trusts
- Asset protection trusts
- Charitable remainder trusts
- Cottage trusts
- Discretionary trusts
- Education trusts
- Education trusts
- Family trusts
- Henson or special needs trusts
- Insurance funded trusts
- Inter-generational trusts
- Irrevocable trusts
- Minor beneficiary trusts
- Personal trusts
- Revocable trusts
- Settlement trusts
- Spendthrift trusts
- Spousal Trusts, and more
The roles and responsibilities of a trustee are always contingent on 3 factors: the terms of the trust, the assets involved and the needs of the beneficiaries. Available time, skills and residency impact a trustee’s abilities.
Duties & Responsibilities
- Follow the terms of the trust
- Keep trust in line with applicable law
- Understand and meet beneficiaries’ needs
- Reports and trust tax returns
- Regulatory compliance
- Maintain trust accounting
- Oversight of trust investments and investment managers
- Review of discretionary payments
- Protect the trust from challenges and creditors
- Ongoing management and administration
Skills Required
- Able to work with beneficiaries
- Cooperation with other stakeholders
- Knowledge of trust tax reporting
- Knowledge of trust law
- Knowledge of trust tax law
- Knowledge of trust accounting
- Discretionary decision making
- Investment oversight
Legacy Private Trust Can be Appointed as:
- Sole Trustee
- Co-Trustee with a family member or trusted friend
- Agent to an individual who is acting as Trustee, to help them with some or all of the tasks involved
Next Steps
For more information on Trust Services or about Legacy Private Trust, please contact us. We would be pleased to schedule a phone call or meeting with you to discuss your community’s situation and work with you to see if we can help.
- 416-868-0001
- info@legacyprivatetrust.com
“At Legacy we have always been advocates of Responsible Inheritance.”
– Andrea Love