Trust Services

Our Trust Services are for now and for the future.

The trust needs of our ElderCare Concierge clients are unique, and the ElderCare LifePlan properly integrates those unique needs with specific solutions. The appropriateness of trust services are determined by their family circumstance.

Did you know?

The life of a trust can span several generations, requiring consideration for current and future beneficiaries. Setting up a trust can play a crucial role in estate planning. It allows you to transfer assets to an individual or charitable organization and maintain control over how the assets are used, whether it's during your lifetime (inter vivos trust) or through your Will (testamentary trust). The assets are held by a third party, the trustee. Based on our experience for most of our client cases, we have found that one of the following two types of trusts will meet your needs –

An inter vivos or 'living' trust is arranged during your lifetime. The assets are transferred to a Trustee, that ensures that the terms of the trust are carried out and professionally managed. This type of trust often becomes the cornerstone of your estate plan.

A testamentary trust is set up under the provisions of your Will and can consolidate your estate plan for your heirs. Upon your death, the assets are retained in trust and administered according to your wishes and instructions given in your Will.

If you're considering setting up a trust, it can also be an effective way to provide income for yourself and future generations, while reducing taxes, costs and delays when it comes to distributing the assets to your beneficiaries.

Things to consider

  • Complex family dynamics – An unbiased third party can often be an invaluable resource in managing those tensions which may exist due to family conflict.
  • Lack of expertise — Using a professional trustee to carry out many of the duties you don't feel comfortable handling yourself or simply lack the technical knowledge, while you retain your decision-making authority.
  • Time constraints — People with busy lives and competing time pressures of children, a career and caring for aging parents are often challenged to carry out their trustee duties in a timely manner.
  • Living outside the province or country — If you live in a different jurisdiction than the testator/settlor, there may be additional risk due to the legal, logistical and administrative complexities in managing the trust's obligations from afar.
  • Personal liability — As Trustee, you have legal responsibilities that could subject you to personal liability.

How ElderCare Concierge can help?

If a trust is right for your family needs, the ElderCare LifePlan will integrate your specific needs and provide solutions. You may need professional advice on -

  • The role of a trust within your overall financial plan and the structure of your trust agreement
  • Establishing and administering both inter vivos trusts and testamentary trusts
  • A comprehensive, long-term strategy to protect and transfer your assets
  • The ongoing management and administration of your trust
  • Impartial and empathetic approach to decisions affecting beneficiaries
  • Continuity of trust management across multiple generations

Professional administration is vital to the long-term success of your trust. A trustee can take care of –

  • Custody and safekeeping of trust assets
  • Collection and distribution of income and capital
  • Comprehensive reporting to beneficiaries
  • Trust tax planning, preparation and filing
  • Maintenance of personal financial records
  • Professional investment management solutions for assets within your trust.

In summary, the benefits of setting up a trust and using a professional trustee can help individuals who:

  • Have trusts established for or wish to provide for your loved ones - children or other minor family members, a spouse, a family member with a physical or mental disability
  • Wish to donate to a charity
  • Wish to create a living trust for the purpose of maintaining confidentiality in their financial affairs or to achieve certain tax efficiencies and advantages
  • Prefer that an objective professional handles their affairs
  • Feel the process is too complex for family members or friends
  • Have no family or friends to act as trustee
  • Want a close friend or family member involved, but don't want to burden them with administrative tasks
  • Prefer that a professional handles all the technical aspects and makes decisions jointly with the person chosen as co-trustee
  • Are struggling with a challenging family situation.