A Living (or Inter Vivos) Trust is a trust arrangement established during a person’s lifetime to assist in achieving their personal financial or tax planning goals. A Living Trust manages your property while you are living and states how the assets and the income earned by the trust are to be distributed.
It allows you to transfer the legal title of assets to a trust with instructions to the trustee about how the assets are to be managed for the benefit of the beneficiary. Beneficiaries under the trust can be anyone from relatives, to yourself or to a charity.
You may wish to consider a Living Trust if:
You are looking for an alternate means to distribute assets while reducing estate taxes, probate fees and protecting assets against potential claims.
You want your beneficiary(ies) to have immediate income upon your death.
Living Trusts can be either:
Revocable – can be changed or collapsed by the settlor at any time.
Irrevocable – cannot be changed or collapsed and must continue to operate as set out in the trust agreement.
Living Trusts can offer advantages over a designation in a will or other form of asset distribution by:
Saving time, estate taxes and probate fees. Because the assets under the trust are not considered part of the estate, they are not subject to estate taxes or probate. The trustee has immediate access to the assets and distributes them according to the terms of the trust.
Protecting assets against claims. Because title to the assets is registered to the trustee, they are immune to claims against them the estate or the contestation of a will.
As trustee, Concentra is responsible for:
Safeguarding of assets
Administration and distribution of assets in accordance with the terms of the trust
Reporting of transactions and administration activities
Confidentiality & Privacy
© 2015 Concentra Financial |