Alter Ego/Joint Partner Trusts
In certain situations, an Alter Ego or Joint Partner Trust can be a remarkable tool in fulfilling your member’s estate planning needs. As a non-traditional means of distributing assets to beneficiaries, these types of trusts offer a number of benefits.
 
Save time and probate fees:
In most provinces, the existence of an Alter Ego or Joint Partner Trust, eliminates the need for probate as the assets are not considered part of the estate. The trustee holds legal title to the assets and distributes them according to the terms of the trust.
 
Ensure liquidity of assets:
The trustee of the Alter Ego or Joint Partner trust has continuous access to the assets and can immediately distribute them to beneficiaries according to the terms of the trust document.
 
Protection against estate claims:
Because the assets are not considered part of the estate, they are immune to claims against the estate or the contestation of a will.
 
Incapacity planning:
Similar to a Discretionary trust, an Alter Ego or Joint Partner trust can be used as a means to provide immediate and continuous income to an incapacitated partner, or even the person establishing the trust (the settlor) themselves. In the event the settlor becomes incapacitated, the trustee takes over management and distribution of assets under the terms of the trust document.
 
Your member may wish to consider an Alter Ego or Joint Partner trust if:
  • They are at least 65 years of age.
  • They are looking for an alternate means to distribute assets registered in their name while reducing probate fees and protecting assets against potential claims.
  • They want their beneficiary to have immediate income upon their death.
  • They need to plan for a continuous income stream for either their incapacitated beneficiary or themselves, in the event they become incapacitated.
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.