Under current Alberta law, a child can apply for support while a step-parent is alive, but not after a step-parent's death. An alter ego trust is a particular form of inter vivos trust that can present some estate planning benefits for certain people. Regardless of whether the challenge is ultimately successful or not, families often become entrenched in bitter disputes and estate assets become diminished as a result of costly litigation. In BC, under WESA all Wills are susceptible to challenge by the spouse or children of the Will-maker. in the event you become incapacitated. As mentioned above, note that there is also a similar kind of
What are Alter Ego Trusts? inheritance after your death. In contrast, the terms of
In comparison, Alter Ego Trusts receive a rollover treatment which means that there is no deemed disposition when you transfer your property into these kinds of trusts. in the Court deciding to effectively rewrite their Wills. Further, the 21-year deemed disposition rule does not apply to Alter Ego Trusts until after the date of your death. instructions to distribute the trust assets among your chosen
assets become diminished as a result of costly litigation. A trust is a legal relationship between three parties: Alter Ego Trust is a special type of trust permitted under the Income Tax Act (Canada) (the “Act”), under which you are the Settlor, Trustee and Beneficiary for as long as you are living. In the right circumstances, trusts can offer the perfect solution to a complicated situation. Stay online for … that is done, the trustee simply follows the Trust Deed's
Since probate is not required, this means that
In this way, the Alter Ego Trust functions much like a Will and is often referred to as a “Will substitute”. property under the instructions provided in the Trust Deed; The Beneficiary – the
In contrast, Alter Ego Trusts are not subject to the Wills variation aspects of WESA, even though their terms essentially function like those of a Will. talked about, and even less understood, but nonetheless an
May 8, 2017. Further, the Act says that every 21 years, there will be another deemed disposition, likely resulting in further income tax being payable. When you set up an Alter Ego Trust, any assets you transfer to
assets, not having to pay these will allow a greater overall amount
up an Alter Ego Trust is that you must be 65 years of age or
The main criteria to be able to set
When someone dies, everything that was in their legal name at the time of death is presumed to form part of the deceased’s … A joint partner trust is used where the settlor and the settlor’s spouse are to … To decide whether an Alter Ego Trust is suitable for your estate
have legal needs in multiple jurisdictions within Canada. You will also need to take into account what your personal priorities are; for instance, to some individuals, the top priority at all costs is to avoid future estate litigation. will be taxed at the highest marginal tax rate. In comparison, Alter Ego Trusts receive a rollover treatment
This article speaks to Alter Ego Trusts. spouses and children the opportunity to commence a wills variation
the trustee to pay off any estate debts and liabilities. who sets up the trust (through a document called a Trust Deed,
POPULAR ARTICLES ON: Family and Matrimonial from Canada. apply to Alter Ego Trusts until after the date of your death. personal reasons for their decisions, a legal challenge can result
entitled to the benefit of trust assets while you are alive, you
Instead, the Trust holds the assets, and you hold and manage them in your capacity as Trustee, for your own benefit. Stay tuned for further
In any event, tax advice is always recommended so that any tax implications can be understood and planned for accordingly. distinction, and hence explains the name, "Alter
All trusts should be professionally drafted, and alter ego and joint partner trusts are no exception—especially with their technical requirements. trust called a Joint Partner Trust, which is also permitted under
Mackrell International – Canada - Lindsay Kenney
Alter ego trusts are variants of an inter‑vivos trust, meaning they’re set up during your lifetime. Related video content – Our Estate Planning Lawyers. All Rights Reserved. When dealing with assets in an estate, it can often take upwards
As probate fees are paid from the estate assets, not having to pay these will allow a greater overall amount of assets to be shared between your beneficiaries. death, the Trust Deed typically provides for a replacement trustee
The Trust Deed should have similar terms to a Will which usually first requires the trustee to pay off any estate debts and liabilities. gains that have accrued on trust assets will be subject to the
For instance, some trusts include standard clauses that provide the trustee the power to amend or vary the trust. Probate applications take time to prepare. An Alter Ego Trust can be settled by any Canadian resident over the age of 65 (the “settlor”). (approximately 1.4% of the gross value of your estate) can be quite
incapacity planning). If you are over the age of 65 you may want to consider an Alter Ego Trust (AET) or Joint Partner Trust (JPT) as part of your estate plan. informational purposes only. firms in Alberta, British Columbia, Ontario and Quebec. to beneficiaries. Since such expenses are usually paid from your assets (regardless of whether in trust or in your estate), fewer expenses mean that more assets will ultimately be available for your beneficiaries. be and what you wish to leave them. To help explain … advantages: Since Alter Ego Trust assets are held by you in your capacity as
Alter Ego And Joint Partner Trusts. This is intended to allow spouses and children the opportunity to commence a wills variation action under the Wills, Estates and Succession Act (British Columbia) (“WESA”). function like those of a Will. You will
property, how this property will be managed and used, and to whose
certain property to it. Alter ego trusts are a variant of an inter-vivos trust, meaning they are set up during your lifetime. Columbia), While The Widow Provided Substantial Evidence Of Her Husband's Wishes To Have More Children, The Law Requires Written Consent, Update On Virtual Execution Of Estate Planning Documents In Alberta, Proposed Changes To Apply For Support From Step-Parent's Estate, Make A Will Month: Implications Of Dying Without A Will, Beneficiary Designations On Separation And Divorce: Your Ex May Take More Than The Couch, An Update On Virtual Witnessing And Electronic Wills, Alter Ego Trusts And Joint Spousal Trusts: Beware Of The Traps, Transparence De La Propriété Effective : Le Canada Rattrape Son Retard, Beneficial Ownership Transparency: Canada Is Catching Up, Control Beyond The Grave: The Use Of Testamentary Trusts In Estate Planning, Trust Reporting Requirements For 2021 In Canada, Considerations For The Appointment Of Parents In Minor Guardianship Applications: Santella v Bruneau (Litigation Guardian Of), Proposed Changes Affecting Step-Parents' Estate Obligations, Broader Access To Medical Assistance In Dying ("Maid") On The Horizon, Beyond Any Doubt: Administrative Court Decisions Setting The Bar For The "Standard Of Proof" For Abuse Of Dominance, EDÖB: Stellungnahme Zu Datentransfers In Die USA Und Weitere Staaten Ohne Angemessenes Datenschutzniveau, Neues Schweizer Datenschutzrecht: Wichtigste Regelungen Der DSG-Revision Im Überblick, BGH: Facebook Muss Erben Zugriff Auf Account Einer Verstorbenen Gewähren, It's Complicated: Using Multijurisdictional Wills And Powers Of Attorney, © Mondaq® Ltd 1994 - 2020. Alter ego trusts, which are set up for one individual, and joint partner trusts, which are set up for a couple, are both “ inter vivos ” trusts, meaning that they are put into effect during the lifetime of the … when you pass away. In this way, the Alter Ego Trust can effectively serve in lieu of a Power of Attorney for the management of your trust assets. and issue a grant. require an application for probate before they can be distributed
When major life events occur, it is important to consider your estate planning and what updates and changes must be done. Columbia) ("WESA"). The Settlor decides who will hold this
will usually require legal advice and assistance with respect to
In other words, after a Will-maker passes away, their spouse or child(ren) can seek to change the terms of the Will by demonstrating to the Court that the terms of the Will do not provide fairly for them. be considered. Alter Ego Trusts receive a special treatment under the
The Settlor decides who will hold this property, how this property will be managed and used, and to whose benefit the property is intended; The Trustee – the individual who is appointed by the Settlor to hold and manage the trust property under the instructions provided in the Trust Deed; The Beneficiary – the individual (or individuals) to whom the Trust property is to benefit. Among their various advantages, which
benefit. While Alter Ego Trusts can provide a number of advantages, the
had sold this property to an unrelated party for fair market value,
known in tax terms as a "deemed disposition". On the other hand, trusts are much less
disadvantages relevant to your unique circumstances. In contrast, Alter Ego Trusts are not subject to the Wills
The list of available Trusts each Extravaganza period has alternated between two fixed lists as of the Summer 2015 extravaganza, which for illustrative purposes are divided into Set A and Set B. beneficiaries and family members. No other person, prior to the individual's death, may receive … legal and tax advice will help to determine if an Alter Ego Trust
Way back on March 9th, I posted a guest blog post by Katy Basi on the basics of Alter Ego Trusts and Joint Partner Trusts.Who would have thought it would be 8 weeks later before I was … Copyright ©2020 Lindsay Kenney LLP. setting this up. Will and is often referred to as a "Will substitute". While the Trust Deed must state that only you are entitled to the benefit of trust assets while you are alive, you get to provide for who gets the trust assets after you pass away. The AET allows the settlor to place personal assets into an inter vivostrust on a tax deferred basis for the benefit of the settlor during their lifetime. Alter Ego Trust: This trust allows the settlor, aged 65 or older, to receive all the income during their lifetime. expenses mean that more assets will ultimately be available for
A trust is
By using our website you agree to our use of cookies as set out in our Privacy Policy. However, amendments could result in the trust no longer complying with the requirement that only the settlor and/or spouse be entitled to receive all income. circumstances, trusts can offer the perfect solution to a
Since probate is not required, this means that probate fees are not payable. Creation of an AET or JPT involves the transfer of personally held assets to a trust … also need to take into account what your personal priorities are;
Where executors are required to apply for probate of a Will they
Where your estate assets are sizable, the potential savings of having an Alter Ego Trust (approximately 1.4% of the gross value of your estate) can be quite significant. Trust, which may require the assistance of an accountant and
As such, if your circumstances and intentions are likely to be contentious, an Alter Ego Trust may be considered. You must be 65 or older and be the sole beneficiary of all income or capital of the trust during … Free, unlimited access to more than half a million articles (one-article limit removed) from the diverse perspectives of 5,000 leading law, accountancy and advisory firms, Articles tailored to your interests and optional alerts about important changes, Receive priority invitations to relevant webinars and events. Alter Ego Extravaganzas occur between three and four times a year. The Settlor – the individual who sets up the trust (through a document called a Trust Deed, which is also referred to as a Trust Agreement) and contributes certain property to it. (rather than at the graduated rate, if held personally at death),
your property into these kinds of trusts. not, families often become entrenched in bitter disputes and estate
This article will speak to Alter Ego Trusts. In BC, under WESA all Wills are susceptible to
On occasion, an ethical dilemma makes its way into the family courtroom and emotions inevitably run high for all involved. benefit the property is intended; The Trustee – the individual
For more information on how we can assist, please contact one of the Trusts and Estate law practice group lawyers. consequences; that is, such transfers will be treated as though you
assets (regardless of whether in trust or in your estate), fewer
The individual has the exclusive right to receive all income from the trust. Among their various advantages, which we will discuss in more detail below, is the greater certainty they provide for determining who the beneficiaries of your estate will be and what you wish to leave them. To decide whether an Alter Ego Trust is suitable for your estate planning needs, you will need to consider both the advantages and disadvantages relevant to your unique circumstances. Trust or Alter Egos are a type of magic which allows players who have fulfilled certain requirements to summon alter egos of popular Vana'diel NPCs to fight alongside of them in battle.. To unlock Trust magic and begin gathering Alter Egos, see Acquiring Trust Magic below.. By default, a player is only able to summon any combination of three of these alter … it are no longer held by you personally. trust (i.e., rather than paid out to yourself as the beneficiary)
significant. articles on the other forms of trusts used in estate planning. One of the most common questions our clients ask is whether they can sign their Wills and Powers of Attorney with an electronic signature. who is appointed by the Settlor to hold and manage the trust
well). A filed probate application concerning a Will becomes a matter of public record at the probate registry. The Trust Deed
As such, if your circumstances
to prepare. Once submitted to the probate registry, it can take up to several months to review and approve the application, and issue a grant. Instead, the deemed disposition is deferred until the time of your death (which similarly occurs with personally held assets when you pass away as well). As mentioned above, note that there is also a similar kind of trust called a Joint Partner Trust, which is also permitted under the Act and involves both you and your spouse. Ego Trust can effectively serve in lieu of a Power of Attorney for
Instead, the deemed
On the other hand, trusts are much less talked about, and even less understood, but nonetheless an extremely powerful tool for estate planning. making a Will. probate application, and possibly other professional advice. get to provide for who gets the trust assets after you pass
is the best tool for your estate plan and if so, to assist you with
"ALTER EGO" TRUSTS A number of family court decisions in Australia and New Zealand have incorrectly created the impression that if a trust is the "alter ego" or "puppet" of the settlor it can be … which means that there is no deemed disposition when you transfer
In
This means that anyone can go down to the Courthouse to view these documents, which include the Will; a listing of the Will-maker’s assets and their values; and information about the Will-maker’s beneficiaries and family members. In brief, an alter ego trust is an inter vivos trust, established after 1999, that meets a number of requirements under the Income Tax Act. prohibits an executor from distributing estate assets within the
Each firm
All rights reserved. Wills, Estates and Succession Act (British
Revocable Trusts: Your Alter Ego. The … Mackrell
For other types of trusts, the Act provides that when
the trust Alter ego trusts can be set up once you've reached age 65. should have similar terms to a Will which usually first requires
similarly occurs with personally held assets when you pass away as
Stay tuned for further articles on the other forms of trusts used in estate planning. An AET is created by a Settlor who signs a Trust Deed and who appoints a Trustee and Beneficiaries within that Trust Deed. planning needs, you will need to consider both the advantages and
This means that unlike estate assets,
Where your estate assets are
away. advantage shared with our clients. The main criteria to be able to set up an Alter Ego Trust is that you must be 65 years of age or older. This is intended to allow
holds the assets, and you hold and manage them in your capacity as
Any capital
child(ren) can seek to change the terms of the Will by
Trustee and not personally, they do not form part of your estate
Avoid probate fees. a legal relationship between three parties: Alter Ego Trust is a special type of trust permitted under the
For more information on estate planning refer to the following resources: This article is intended to be an overview of the law and is for informational purposes only. This article is intended to be an overview and is for
While the replacement trustee of an Alter Ego Trust may require legal and other professional advice where appropriate, there will likely be some professional fee savings due to not having to apply for probate. we will discuss in more detail below, is the greater certainty they
continue to hold some assets personally (see
of a year for your beneficiaries to eventually receive their
With close relations amongst our
This article will speak to Alter Ego Trusts. When dealing with assets in an estate, it can often take upwards of a year for your beneficiaries to eventually receive their inheritance after your death. older. This is a trust created after 1999 by a settlor who was 65 years of age or older at the time the trust was created, for which the settlor is entitled to receive all the income that may arise during their lifetime, and is the only person who can receive, or get the use of, any income or capital of the trust … Ego". In addition to providing for a replacement trustee on your death, the Trust Deed typically provides for a replacement trustee in the event you become incapacitated. An alter ego trust may be used to avoid wills variation claims. On the other hand, an Alter Ego Trust Deed usually provides for a replacement Trustee upon your passing. After the grant is obtained, the law then prohibits an executor from distributing estate assets within the next 210 days unless all beneficiaries (both under the Will and under intestacy rules) consent. Trust rather than by you personally can offer a number
A combination of both
The “trade-off” for the rollover into the alter ego trust is that, pursuant to subsection 104 (4) (a) of the ITA, the trust is deemed to have disposed of its capital property when the settlor dies. Readers are cautioned that this article does not constitute legal or professional advice and should not be relied on as such. beneficiaries in the manner you've provided. extremely powerful tool for estate planning. therefore additional accounting fees. An alter ego trust can only be set up for an individual aged 65 or older. The advantages to these trusts are numerous, including some of the … A combination of both legal and tax advice will help to determine if an Alter Ego Trust is the best tool for your estate plan and if so, to assist you with setting this up. This is a very important legal distinction, and hence explains the name, “Alter Ego”. This article focuses on the selected benefits of using an alter-ego trust (AET) to distribute assets as part of a comprehensive estate-planning strategy. an Alter Ego Trust remain private. A report (the "Report") by the Alberta Law Reform Institute ("ALRI")... Having a Will is one of the most important things you can do for yourself and your loved ones. Regardless of whether the challenge is ultimately successful or
Let’s begin by explaining what a trust is. Further, the Act says that every 21 years, there will be
challenge by the spouse or children of the Will-maker. action under the Wills, Estates and Succession Act (British
Mondaq uses cookies on this website. is regionally based and well-connected in our communities, an
long as you are living. about
Instead, the Trust
of public record at the probate registry. For other types of trusts, the Act provides that when you transfer property to the trust there are usually income tax consequences; that is, such transfers will be treated as though you had sold this property to an unrelated party for fair market value, known in tax terms as a “deemed disposition”. To print this article, all you need is to be registered or login on Mondaq.com. In this way, the Alter
is always recommended so that any tax implications can be
Once
trusts, family trusts, Joint Partner Trusts and Alter Ego Trusts. another deemed disposition, likely resulting in further income tax
As probate fees are paid from the estate
complicated situation. Rather, readers should obtain specific legal advice in relation to the issues they are facing. unless any exemptions apply. Many
following are some disadvantages to consider as well: You will need to file annual tax returns for your Alter Ego
This means that
If you've ever wondered what a revocable trust is, what it does, and whether you need one, let me introduce you to your alter ego, the revocable trust… However, note that an Enduring Power of Attorney may be still be advisable if you will continue to hold some assets personally (see incapacity planning). Assets that you place into an alter ego trust during your lifetime will fall outside … Alter Ego Extravaganzas are recurring special events that allow access to new and special Alter Egos to summon through the Trustinitiative. to avoid future estate litigation. All Rights Reserved. legal and other professional advice where appropriate, there will
What is an Alter Ego Trust and how is it created? Alter Ego Trust is a special type of trust permitted under the Income Tax Act (Canada) (the "Act"), under which you are the Settlor, Trustee and Beneficiary for as long as you are living. The Settlor – the individual
About
A filed probate application concerning a Will becomes a matter
While the Trust Deed must state that only you are
This means that unlike estate assets, trust assets distributed through an Alter Ego Trust will not require an application for probate before they can be distributed to beneficiaries. and intentions are likely to be contentious, an Alter Ego Trust may
Volume No. In the case of a joint partner trust the settlor or his or her partner, in … for instance, to some individuals, the top priority at all costs is
for probate. Enduring Power of Attorney may be still be advisable if you will
likely be some professional fee savings due to not having to apply
Many of the same advantages and disadvantages discussed below for Alter Ego Trusts also apply to Joint Partner Trusts. your beneficiaries. A summary of these requirements highlights why … Having your eventual "estate" held in an Alter Ego
10-16 “Such a trust can provide estate planning benefits” Canadian residents who are 65 or older can transfer assets into an “Alter Ego Trust” (AET) or a “joint spousal or common-law partner trust… When it comes to estate planning, you've probably heard
You must be 65 or older and the sole beneficiary of all income or capital of the trust during … variation aspects of WESA, even though their terms essentially
Act. On the other hand, an Alter Ego Trust Deed usually provides for
This is a very important legal
understood and planned for accordingly. A Powerful Tool for Estate Planning, Wills, Estates and Succession Act (British Columbia), Powers of Attorney and Representation Agreements, Lindsay Kenney Congratulates Tamara Dewar. In addition to providing for a replacement trustee on your
Any income generated by the trust assets and retained in the
being payable. In this way, the Alter Ego Trust functions much like a Will and is often referred to as a “Will substitute”. There are many different forms of trusts including testamentary
Any income generated by the trust assets and retained in the trust (i.e., rather than paid out to yourself as the beneficiary) will be taxed at the highest marginal tax rate. trust assets distributed through an Alter Ego Trust will not
In contrast, the terms of an Alter Ego Trust remain private. Ego Trusts also apply to Joint Partner Trusts. which is also referred to as a Trust Agreement) and contributes
Once submitted to the probate registry, it can
There are many different forms of trusts including testamentary trusts, family trusts, Joint Partner Trusts and Alter Ego Trusts. © Mondaq® Ltd 1994 - 2020. You’ll only need to do it once, and readership information is just for authors and is never sold to third parties. next 210 days unless all beneficiaries (both under the Will and
Having your eventual “estate” held in an Alter Ego Trust rather than by you personally can offer a number advantages: Since Alter Ego Trust assets are held by you in your capacity as Trustee and not personally, they do not form part of your estate when you pass away. take up to several months to review and approve the application,
In any event, tax advice
of assets to be shared between your beneficiaries. Further, the 21-year deemed disposition rule does not
When you set up an Alter Ego Trust, any assets you transfer to it are no longer held by you personally. In this way, the Alter Ego Trust functions much like a
When it comes to estate planning, you’ve probably heard about making a Will. and Langley, BC and a member of Mackrell International. Let's begin by explaining what a trust is. We need this to enable us to match you with other users from the same organisation, it is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. probate fees are not payable. Once that is done, the trustee simply follows the Trust Deed’s instructions to distribute the trust assets among your chosen beneficiaries in the manner you’ve provided. the management of your trust assets. provide fairly for them. individual (or individuals) to whom the Trust property is to
LLP is a full service business law firm with offices in Vancouver
Any capital gains that have accrued on trust assets will be subject to the deemed disposition on your death at the highest marginal rate (rather than at the graduated rate, if held personally at death), unless any exemptions apply. you transfer property to the trust there are usually income tax
Usually provides for a replacement Trustee upon your passing of your death BC, under WESA all Wills susceptible! Shared with our clients ask is whether they can sign their Wills and Powers of Attorney with electronic! Trusts include standard clauses that provide alter ego trust Trustee to pay off any estate and. Power to amend or vary the Trust during … Avoid probate fees are not payable holds the,... You must be 65 years of age or older what is an Alter Ego ” after! Is important to consider your estate planning, you ’ ll only need to do it once, hence! Include standard clauses that provide the Trustee to pay off any estate debts and liabilities and changes must be or! Years of age or older has the exclusive right to receive all income or capital the! When you set up an Alter Ego Trusts are a variant of an Alter Trust. Are cautioned that this article, all you need is to be contentious, an ethical dilemma makes its into... Login on Mondaq.com that probate fees are not payable a Will becomes alter ego trust matter of public record at the registry! A replacement Trustee upon your passing articles on: family and Matrimonial from Canada legal distinction, you. A special treatment under the Act current Alberta law, a child can apply for support while a 's! Way, the Trust holds the assets, and hence explains the name “. The probate registry our free News Alerts - all the latest articles on other. Be done the 21-year deemed disposition rule does not apply to Alter Ego ” can be set up your... The Trustee to pay off any estate debts and liabilities of four independent firms! Trust remain private below for Alter Ego ” latest articles on: family Matrimonial! Amend or vary the Trust holds the assets, and hence alter ego trust the name, `` Alter Ego Trust usually. As Trustee, for your own benefit age or older or older probate registry be the sole beneficiary of income. Important legal distinction, and you hold and manage them in your capacity as Trustee, for own. Is to be registered or login on Mondaq.com a Will receive a treatment! A replacement Trustee upon your passing date of your death and should not be relied on as such if. Our communities, an ethical dilemma makes its way into the family courtroom and emotions inevitably run high all... Income or capital of the Trust Deed usually provides for a replacement upon! Perfect solution to a Will and is often alter ego trust to as a `` Will substitute '' for all.! To estate planning a Settlor who signs a Trust is that you must alter ego trust.! A step-parent is alive, but not after a step-parent is alive, but not after a step-parent alive. Current Alberta law, a child can apply for support while a is! And emotions inevitably run high for all involved, it is important to consider your estate planning it no... Explaining what a Trust is that you must be 65 years of age or older any tax implications be! The assets, and readership information is just for authors and is never sold third. With an electronic signature until after the date of your death within that Trust Deed usually for. Alive, but alter ego trust after a step-parent is alive, but not after step-parent..., family Trusts, Joint Partner Trusts the latest articles on the other forms of Trusts used estate... Age or older its way into the family courtroom and emotions inevitably run high for involved! Constitute legal or professional advice and should not be relied on as such pay off any estate debts and.!, under WESA all Wills are susceptible to challenge by the spouse or children of the Will-maker article, you. Advantage shared with our clients the spouse or children of the Trust Alter Ego receive. By the spouse or children of the Will-maker Trust remain private during your lifetime be the sole of! With an electronic signature the sole beneficiary of all income or capital of the Trusts and Alter Ego Trust that... Probate registry provides for a replacement Trustee upon your passing Joint Partner Trusts much like a Will becomes matter. Susceptible to challenge by the spouse or children of the Will-maker of as! Advice is always recommended so that any tax implications can be understood and planned for accordingly same! Occur, it is important to consider your estate planning the latest articles on the other hand an. Not payable to consider your estate planning, you ’ ve probably heard about a. With our clients one of the most common questions our clients ask is whether they can sign Wills! Your capacity as Trustee, for your own benefit matter of public at! The Alter Ego Trust Deed should have similar terms to a Will becomes a of! After a step-parent 's death use of cookies as set out in our Privacy Policy and are! Begin by explaining what a Trust is that you must be 65 years age... To help explain … the Trust Alter Ego Trust, any assets you transfer it! Tax implications can be set up an Alter Ego '' an ethical dilemma makes its way into family... Right circumstances, Trusts can be understood and planned for accordingly Trustee the power to amend or vary the Deed... 'S begin by explaining what a Trust Deed contact one of the same advantages and disadvantages discussed below for Ego... A Will and is often referred to as a “ Will substitute ” step-parent death! The … Alter Ego Trust is that you must be 65 or older to this... – Canada is comprised of four independent law firms in Alberta, British Columbia, Ontario and.!: family and Matrimonial from Canada age 65 probate is not required, this that! This means that probate fees on your chosen topics condensed into a free bi-weekly email probate registry our website agree! Wills are susceptible to challenge by the spouse or children of the Trust Deed usually provides a... Will and is never sold to third parties and Quebec overview and is sold. Article is intended to be registered or login on Mondaq.com to Joint Partner Trusts and estate law practice lawyers. Of four independent law firms in Alberta, British Columbia, Ontario and.! Articles on the other forms of Trusts including testamentary Trusts, Joint Partner Trusts and estate law practice group.! Referred to as a “ Will substitute ” in this way, the 21-year deemed rule. Criteria to be contentious, an Alter Ego Trust functions much like a Will which usually first requires the to! Aet is created by a Settlor who signs a Trust is Settlor ) manage them in your as... … Revocable Trusts: your Alter Ego Trust Deed should have similar terms to a Will up during your.! Terms to a complicated situation emotions inevitably run high for all involved, Ontario alter ego trust.. Between three and four times a year occur between three and four times a year ( the ). We can assist, please contact one of the same advantages and disadvantages discussed below for Alter Ego Trusts apply... On: family and Matrimonial from Canada Trust created after 1999 by an individual ( the Settlor ) of... Do it once, and hence explains the name, “ Alter Ego Trust any... In any event, tax advice is alter ego trust recommended so that any implications. Trustee, for your own benefit to Alter Ego Trust functions much like a Will and is sold. Does not apply to Joint Partner Trusts and Alter Ego Trust Deed should have similar to... This is a very important legal distinction, and you hold and manage them your. Rather, readers should obtain specific legal advice in relation to the issues they are set an! In our Privacy Policy website you agree to our use of cookies as out... Fees are not payable out in our Privacy Policy common questions our clients readers are cautioned this... Is a very important legal distinction, and you hold and manage them in your capacity as Trustee, your. Ontario and Quebec any event, tax advice is always recommended so that any tax can... Joint Partner Trusts Avoid probate fees are not payable, meaning they are facing power to amend vary! This is a very important legal distinction, and hence explains the name, “ Alter Ego.! Trust remain private they can sign their Wills and Powers of Attorney with an signature! High for all involved to as a “ Will substitute '' important legal distinction, and you and! Other hand, an Alter Ego Trust Deed usually provides for a replacement Trustee your. Run high for all involved to estate planning run high for all involved and disadvantages discussed for! During … Avoid probate fees are not payable “ Will substitute '' summary of these requirements highlights why Revocable! The right circumstances, Trusts can offer the perfect solution to a complicated situation their Wills and of. And should not be relied on as such or children of the common... Updates and changes must be 65 years of age or older Trusts are variant... Whether they can sign their Wills and Powers of Attorney alter ego trust an electronic.... An inter-vivos Trust created after 1999 by an individual ( the Settlor ) Trust after. Instead, the Alter Ego Trusts also apply to Joint Partner Trusts and estate practice. High for all involved to Joint Partner Trusts if your circumstances and intentions are likely be! Constitute legal or professional advice and should not be relied on as such, if your and!, it is important to consider your estate planning, you 've reached age 65, and information. Or older as Trustee, for your own benefit practice group lawyers Trust ….
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