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Trusts vs. Wills_ Choosing the Right Estate Planning Tool

Ensure your loved ones are protected with the right estate planning solution. Discover the key differences between trusts and wills, and learn which option best suits your financial goals and legacy. Make informed decisions today for a secure tomorrow.

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Trusts vs. Wills_ Choosing the Right Estate Planning Tool

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  1. Trusts vs. Wills: Choosing the Right Estate Planning Tool (416) 380-7550

  2. Secure Your Legacy and Protect Your Loved Ones • Trusts and wills are vital tools for asset protection and distribution. • Each offers unique advantages based on individual needs and goals. • Regular updates are essential to reflect life changes. • A lawyer can provide guidance to select the best option for your estate planning. Learn more here: https://cohenlaw.ca/trusts/

  3. What Is Estate Planning? • Estate planning involves creating legal documents that specify how your assets will be managed and distributed after your passing. • Primary tools include wills and trusts, each with unique advantages. Why It Matters? • Helps secure your family’s future, reduce legal complications, and manage estate taxes.

  4. What Is a Will? • A willis a legal document specifying how assets are distributed upon death. • It can also name guardians for minor children. Key Features of a Will: Simplicity:Straightforward to create. Probate Process: Must go through court validation (probate).

  5. What Is a Trust? • A trust is a legal arrangement where assets are held by a trustee for beneficiaries. • Trusts can be set up to manage assets both during your lifetime and after your death. Key Features of a Trust: Privacy: Avoids probate, keeping estate details private. Flexibility: Can specify conditions for asset distribution.

  6. Key Differences Between Wills and Trusts Ownership & Control • Will: Assets remain in your name until death. • Trust: Assets are transferred to the trust and managed by a trustee. Probate Requirement • Will: Subject to probate, which can be time-consuming. • Trust: Generally avoids probate, enabling faster distribution. Privacy • Will: Becomes public through probate. • Trust: Remains private.

  7. Key Updates to Make in Your Will or Trust When to Update Your Estate Plan • Life Changes: Marriage, divorce, births, deaths. • Financial Changes: Significant changes in assets or liabilities. • Legal Changes: New estate laws or tax implications. Importance of Regular Reviews • Review every 3-5 years to ensure your wishes are accurately reflected. For experienced and professional trust lawyers in Toronto and Pickering, contact Cohen LLP, Barristers & Solicitors at(416) 380-7550

  8. References • Wills - https://cohenlaw.ca/wills/ • Power of Attorney- https://cohenlaw.ca/power-of-attorney/ • Estates and Probate - https://cohenlaw.ca/probate/ • Trusts - https://cohenlaw.ca/trusts/

  9. Contact Us Toronto Office Pickering Office Cohen LLP, 41 Wynford Drive Toronto, Ontario M3C 1K1 Stroud Cohen Law, 1154 Kingston Rd., Unit 2 Pickering, Ontario L1V 1B4 416-380-7550 905-837-1353 416-380-7555 905-837-237 https://cohenlaw.ca/

  10. Thank you!

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