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Will Vs Trust

Estate planning is an important part of wealth management but a whopping 70% of Canadians are currently without an estate plan. <br><br><br>When it comes to retirement planning, most people think of wills. In fact, half of Canadians (55%) have a will and, in many cases, it is the most valuable tool for ensuring your wishes are followed through. But for more complex estate planning, a trust can be an important tool.<br><br>

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Will Vs Trust

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  1. Sharp Asset Management Inc. Will vs. a Trust: Which One Is Right for You? 416-722-9009 contact@sharpasset.com

  2. Introduction: Leaving a Legacy: Estate planning ensures your assets are distributed according to your wishes after your passing. Wills vs. Trusts: These are two common tools used for estate planning, but they serve different purposes. Understanding the Differences: Knowing the advantages and limitations of both wills and trusts is crucial for making informed decisions. Tailored Approach: The best option for you depends on your unique circumstances and estate planning goals.

  3. Key Differences Between a Will and a Trust in Canada

  4. Key Differences Between a Will and a Trust in Canada

  5. Types of Trusts for Estate Planning in Canada

  6. Types of Trusts for Estate Planning in Canada

  7. What Types of Assets Can I Put in a Living Trust in Canada? You can put a wide range of assets in a living trust, including the following: Bank accounts Real estate and property Insurance policies Investments, like stocks and bonds Tangible personal property, like furniture, vehicles Limited liability companies (LLCs) Cryptocurrency

  8. Who Should Consider a Trust for Estate Planning? Complex Estate: Lots of assets (real estate, investments, businesses) need clear distribution plans. Minor Beneficiaries: Little heirs who can't manage an inheritance yet. A trust sets conditions for responsible distribution. Probate Pains: Avoid probate delays and costs. Assets in a trust generally bypass probate. Asset Protection Concerns: Shield assets from creditors or help beneficiaries qualify for government benefits (e.g., disability).

  9. Who Should Consider a Trust for Estate Planning? Blended Family: Ensure fair distribution of assets in multiple marriage or blended family situations. Special Needs: Protect government benefits for a beneficiary with special needs while providing for their care. Privacy Matters: Keep your estate plans private. Trust documents are generally not public record, unlike wills. Control Clause: Maintain control with a revocable trust. You can be the trustee and make changes during your lifetime.

  10. Contact us 21 Greenwin Village Road, Toronto, Ontario, M2R 2R9 416-722-9009 contact@sharpasset.com P.O BOX 74539 Humbertown Centre, 270 The Kingsway Toronto, ON M9A 5E2 www.sharpasset.com

  11. Thank you

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