Trust Lawyer Barrhead Alberta

Driessen De Rudder Law OfficeDriessen De Rudder Law Office
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Driessen De Rudder: Your trust lawyer in Barrhead Alberta. Get in touch with us for legal representation.

Driessen De Rudder Law Office: Your Reliable Trust Lawyers Barrhead Alberta

Trusts are valuable in achieving long-term estate, tax, and financial planning goals. A trust lawyer assists trustors, settlors, beneficiaries, and heirs in preserving their inheritance through trust administration, probate, trust litigation, and other estate planning matters.

As your wealth grows, navigating the complexities of protecting and distributing it efficiently can be overwhelming. This is where a trust lawyer steps in. Leveraging their skills and experience, they guide you throughout the intricate process, ensuring your assets align with your wishes and your loved ones are well cared for.

At Driessen De Rudder Law Office, proficient trust lawyers in Barrhead, Alberta, are dedicated to helping you establish trusts, offering legal advice, and providing insights into your decisions’ tax and estate planning implications. Our refined and customer-centric approach directs our attention to the areas that truly matter, striking a balance between cost-effectiveness and uncompromising quality.

How Trusts Work In Alberta

Trusts play a crucial role as a legal framework that separates the legal ownership (held by a trustee) from the beneficial ownership (held by the beneficiaries). These trusts are established through a legally binding document commonly known as a trust deed or trust agreement. The trustee manages and administers the trust assets following the terms and conditions outlined in this document.

In Alberta, there are two primary types of trusts: living trusts, also called Inter Vivos trusts, and testamentary trusts.

 

Testamentary Trusts

A testamentary trust is established upon the testator’s death and is outlined in their will. This type of trust involves the assets owned by the deceased at the date of death.

Creating a testamentary trust involves four key parties:

  1. The Settlor/Trustor: The individual who wishes to include the trust in their will (also known as the grantor).
  2. The Trustee: The trustee is responsible for managing the trust’s assets for the benefit of a third party. They are typically appointed by the settlor or by the probate court.
  3. The Beneficiary: The beneficiary is the person who will receive the benefits of the trust.
  4. The Executor or Personal Representative: This person, named in the will, is responsible for administering the deceased’s estate, including establishing the testamentary trust and ensuring its terms are carried out.

While the probate court typically participates in the administration of trusts, it isn’t one of the main parties involved in trust creation. The probate court typically comes into play when disputes or issues arise with the trust administration.

 

Living Trusts

Living or inter vivos trusts encompass all trusts that are not testamentary. The Law recognizes various non-testamentary trusts, each serving a unique purpose. Living trusts may offer significant tax benefits, such as income splitting, and minimizing executor’s and probate fees.

These trusts are commonly used to place assets in trust for oneself or for the benefit of one’s family. They provide an effective means of ensuring tax efficiency while managing and preserving assets.

The operation of a living trust varies depending on its type. The primary categories of living trusts are as follows:

  1. Revocable Living Trust: A trust that can be modified or revoked at the discretion of the trustor is referred to as a revocable trust.
  2. Irrevocable Living Trust: True to its name, once established, this trust remains unalterable and cannot be revoked.

A testamentary trust is inherently irrevocable, while an inter vivos trust can be either revocable or irrevocable.

To learn more about the different trusts and how they can benefit you, contact our team to schedule a consultation.

How Can a Trust Lawyer Help You?

Establishing a trust in Alberta is a strategic move to secure your family’s financial future and preserve your legacy. While the process may seem complex, following essential steps can simplify it. However, seeking professional guidance to ensure accuracy and compliance with legal and tax regulations is essential. At Driessen De Rudder Law Office, our trust lawyers have experience guiding clients through the intricate trust establishment and management process and other legal matters.

Our team is well-equipped to deliver an unparalleled client experience, whether handling corporate law matters, estate planning, or providing comprehensive legal counsel in agricultural, commercial, and residential real estate transactions. We prioritize direct communication and strive to offer a workable legal solution.

Creating Legally Binding Trust Agreements

 

Setting up a testamentary trust requires a trust lawyer’s legal skills to ensure proper establishment and compliance with legal requirements. The lawyer plays a vital role in drafting or revising a will to incorporate the trust’s terms and conditions.

This includes identifying and documenting trust assets, specifying beneficiaries, appointing trustee(s) with outlined powers and responsibilities, determining the trust duration, and establishing a clear plan for asset distribution.

For a living trust, the process varies based on the nature of the asset. Generally, it involves drafting the trust agreement, opening a bank account in the trust’s name, and transferring assets to the trust.

At Driessen De Rudder Law Office, our trust lawyers understand the legal complexities of trust drafting and establishment. We will work closely with you to ensure your trust accurately reflects your wishes and benefits your beneficiaries.

Secure Your Legacy with Driessen De Rudder Law Office

Safeguarding your financial future and preserving your legacy is of utmost importance. Establishing a trust is a strategic step in this endeavour, offering significant benefits such as tax efficiency and asset protection. However, due to their intricate nature, seeking professional guidance for your legal needs is crucial. At Driessen De Rudder Law Office, our trust and estate lawyers are committed to providing personalized and professional assistance in trust creation and management. Our dedicated team of experienced trust lawyers can help you draft robust trust agreements, offer legal advice on tax implications, and manage long-term trust administration.

Entrust your legacy to us; together, we can work towards a secure financial future for you and your beneficiaries. Contact our law firm today for our legal services on trust establishment and your everyday legal concerns.

Driessen De Rudder
Law Office

5017-50 Avenue, Box 4220,
Barrhead, AB T7N 1A2

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Driessen De Rudder Law Office is a full-service law firm serving Barrhead, Alberta and surrounding towns.