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WILLS & ESTATES

Introduction

ESTATE PLANNING

What is Estate Planning?
What is Power of Attorney?
Joint Tenancy
Beneficiary Designation

PROBATE

What is Probate?
When to Probate
Executors Duties/Liabilities
Trustee Duties
Probate Fees

TRUSTS

What is a Trust?
Types of Trusts
When Should I Create a Trust?
Who Should Have a Trust?
Tax Implications

WILLS

Planning Your Will
Personal Information Record
Will Preparation Checklist
Assets & Liabilities
Wills Variation Act

GLOSSARY OF TERMS

  
 
For income tax purposes a Trust is considered to be an individual. Income and capital gains must be calculated for a Trust just as it would be calculated for a person, however trusts are not allowed to claim personal tax credits.

For a Testamentary Trust, federal income tax is calculated based on the same graduated tax rate schedule that applies to real people. The provincial income tax will be a fixed percentage based on the federal tax amount. The provincial income tax rate will depend on the province in which the Trust is resident. In most cases this will be the province in which the trustee or majority of trustees reside.

A Living Trust will have a combined federal and provincial tax rate of close to 50% depending on the province of residence.
 
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