Will vs. a Trust: Which One is Right for You?

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• Sharp Asset Management Inc.

• Will vs. a Trust Which One Is Right for You?

• 416-722-9009

• contact_at_sharpasset.com

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• 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.

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• Key Differences Between a Will and a Trust in
  Canada

Estate Planning Tool Will Trust
Function Distribute assets after death according to your wishes. Holds and manages assets for beneficiaries, during lifetime or after death, according to your instructions.
Probate Assets go through probate. This can be time-consuming (months or even years). Assets in the trust avoid probate, saving time and money for your beneficiaries.
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• Key Differences Between a Will and a Trust in
  Canada

Estate Planning Tool Will Trust
Flexibility Relatively inflexible. Instructions are carried out upon your death. More flexible. Can set conditions for distribution and modify while you're alive.
Asset Protection Limited protection. Creditors can make claims against your estate before beneficiaries receive their inheritance. Provides greater asset protection depending on the type of trust.
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• Types of Trusts for Estate Planning in Canada

Testamentary Trust (Created in Your Will) Living Trust (Created During Your Lifetime)
Takes effect after death. Manages assets for beneficiaries (e.g., minors, special needs individuals). Created during your lifetime. You can be the initial trustee (manage assets).
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• Types of Trusts for Estate Planning in Canada

Testamentary Trust (Created in Your Will) Living Trust (Created During Your Lifetime)
Names guardians for minor children. Offers staged distributions (e.g., inheritance at a certain age). Two Main Types Revocable Trust You maintain control and can make changes. Irrevocable Trust You give up control but has stronger asset protection.
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• 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

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• 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).

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• 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.

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• Contact us

• 21 Greenwin Village Road, Toronto, Ontario, M2R
  2R9

• P.O BOX 74539 Humbertown Centre,
• 270 The Kingsway Toronto, ON M9A 5E2

• 416-722-9009

• contact_at_sharpasset.com

• www.sharpasset.com

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• Thank you