A Living Trust Deed is essential for individuals seeking to establish a comprehensive estate planning structure in Canada while maintaining some control over their assets during their lifetime. This document is particularly valuable when there's a desire to avoid probate, maintain privacy, or create a flexible structure for asset management and distribution. The deed outlines the complete framework for the trust's operation, including trustee powers, beneficiary rights, and distribution mechanisms, all while ensuring compliance with Canadian federal tax laws and provincial trust legislation. It's commonly used by high-net-worth individuals, business owners, and families requiring sophisticated estate planning solutions. The document must be carefully drafted to address specific circumstances such as tax implications, family dynamics, and asset protection requirements, while ensuring it remains adaptable to changing circumstances over time.
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1. Parties: Identifies the Settlor, initial Trustees, and initial Beneficiaries with their full legal names and addresses
2. Background: Sets out the context and intention to create the trust, including the Settlor's wish to establish the trust
3. Definitions: Defines key terms used throughout the deed including 'Trust Property', 'Vesting Date', 'Income', 'Capital', etc.
4. Declaration of Trust: Formal declaration establishing the trust and initial trust property
5. Trust Name and Duration: Specifies the name of the trust and its duration/termination date
6. Trustee Powers and Duties: Comprehensive list of trustees' powers and responsibilities in managing the trust
7. Distribution of Income: Details how and when trust income should be distributed to beneficiaries
8. Distribution of Capital: Specifies circumstances and methods for distributing trust capital
9. Appointment and Removal of Trustees: Process for appointing new trustees and removing existing ones
10. Trustee Remuneration: Details of any fees or compensation payable to trustees
11. Amendment Provisions: Circumstances under which the trust deed can be modified
12. Trust Administration: General administrative provisions including meetings, decisions, and record-keeping
13. Governing Law: Specifies that the trust is governed by Canadian law and the applicable province
1. Incapacity Provisions: Used when the settlor wants to include specific provisions for managing the trust in case of their incapacity
2. Spendthrift Provisions: Added when protection of beneficiaries from creditors is desired
3. Business Operation Provisions: Included when trust property includes business assets requiring specific management provisions
4. Minor Beneficiary Provisions: Added when there are beneficiaries under the age of majority
5. Charitable Giving Provisions: Included when the trust has charitable giving objectives
6. Investment Policy Statement: Added when specific investment guidelines need to be established
7. Tax Planning Provisions: Used when specific tax planning strategies are to be implemented
8. Digital Assets Provisions: Added when the trust includes digital assets requiring special handling
1. Schedule A - Initial Trust Property: Detailed inventory of all assets initially settled into the trust
2. Schedule B - Beneficiary Details: Complete list of beneficiaries with their respective interests and contact information
3. Schedule C - Distribution Instructions: Specific instructions for distribution of income and capital to various beneficiaries
4. Schedule D - Trustee Powers: Detailed list of specific powers granted to trustees
5. Schedule E - Investment Guidelines: Specific investment parameters and restrictions for trust assets
6. Appendix 1 - Trustee Acceptance Forms: Forms for trustees to formally accept their appointment and duties
7. Appendix 2 - Conflict Resolution Procedures: Detailed procedures for resolving disputes among trustees or beneficiaries
8. Appendix 3 - Administrative Procedures: Detailed procedures for trust administration, including meeting protocols and reporting requirements
Relevant legal definitions
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Relevant Industries
Legal Services
Financial Services
Wealth Management
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Tax Advisory
Private Banking
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Professional Services
Real Estate
Investment Management
Relevant Teams
Legal
Wealth Management
Estate Planning
Trust Administration
Tax Advisory
Compliance
Private Client Services
Investment Management
Financial Planning
Risk Management
Relevant Roles
Estate Planning Attorney
Trust Officer
Private Wealth Manager
Tax Advisor
Financial Planner
Trust Administrator
Legal Counsel
Probate Lawyer
Family Office Manager
Estate Administrator
Compliance Officer
Private Client Advisor
Trust Accountant
Investment Manager
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