A family trust and a testamentary trust serve different purposes and are established at different times. A family trust, or living trust, is created while the settlor is alive, allowing them to benefit from it during their lifetime and providing flexibility in managing assets while typically avoiding probate. In contrast, a testamentary trust is established after the death of the will maker and provides benefits to the beneficiaries named in the will, with no benefits to the settlor during their lifetime.
Do You Have A Plan in Place in The Event of Your Passing?
It is important to have a plan in place in the event of your death. By not preparing an estate plan, the task of settling your affairs becomes more complicated for surviving family members.
To help, we have put together this handy checklist to ensure you are thinking of the right items in preparation for completing your will.
Court Discretion
As of January 1, 2022, The Ontario Superior Court of Justice has the discretion and authority to make an order validating a testamentary document that was improperly executed. The court can now interpret and decide what the testator’s intentions were for the document, such as being a will, an amendment, or the revocation of a will.