Summary:

In this episode, Gordon and Jenna discuss the importance of trusts in estate planning and administration. They explore the different types of trusts, their benefits, and the key considerations for trustees and beneficiaries. Whether you're planning your estate or responsible for administering a trust, this episode provides valuable insights and best practices to ensure the effective management of trust assets.

Key points:

• Trust companies can serve as unbiased and professional trustees, especially for long-term trusts.
• Trusts can be established in wills and require certain legal formalities to be valid.
• Income splitting to minimize tax liabilities among multiple beneficiaries.
• The exercise of discretion in managing trust assets is often a key aspect of trustee responsibilities.
• Create a budget and investment strategy that aligns with beneficiaries' financial requirements.
• Trust companies can be a suitable choice, especially for long-term trusts, due to their impartiality and professionalism.

Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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