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How do I create a spendthrift trust?

You can set up a spendthrift trust yourself by using an online estate planning platform that can guide you step by step. However, you may prefer working directly with an estate planning attorney because even minor errors could compromise or invalidate your trust.

What is a spendthrift trust in Canada?

A spendthrift trust is established to protect the beneficiarys assets from their own imprudent spending habits or potential creditors. This type of trust restricts both the beneficiarys ability to access the principal and the ability of creditors to seize the assets, providing a level of security.

What happens to a spendthrift trust after death?

Traditional trusts end once you die, and your wealth gets distributed to your beneficiaries. On the contrary, a living trust is not wrapped up after your death. The trustee continues to administer your wealth per your set rules on behalf of the beneficiaries.

What is an example of a spendthrift trust?

Example of a spendthrift trust Lets say you plan to leave a $100,000 estate to your beneficiary, but you want to ensure the money is handled responsibly. By using a spendthrift trust, you can still leave that money to your beneficiary while portioning it out to encourage healthy financial habits.

Who pays taxes on spendthrift trust?

Goods, services, and cash paid to the beneficiary are considered taxable income. The beneficiary is responsible for filing and paying his own taxes on any distribution.

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Why would anyone create a spendthrift trust?

The main benefit of a spendthrift trust is that it can protect your assets from a potentially unreliable beneficiary. It safeguards your estate without taking the beneficiarys inheritance from them.

What are the disadvantages of a spendthrift trust?

The pros of a spendthrift trust are that it can prevent creditors and lawsuits from attaching to the beneficiarys assets and provide a steady income stream. The downside is that it can be expensive to set up and maintain, and the beneficiary may be able to challenge the trusts spendthrift provisions in court.

Who should be the trustee of a spendthrift trust?

Instead, the trustee can be another family member, a family friend, or even a corporate trustee like a bank. The trustee will spend the money for the beneficiarys needs or could make payments directly to the beneficiary, as the trust document allows.

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