Private Trust

What can an estate plan do for me?
What benefits can I expect?
How can estate planning reduce the taxes on my estate?
How can a trust help me and my beneficiaries?
When is the right time to plan and create a Will?
Does it matter who I appoint as my Executor?
How should I go about choosing an Executor?
What are the benefits of choosing our organization as Executor or Co-Executor?
How does the estate planning process work?

What can an estate plan do for me?

Aside from the clear financial benefits, having a plan in place puts you in control of your future.

By working with our Estate and Trust Specialists, you can decide what you want to happen with your assets, and be confident that your wishes will be carried out.

The realization of the goals you have set in life - goals such as your children's education, your family's economic independence, or your support for charities - can be continued through your estate plan. You can gain peace of mind and help your beneficiaries enjoy a more secure future.

• Help private businesses continue to meet a family's needs or ensure that the maximum benefits are received from a sale or wind-up
• Ensure that your beneficiaries are taken care of while your estate is settled
• Make sure that your estate is settled cost-effectively and without delay

What benefits can I expect?

An estate plan can help:

• Make sure that the people and causes you care about will be looked after
• Minimize or defer taxes that are payable at death
• Reduce probate fees
• Establish clear ownership of jointly-owned property, bank accounts, and investments
• Establish trusts that may have tax advantages and preserve family property such as a home, cottage, or business

How can estate planning reduce the taxes on my estate?

Trusts, gifts, donations, and life insurance are just some of the options our specialists in estate tax preparation and planning may suggest. We'll recommend and help you implement the strategies that are most appropriate for your personal financial situation and goals.

Our Tax Services Specialists can also prepare your annual personal tax return and identify ongoing tax planning strategies.

How can a trust help me and my beneficiaries?

A trust is simply a way to ensure that commitments you make to the financial security of others will continue. You can use a trust to:

• Continue to support a beneficiary with special needs or one too young to manage an inheritance
• Provide income to a loved one without the burden of managing the assets
• Give ongoing support to a favourite charity or cause
• Continue your business achievements
• Preserve family assets such as a cottage or property

We can provide you with professional advice on the role and structure of a trust, and serve as your Trustee, or Co-Trustee with a family member or other advisor. In these roles, we manage the trust assets, provide administrative services, and assist on taxation matters.

When is the right time to plan and create a Will?

Virtually every adult should have a Will and review it at least every three to five years.

Of course, that's not always what happens. For most people, some event usually starts them thinking about planning for the future.

A change of marital status in your family, the birth or death of a family member, or a change in your financial situation or employment status are all good reasons to think about the importance of an up-to-date Will.

If you are not sure whether to proceed, just give us a call. We'll meet with you, review your situation, and make an appropriate recommendation. There's no obligation, and you'll have the information you need to make a wise decision.

Does it matter who I appoint as my Executor?

Yes. The Executor of your Will has to make sure that your wishes are carried out exactly as stated in your Will and handle all the legal and financial requirements of settling your estate.

The right Executor can save your estate money, shorten the settlement process considerably, and ensure that all your beneficiaries are looked after relative to the provisions in the Will.

How should I go about choosing an Executor?

You may think that this is an honour that should be given to a friend or relative. What you may not realize is how difficult the job can be.

We would suggest you consider these five questions.

1. Are you sure the Executor will be there when needed and able to devote enough time to the job?
2. Is the person comfortable in dealing with the legal, tax, investment, real estate, and business management aspects of being an Executor?
3. Can your Executor stay completely impartial and handle the emotional stress that could arise?
4. Have you asked, and has the person agreed to take on the responsibility?
5. Does the person you've chosen understand that he or she can be held personally liable for any mistakes?

If you have answered "no" to any one of these questions, we would recommend that you consider naming TD Waterhouse Private Trust, through The Canada Trust Company, as Executor or Co-Executor.

You can also complete the Estate Planning - Executor Selection Tool for additional direction on your decision.

What are the benefits of choosing our organization as Executor or Co-Executor?

We have the ability, knowledge, and professional network of external and internal specialists to settle your estate as efficiently and cost-effectively as possible.

As sole Executor, we take responsibility for all aspects of settling your estate.

As Co-Executor, we work with a family member or friend of your choice. Major decisions are made jointly while our specialists take responsibility for all the day-to-day administration and management.

In both cases, your beneficiaries will have the advantage of dealing with one experienced Estates and Trusts Specialist who coordinates all of our services and understands your family issues. It can be very helpful to have the assistance of this concerned, knowledgeable, and impartial individual during what can be a difficult time.

How does the estate planning process work?

When TD Waterhouse Private Trust is appointed Executor or Co-Executor, we begin with a complete review of your personal priorities. An experienced Estate and Trust Specialist gets to know you and understand your vision of the future, the needs of your family, and your financial goals.

Then, we coordinate the work of our specialists in taxation, investments, trusts, and private business to provide you and/or your advisors options to consider.

When you've decided which options are right for you, we'll build a comprehensive estate plan that meets your goals and helps you provide for your beneficiaries.

Resources for Will and Estate Planning

• Choosing the Executor of Your Will
• Estate Planning - Executor Selection Tool
• Duties of an Executor
• Trust Services

Our Estate and Trust Specialists would be happy to answer any questions you may have. If you would like to learn more about our services or arrange a meeting with one of our Specialists, please contact the TD Waterhouse Private Trust branch nearest you by consulting our Private Trust Branch Directory.