TRUSTS

What is a Trust?

Generally, a trust is a relationship between three parties:

 

  • The Settlor - The person who sets up the trust by transferring property to the Trustee.

  • The Trustee - Receives the property from the Settlor and holds legal title to the property and administers the trust for the benefit of the Beneficiary(s).

  • The Beneficiary(s) - The person(s) who receive the benefits of the trust property.

 

A trust is a fiduciary relationship and is created when a Settlor transfers property to a Trustee for the benefit of the Beneficiaries. 

 

The two most common types of personal trusts are:

 

  • Testamentary Trust – Is a trust that is created in person’s Will but only comes into existence when that person (Testator or Testatrix) dies.

  • Inter-vivos Trust (or living trust) – Is a trust that is created and comes into existence during the lifetime of the Settlor.

Why establish a Trust?

Trusts are extremely flexible and can be used for many beneficial reasons including:

 

  • Generational transfer of wealth

  • Business succession planning

  • Asset protection

  • Privacy - Inter-vivos (living) trusts are not subject to probate

  • Tax planning

  • Philanthropy

What is a Corporate Trustee?

A Corporation which has been authorized and is regulated by legislation to offer its services as a trustee and executor to the general public.  Sorrell Private Trust is a Corporate Trustee.

Why Choose SPT as a Corporate Trustee?

The benefits of choosing Sorrell Private Trust over an individual trustee/executor include the following:

 

  • Professional experience and expertise - In the administration of trusts and estates which are often complex owing to changing laws, tax matters and diverse investments.

 

  • Objectivity – Impartial and objective decision making free from family bias.

 

  • Continuity – A primary objective for establishing a trust is typically to benefit future generations of family members. The choice of a Corporate Trustee/Executor ensures the longevity of the trust as it is not subject to the human frailties of an individual trustee.

 

  • Confidentiality – An impartial, objective, and professional Corporate Trustee/Executor has a fiduciary duty to maintain a client’s privacy and keep their matters in strict confidence. 

 

  • Regulation and Compliance – Corporate Trustees/Executors are regulated and monitored by legislation and are held accountable to higher standards than are individual trustees.

 

It would be our pleasure to serve as a Corporate Trustee/Executor in the following capacities:

 

  • Trustee

  • Co-Trustee

  • Agent for Trustee

  • Charitable Trustee

  • Executor

  • Co-Executor

  • Agent for Executor

  • Power of Attorney

It would be our pleasure to serve you.

For more information, please contact us by phone or email.

© 2019 Sorrell Private Trust Company Inc.

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