Written by Ron Cooke, President & Founder of Strategic Wealth Protection Partners in Ontario
What is a living trust?
A living trust is a legal arrangement where you transfer ownership of your assets into a trust while you are alive, managed by a trustee for your benefit or your beneficiaries.
Unlike a will, a living trust allows your assets to bypass probate, ensuring a quicker and more private distribution. It can be revocable, meaning you can change or dissolve it at any time, or irrevocable, which is more permanent and offers additional protections.
What is the structure of a living trust in Ontario?
A living trust typically involves three key parties: the settlor, who creates the trust; the trustee, who manages the assets; and the beneficiaries, who receive the benefits of the trust.
The trust document outlines how assets will be managed and distributed. In Ontario, it must comply with provincial laws and include details about the assets, the trustee’s powers, and the beneficiaries’ rights.
What steps should I take to set up a living trust in Ontario?
To set up a living trust, start by consulting with an estate planning professional to determine if a trust is right for your goals.
Draft a trust document with a legal expert, specifying the terms and conditions. Choose a reliable trustee and transfer your selected assets into the trust. Finally, ensure the trust is reviewed and updated periodically to reflect changes in your life or legislation.
When is a living trust most beneficial?
A living trust is most beneficial if you want to avoid probate, maintain privacy, or manage complex family dynamics.
It’s ideal for individuals with significant assets, blended families, or beneficiaries who may need financial protection. Living trusts also provide flexibility for distributing assets over time or under specific conditions, offering greater control compared to a standard will.
Can I put my house in a living trust in Ontario?
Yes, you can place your house in a living trust in Ontario.
Doing so allows the property to bypass probate, saving time and money. The title of the house must be transferred to the trust, which may involve legal and administrative steps. It’s essential to work with professionals to ensure the transfer is handled correctly and aligns with your overall estate plan.
Discover the Benefits of a Living Trust in Ontario
Are you an Ontario resident considering a living trust as part of your estate planning?
At Strategic Wealth Protection Partners, we’re here to guide you through every step of the process with expert advice and personalized support. Begin your estate planning journey today with a Living Estate Plan Consultation from our experienced team.
Our mission at SWPP is to help you create an estate plan that secures your legacy, shields your assets from unnecessary taxation, and ensures your loved ones are cared for. By designing a living trust tailored to your goals, our experts will help you build a plan that truly reflects your values and priorities.
Take control of your future—start planning today!
Schedule a Living Estate Plan Consultation
Planning your legacy is about more than numbers—it’s about ensuring your family remembers you and your values are honoured for many years to come.
Estate planning and trusts can feel overwhelming, especially if it’s your first time. That’s why we’re here.
With our simple, 5-Step Living Estate Plan, we make the process easy, helping you create a comprehensive estate plan or trust that protects your assets from taxes and probate fees while preserving your legacy. Tools like The Final Word Journal capture your story, wishes, and essential details like accounts and end-of-life plans, ensuring your family has clarity and comfort.
Take the first step today—schedule a consultation call and give your family the ultimate gift: peace of mind and the assurance they were always your priority.
Read More
If you’re starting your estate planning process, you may find these articles helpful:
- Is a Living Trust Better than a Will in Canada?
- Why the ‘death binder’ is becoming an essential part of estate planning
- 8 Reasons You Should Do Business Succession Planning in Canada
About the Author
RON COOKE, PRESIDENT & FOUNDER OF STRATEGIC WEALTH PROTECTION PARTNERS
With over 30 years in financial services, I’ve seen the challenges families face when a loved one passes—lost assets, unnecessary taxes, and emotional stress. That’s why I created the Living Estate Plan, a comprehensive process to protect assets, eliminate estate and probate fees, and create legacies that are remembered for many years to come.
This plan ensures your family receives not just your wealth, but a meaningful reminder of your care and love. Tools like The Final Word Journal capture your story, wishes, and essential details, offering clarity and comfort during difficult times.
Your final gift should be more than money—it should be peace of mind, cherished memories, and an organized estate.
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