Written by Ron Cooke, President & Founder of Strategic Wealth Protection Partners in Ontario
Living Trust vs Will in Canada
Is a living trust better than a will? A living trust and a will serve different purposes, and one isn’t necessarily better than the other.
A living trust allows you to avoid probate, maintain privacy, and manage your assets during your lifetime. A will is simpler and ensures your final wishes are carried out, such as appointing guardians for minor children. The right choice depends on your financial situation and goals—for many, a combination of both is ideal.
What are the top benefits of a Living Trust?
A living trust offers several key benefits.
It avoids probate, saving your loved ones time and money during a stressful period. It also provides privacy, as the details of the trust do not become public record. Additionally, it allows you to manage your assets during your lifetime and ensures seamless control if you become incapacitated. These features make a living trust a versatile and powerful estate planning tool.
Do I need a Will and a Living Trust?
In many cases, having both a will and a living trust is the best approach.
A will ensures any assets not included in the trust are distributed according to your wishes. It also covers aspects a trust cannot, such as appointing guardians for minor children. Together, a will and a living trust create a comprehensive plan to protect your legacy and provide peace of mind for your loved ones.
What are the Pros and Cons of a Living Trust?
Pros:
A living trust avoids probate, maintains privacy, and provides control over your assets during your lifetime and after. It’s especially useful for complex estates or when you own property in multiple provinces or countries.
Cons:
The initial setup cost and complexity are higher than a will. Additionally, maintaining the trust requires diligence, such as transferring assets into it. Consulting an estate planning professional can help you weigh these factors and decide if a living trust suits your needs.
Who doesn’t need a Living Trust?
Not everyone requires a living trust.
If your estate is straightforward, with few assets and no complex distribution needs, a simple will might suffice. Those without significant assets or dependents may find the cost of creating a living trust unnecessary. Additionally, in provinces with simplified probate processes, the benefits of a living trust might be less impactful.
Consulting a professional can help determine if a living trust aligns with your personal and financial goals.
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:
- Why the ‘death binder’ is becoming an essential part of estate planning
- What Is the Cost of a Living Trust 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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