Written by Ron Cooke, President & Founder of Strategic Wealth Protection Partners in Ontario
How much does a Living Trust cost in Canada?
Q: What is the cost of a living trust in Canada?
A: The cost of setting up a living trust in Canada typically ranges from $2,000 to $15,000 when done through a legal professional. This price depends on the complexity of your financial situation and the assets being placed in the trust.
Cost vs Value of a Living Trust
The cost of setting up a living trust in Canada typically ranges from $2,000 to $15,000 when done through a legal professional.
While the upfront cost might seem significant, the long-term benefitsâsuch as avoiding probate fees and reducing estate taxesâoften outweigh the expense. A living trust provides peace of mind by ensuring your assets are managed according to your wishes.
How much does a Living Trust cost in Ontario?
In Ontario, the cost of creating a living trust aligns with the national average, usually ranging from $2,500 to $15,000.
Factors such as the type of trust, the complexity of your estate, and the professional fees of your advisor can affect the final cost. Ontario residents may find living trusts particularly beneficial, as they help avoid probate delays and provide clear instructions for asset distribution.
Consulting with an experienced estate planner ensures your trust is tailored to your needs.
Who needs a Living Trust?
A living trust is ideal for individuals who want to simplify the management and distribution of their assets.
Itâs particularly useful for those with significant assets, multiple properties, or dependents with special needs. Business owners, individuals with blended families, or anyone wishing to avoid probate fees and delays should consider a living trust. This tool ensures your financial legacy is protected and your loved ones are cared for.
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.
Understanding Trusts: Key Differences Between the US and Canada
Trusts can be an excellent tool for estate planning. But it’s important to note that they function differently in Canada compared to the United States.
If youâre considering setting up a trust or exploring your options, it’s essential to rely on information tailored specifically for Canadians.
Many online resources about trusts are US-based, which may not align with Canadian laws and practices. To ensure you’re making informed decisions, seek guidance from local experts or trusted Canadian sources. Additionally, keep in mind that tax laws vary by province, so itâs crucial to consider regional regulations when establishing a trust.
With the right advice and preparation, trusts can be a valuable way to secure your legacy and protect your assets.
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, weâre 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 futureâstart planning today!
Schedule a Living Estate Plan Consultation
Planning your legacy is about more than numbersâitâs 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 itâs your first time. Thatâs why weâre 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 todayâschedule a consultation call and give your family the ultimate gift: peace of mind and the assurance they were always your priority.
Read More
If youâre starting your estate planning process, you may find these articles helpful:
- Is a Living Trust Better than a Will in Canada?
- Why the âdeath binderâ 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, Iâve seen the challenges families face when a loved one passesâlost assets, unnecessary taxes, and emotional stress. Thatâs 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 moneyâit should be peace of mind, cherished memories, and an organized estate.
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