Thanks Paul- in Ontario (and possibly in other provinces and territories), it is possible to provide either for a trust in the Will dealing with life insurance policy proceeds (which may also be designed so as to avoid the application of estate administration tax). Or you can set up the same sort of trust in a separate insurance declaration. In both cases they would be testamentary trusts and they can be structured so as to stagger distributions over time.
What types of trusts would be required for life insurance proceeds? In the circumstance where the owner of the policy does not want their beneficiaries to receive a lump sum but instead would like proceeds paid out in a structured manner to beneficiaries, what type of trust would be best? Thank you
In Ontario (and possibly in other provinces and territories), it is possible to provide either for a trust in the Will dealing with life insurance policy proceeds (which may also be designed so as to avoid the application of estate administration tax). Or you can set up the same sort of trust in a separate insurance declaration. In both cases they would be testamentary trusts and they can be structured so as to stagger distributions over time.
Great question. Would be nice to get an answer.
Thanks Paul- in Ontario (and possibly in other provinces and territories), it is possible to provide either for a trust in the Will dealing with life insurance policy proceeds (which may also be designed so as to avoid the application of estate administration tax). Or you can set up the same sort of trust in a separate insurance declaration. In both cases they would be testamentary trusts and they can be structured so as to stagger distributions over time.
What types of trusts would be required for life insurance proceeds? In the circumstance where the owner of the policy does not want their beneficiaries to receive a lump sum but instead would like proceeds paid out in a structured manner to beneficiaries, what type of trust would be best? Thank you
In Ontario (and possibly in other provinces and territories), it is possible to provide either for a trust in the Will dealing with life insurance policy proceeds (which may also be designed so as to avoid the application of estate administration tax). Or you can set up the same sort of trust in a separate insurance declaration. In both cases they would be testamentary trusts and they can be structured so as to stagger distributions over time.