Choose the right trustee
Like other sound financial management and stewardship tactics, trusts are about planning for the future and planning for you and the ones you love. Understanding trusts and the parties to a trust can help make your planning easier.
Incorporating a trust into your wealth planning
While you may think of trusts primarily as a part of planning for what happens to your wealth when you die, you mayalso want to consider trust planning for reasons that make sense throughout your life’s progression. Understanding a few trust topics can help you decide if, when and how to incorporate trusts into your wealth planning.
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Selecting a trustee
The role of a trustee—holding title to property for the benefit of another—sounds simple enough on its surface, but selecting a trustee is a complex decision with many nuances. Fortunately, there are some key considerations that may help you fill this important role.
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Understanding the roles of a beneficiary and a trustee
A trust is an arrangement whereby the grantor places property in the care of the trustee for the benefit of a beneficiary for the purposes and under the terms described by the grantor. Understanding a beneficiary's interest in a trust, as well as the role of the trustee in carrying out the terms specified by the grantor, can help set expectations regarding management and distributions.
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Please see additional resources on this topic, or contact a CIBC Private Wealth advisor for more information.