Trusts

Trust Lawyers in Edmonton, Alberta

Trusts are powerful tools in estate planning, offering flexibility, privacy, and control over the distribution of your assets. At Cambria LLP, we help clients in Edmonton and the greater Alberta area navigate the complexities of setting up and managing trusts, whether it's to protect assets, provide for loved ones, or manage taxes. Our experienced team can guide you through establishing a trust, ensuring that it aligns with your goals and complies with Alberta law.

Types of Trusts We Offer

Creating the right trust for your needs depends on control, flexibility, and tax implications. We'll work with you to determine which type of trust best suits your situation and ensure it meets your estate planning objectives. The most common types of trusts include.

Revocable Trusts

A revocable trust (also known as a "living trust") allows you to retain control over your assets during your lifetime while ensuring a smooth transfer of assets to beneficiaries after you pass away. Unlike a will, a revocable trust can help avoid probate, providing a quicker, more private distribution of assets.

Benefits of a Revocable Trust

Control and Flexibility. You retain control over assets in the trust and can modify or revoke it at any time during your life.
Probate Avoidance. A revocable trust allows assets to bypass probate, ensuring faster and more private distribution to beneficiaries.
Continuity in Incapacity. If you become incapacitated, your chosen trustee can manage the trust's assets on your behalf without needing a court-appointed guardian.

Is a revocable trust right for you? Contact us at 780-540-8100 to discuss the benefits of revocable trusts with our experienced estate planning team.

Irrevocable Trusts

An irrevocable trust is a more permanent solution for estate planning. Once established, an irrevocable trust cannot be altered or revoked (with very few exceptions), making it ideal for asset protection, tax planning, and preserving wealth for future generations.

Benefits of an Irrevocable Trust

Asset Protection. Assets in an irrevocable trust are generally protected from creditors and lawsuits, preserving wealth for your beneficiaries.
Tax Advantages. Irrevocable trusts can reduce estate taxes and may provide tax benefits depending on your financial situation.
Long-Term Financial Security. This trust ensures that assets are preserved and managed according to your exact wishes, making it a valuable tool for legacy planning.

Interested in asset protection? Contact us at 780-540-8100 to learn if an irrevocable trust could be the best choice for you.

Testamentary Trusts

A testamentary trust is created through a will and only takes effect after you pass away. Often used to provide ongoing support for minor children, dependents with special needs, or other loved ones, testamentary trusts allow you to control how and when your assets are distributed.

Benefits of a Testamentary Trust

Support for Minor Children or Dependents. Testamentary trusts allow you to set up financial provisions for minors or family members needing long-term financial support.
Structured Asset Distribution. You can control when and how beneficiaries receive their inheritance, which is particularly useful for younger beneficiaries or those who may need assistance managing funds.
Tax Benefits. Testamentary trusts can offer beneficiary tax benefits, helping maximize the inheritance's long-term value.

Need a testamentary trust for a loved one's future? Call Cambria LLP at (780) 540-8100 to explore your options.

Protect Your Legacy with Cambria LLP

Creating a trust is a powerful way to secure your assets, protect your loved ones, and ensure your estate is managed according to your wishes. At Cambria LLP, we provide the legal expertise you need to make informed decisions confidently. Contact us at 780-540-8100 to discuss your estate planning goals and explore the benefits of establishing a trust with our knowledgeable Edmonton team.

Frequently Asked Questions

What is the main difference between a revocable and an irrevocable trust?

The primary difference is that a revocable trust can be modified or revoked during your lifetime, while an irrevocable trust generally cannot be changed once established. Revocable trusts offer flexibility, while irrevocable trusts are often chosen for asset protection and tax planning.

How does a testamentary trust differ from other types of trusts?

A testamentary trust is created through a will and only becomes effective after your death. Unlike revocable and irrevocable trusts, it doesn't avoid probate but can provide structured support for dependents, such as minor children, after you pass away.

Who should I choose as a trustee?

Your trustee should be someone you trust to manage assets responsibly and in alignment with your wishes. Some people choose a family member or close friend, while others prefer a professional trustee for impartiality and experience in asset management.

Can a trust help reduce taxes?

Yes, certain types of trusts, particularly irrevocable trusts, can help reduce estate taxes and income taxes, depending on your financial situation and Alberta tax laws. Our team can advise on tax-efficient options that align with your estate planning goals.

Why Choose Cambria LLP for Your Estate and Elder Law Needs?

At Cambria LLP, we understand that estate planning, trust creation, estate administration, estate litigation, and elder law issues require personalized attention, empathy, and expertise. Our team combines extensive local knowledge of Alberta’s legal landscape with a client-centered approach to provide tailored, practical solutions that protect your legacy and ensure peace of mind for you and your loved ones.

Plan Today, Protect Tomorrow

At Cambria LLP, we believe in securing your legacy with thoughtful, tailored solutions for wills, trusts, and estate management. Whether you're planning for the future, administering a loved one's estate, or navigating elder law matters, our experienced team is here to provide compassionate guidance every step of the way. Protect your assets, support your family, and gain peace of mind knowing your legacy is in capable hands.