Trusts

Trust Lawyer in North York

Trust Planning That Sees the Full Picture

A trust can do things a will alone cannot: keep assets private, control how and when beneficiaries receive distributions, and potentially reduce Ontario’s Estate Administration Tax. At BSG LLP, we draft and administer trusts for individuals and families in North York, ON, and across the Greater Toronto Area. Our team brings 15+ years of combined experience across estate planning, business law, real estate, and family law, so the trust structure we recommend accounts for your full situation, not just your estate in isolation.

A trust is a legal arrangement in which a settlor transfers assets to a trustee to hold and manage for named beneficiaries. Trusts can minimize tax exposure, protect assets from creditors, and allow precise control over distributions. Under Ontario law, a trust can be created during your lifetime or through a will, and each approach carries different legal and tax implications.

Our trust planning consultations are complimentary and available in person or virtually. Call (416) 966-6329 to book your 30-minute session with a trust lawyer in North York.

Trust Types We Draft & Administer

Different planning goals call for different trust structures. We work with clients on three core trust types, tailoring each one to fit the client’s assets, family dynamics, and long-term intentions.

Family Trusts

A family trust is an inter-vivos trust created and funded during your lifetime rather than through a will. It’s commonly used to split income among family members, protect assets, or facilitate an estate freeze. We help clients structure family trusts to hold assets such as a family cottage, corporate shares, or an investment portfolio for smooth intergenerational transfer.

Testamentary Trusts

A testamentary trust is created within a will and takes effect on death. Rather than distributing assets in a lump sum, it allows ongoing management for beneficiaries over time. This structure works well for minor children, beneficiaries with disabilities, or any situation where staged distributions make more sense than an immediate transfer.

Asset Protection Trusts

An asset protection trust is designed to help shield assets from potential creditors or legal claims while still allowing controlled access for beneficiaries. We advise on trustee selection, distribution mechanics, and how to build safeguards for beneficiaries who may need additional support. Our business law practice informs how these structures interact with corporate interests, and we coordinate with your accountants and other advisors throughout the process.

Why North York Clients Choose BSG LLP for Trust Planning

Estate planning rarely exists in isolation. Clients with blended families, business ownership, or property across jurisdictions need a trust structure that reflects every moving part. Because our team handles business law, real estate, and family law alongside estate planning, we bring that broader context to every trust we draft.

We explain trust options in plain language and walk you through each clause before signing. We arrange proper execution in accordance with Ontario requirements, which matters because errors in drafting or execution can compromise a trust’s validity and its intended benefits. We take the time to understand your family structure, financial priorities, and long-term goals before recommending a structure, and we serve clients throughout North York and the Greater Toronto Area, with virtual consultations available for convenience.

Start Your Trust Planning with a Complimentary Consultation

If you’re considering a trust for asset protection, tax minimization, or controlled distributions to your beneficiaries, we’re ready to help you understand your options. Book a complimentary 30-minute consultation by phone or online, and we can work through your situation before recommending any structure.

Call (416) 966-6329 to speak with a trust lawyer in North York, or book your consultation online. Appointments are available in person at our North York office or virtually.

How Trusts Work in Ontario

Every Ontario trust involves three parties. The settlor creates and funds the trust. The trustee holds and manages the assets according to the trust document. The beneficiaries receive the benefit of those assets, either immediately or over time as the trust terms direct.

Trusts are also categorized as revocable or irrevocable. A revocable trust allows the settlor to retain control and make changes during their lifetime. An irrevocable trust transfers control permanently, which can offer stronger creditor protection and tax planning potential but comes with a corresponding loss of flexibility. Understanding the difference matters before committing to a structure.

Ontario trustees are bound by both the trust document and fiduciary duties under common law, including duties of loyalty, prudent investment, and even-handedness among beneficiaries. Ontario’s Trustee Act establishes the legal framework for trustee obligations, including the duty to account to beneficiaries and to act in their best interests. These are legal standards that apply regardless of what the trust document says.

Trusts vs. Wills in Ontario: Key Differences

A will becomes a public document once it is probated through the Ontario Superior Court of Justice. A trust document generally remains private. For families who prefer to keep the details of an estate out of the public record, this distinction matters. There are also financial considerations that make a trust worth examining alongside or instead of a will.

Financial and practical advantages trusts can offer:

Estate Administration Tax: Assets held in a trust at death may not form part of the probated estate, which can reduce the Ontario Estate Administration Tax owing and simplify administration.
Ongoing management for vulnerable beneficiaries: A testamentary trust within a will can provide for ongoing asset management for minor children or beneficiaries with disabilities, rather than distributing a lump sum at death.
Income splitting: Inter-vivos trusts can be structured to split income among family members in lower tax brackets. The federal Income Tax Act attribution rules apply, and legal advice is needed to structure these arrangements correctly.
Shared-use property: Holding a family cottage or similar asset in a trust can help address capital gains tax exposure and the complexity of distributing shared property among beneficiaries.

Whether a trust makes sense alongside or instead of a will depends on your assets, family structure, and goals. These are decisions that benefit from legal and accounting input together.

Setting Up a Trust with BSG LLP: What to Expect

We begin every trust engagement by learning about your family, assets, and priorities. Before recommending any structure, we want to understand who your beneficiaries are, what assets you intend to transfer, and what outcomes matter most to you.

From there, we prepare a draft trust document and walk you through each clause in plain language before anything is signed. We discuss who should act as trustee, how and when beneficiaries should receive distributions, and where safeguards are needed. Properly executed trust documents in Ontario must meet specific formality requirements, and we handle those details carefully to protect the trust’s validity and its intended benefits.

We also coordinate with your accountants and other advisors throughout the process to make sure the trust structure aligns with your broader tax planning objectives. Trust planning is rarely a standalone exercise, and our multi-practice team brings the right context to every engagement.

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