Choose a trustee who’s trustworthy, diligent, responsible, can make good decisions and is organized and discreet.
While most people would like to leave a little bit of an inheritance to the next generation, not every child or grandchild may be ready to receive a lump sum of cash. Fortunately, there are ways to pass down assets while maintaining some control over how those funds are used.
When writing up a will, consider creating a testamentary trust. It allows people to give assets, such as stocks, cash and real estate, to their offspring without handing it over to them to use right away.
We spoke to Christine Van Cauwenberghe, Assitant Vice-President of Tax and Estate Planning at Investors Group, to find out just how a testamentary trust works.