Family Trust Explained | Why or Why You Shouldn't Use One

In movies and shows we hear the term "Trust Fund Baby" all the time, but just what IS a trust? Many people perceive family trust as an ultra rich concept with mysterious features, but actually its feature is a lot easier to understand in reality. In this video I will be taking everyone through the basics of a family trust, what is it, how is it set up, and in what situation a trust can be useful. Hopefully with family trust explained you have a better idea if you should be considering one!
This is not financial advise, speak to your advisors!
#canada #estateplanning #finance
▼ Time Stamps
[0:00] Start
[0:54] Common estate planning tool #1: Using a will
[2:29] Common estate planning tool #2: Using a beneficiary
[3:49] What is a trust basically
[4:02] Basics of a trust
[5:25] The structure of a trust
[6:53] Scenario #1: Controlling assets
[9:13] Scenario #2: Corporate estate freeze
[10:53] Scenario #3: Corporate sale in future
[12:53] Pros & cons of a trust
[14:35] Other notes to keep in mind
[15:11] What to consider when thinking of setting up a trust
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[@ryanm7171]

Great video. Can you please do one more specifically on Qualified Disability Trusts? Also, can you describe the type of expenses and possibly estimate the fees to maintain a testamentary trust?

[@mike330i]

Thanks for the video. Saves me a trip to a CPA or estate lawyer.

[@damilolaawokiyesi7828]

Thank you. This video was simple and easy to understand.

[@yungwun55]

As an llqp licensed being in ontario, this video is well done and refreshing.

[@harupii-yo3lq]

I am reviewing for an ALU exam. This is really helpful.

[@robertd333]

I was told you can't be ALL 3 in a Trust...only 2 out of the 3? Interesting. Thanks for the video.

[@Justenjoylifenow]

Great video!

[@user-wh7fc4gp7q]

Very good video

[@azamarabear]

Wow great content thanks a lot😮

[@retireAnyAge]

Great content!

[@tk956351]

Appreciate the info!

[@arkadandfortuna1582]

Sounds like great information with good intent but I wish there was a post that explains this in plain English with plain English examples and not financial jargon where by only financial industry individuals understand it. I have yet to come across a UA-cam post that explains it that way.

[@JackyKuk]

funny becase most viewers say the opposite!

[@maryrembijas9879]

Does the executor have total control? Giving more to one beneficiary than the other?

[@JackyKuk]

Good question, while yes and executor is also liable for any unfair distributions

[@azamarabear]

Approximately what would be the minimum amount of money in order for a person to consider setting up a trust

[@JackyKuk]

No minimum its about if you need to exert control or not

[@designbyhazema]

thank you!

[@ahamedularefin9426]

Thanks

[@JohnPham2015]

So will family trust protect my real estate from CA property 19 ?

[@JackyKuk]

Whats ca prop 19?

[@christianduval9067]

With the business we have......we also have (2) family trust.....

[@christianduval9067]

Cost $25 000 to implement thru lawyer and CPA......but save $$$$$$$$$$

[@gabriellabenko8800]

I need to renew my will . Because the video is so great, can you do it for us. We live in Ontario. How much is the cost.?

[@JackyKuk]

Unfortunately we are not lawyers we dont draft will!

[@fredhooshi4294]

how to register a family trust?

[@JackyKuk]

It's set up via lawyers

[@gyoung4597]

Great video!!