Q.  What are trusts and why are they useful?

• A “Trust” is the description of a relationship where one person called the trustee holds assets for the benefit of someone else, called the beneficiary.  There can be more than one trustee and more than one beneficiary, and sometimes the trustee and beneficiary are the same person.  Technically speaking, the ownership of the assets in a trust are split, with the trustee owning the legal interest and the beneficiary owning the equitable (beneficial) interest.  The trustee has a fiduciary duty towards the beneficiary, which means that they must act in good faith and in the best interests of the trust.
• Trusts can be useful for a broad variety of purposes.  Tax deferral, tax savings, administering assets for minor children and incapable adults, and protecting assets from potential claims by family members and future creditors are among the common purposes that people choose to establish trusts in the estate planning context.  Westcoast Wills can help you determine if a trust is right for you.

Q.  How long does it take to get a will prepared?

• We can typically book clients for a consultation meeting with one of our wills lawyers without much of a delay.  The consultation meeting typically lasts an hour and a half.  At that meeting, the lawyer gives estate planning advice and gathers your instructions for your will and other documents (if requested).  About two weeks after the meeting, the lawyer will email you drafts of your will.  After reviewing the documents, you come in to sign everything with the wills lawyer.  Shorter time frames can be accommodated upon request.

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