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.
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.
If you are wondering about your family law rights under provincial legislation, you are considered to be spouses if you have lived together in a “marriage-like” relationship for two years, or if you have a child together. Under the BC Family Law Act, a spouse is entitled to certain rights upon separation.
It is helpful to note that under certain federal legislations, you are considered to be living common-law if you are living in a conjugal relationship with a person for one year.
You are considered to be separated when you communicate to your spouse the intention to separate permanently, or if you take any action that can demonstrate your intention to separate permanently.
Although it is typical for at least one of you to move out of the shared home when the relationship ends, separation can occur even if you continue to live under the same roof.
To formally divorce from your husband or wife, a court order from the Supreme Court of British Columbia is required. If either spouse has been a resident of British Columbia for at least one year, you can apply for a divorce order by submitting the required court documents to the BC Supreme Court registry.
In most cases, the court will only grant the divorce if you have been separated for at least one year.