You might want to consider setting up a trust for a minorbeneficiary for several reasons.
In Ontario, the government is responsible for protecting minor children's assets. This is because minors are not legally able to manage their finances.
When a minor inherits assets, the assets are typically held in trust for the minor until they reach the age of majority, which is 18 in Ontario. The trustee is responsible for managing the assets and distributing them to the minor according to the terms of the trust.
If there is no trust in place, the Public Guardian and Trustee (PGT) will hold the minor's assets. The PGT is a government agency that is responsible for managing the assets of minors and other vulnerable people.
Here are a few examples of trusts that can be used for minors in Ontario:
If you are considering setting up a trust for a minor beneficiary, consulting with an estate planning attorney is essential. We can help you choose the right type of trust for your needs and ensure that the trust is drafted correctly.
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