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Trusts for Minors in Ontario: An Estate Planning Perspective

everything you need to know about trusts for minors in Ontario, including the benefits, how to set one up, and how the government controls assets left to minors.

Why Do You Need a Trust for a Minor Beneficiary?

You might want to consider setting up a trust for a minorbeneficiary for several reasons.

How Does the Government Control Assets Left to Minors?

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.

Examples of Trusts for Minors in Ontario

Here are a few examples of trusts that can be used for minors in Ontario:

Conclusion

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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