Trust fund set-up & management and estate planning.
The estate’s legal representative or executor is responsible for administering the deceased’s assets and liabilities according to the terms of the will and ensuring proper tax returns are filed according to the law. At Cross & Company, we have experience preparing returns and forms for estate planning for both the deceased taxpayer and the ongoing estate and also advise on all taxation matters for executors, notaries and lawyers.
Trusts vs. wills: what’s the difference?
A will ensures your heirs get exactly what you want them to, but a trust can simplify the process of transferring these assets. A trust lets you transfer assets to beneficiaries while you’re still alive. A will, however, transfers your assets when you pass. A trust is a legal entity that holds some or all of your assets, such as bank accounts, real estate, stocks and bonds, mutual fund units and private businesses. The terms of a trust are more legally binding than those of an ordinary will, which can be challenged in a court of law as to whether it fulfills the deceased’s “moral obligation.” Unlike a will, a trust also allows you to avoid the probate process in which the contents of your will are made publicly available.
Not sure which option is for you? No problem! Our team will work with you to find out if setting up a trust is right for you and can refer you to an experienced professional that can set one up for you.
Curious about our trust & estate planning services? From reviewing the value of your assets to the amount of tax liability on your holdings, estate and business, we can provide a structured plan for you that will leave you with peace of mind. Book an appointment today!