Here are some of the reasons why you, as a parent, might want to use long-term testamentary trusts to distribute your estate to your adult children:
- You are concerned about the potential division of assets if your adult child’s relationship were to break down.
- You want to safeguard funds from exposure to potential creditors.
- You want to provide your child with opportunities to income-split with their lower-income children.
- Your child has a disability, and you want to preserve your child’s right to receive social assistance payments.
- You are concerned about your child’s ability to handle the funds.