Trusts in Alberta: Definition, Parties, and Common Types
Table of Contents
Trust Definition
A trust is a legal relationship where a trustee holds property for the benefit of beneficiaries according to terms set by a settlor (will-maker or person creating the trust).
Who’s who in Trusts
Settlor/testator — creates the trust (by will or deed).
Trustee — holds and manages assets, owes fiduciary duties.
Beneficiaries — receive income/capital per the trust terms.
Common Alberta Trust Types
Testamentary trust (created in a will at death).
Inter vivos (living) trust — created during life (e.g., family trust).
Spousal/common-law partner trust — income to spouse during life; capital to children later.
Henson-style special needs trust — protects eligibility for certain benefits.
Insurance trust — life insurance proceeds paid into a trust with directions.
Why use a Trust?
Control timing of distributions; protect minors and vulnerable beneficiaries.
Potential tax planning (seek tax advice).
Creditor/spend-thrift protection.
Trustee duties (snapshot)
Act prudently and in beneficiaries’ best interests.
Keep and share accounts when required.
Follow the trust instrument; invest prudently; avoid conflicts.
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Disclaimer: This guide provides general information about estate planning in Alberta and should not be considered legal advice. Every situation is unique, and you should consult with a qualified estate planning lawyer to discuss your specific circumstances. Laws and regulations can change, so ensure you’re working with current information when making estate planning decisions.
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Frequently Asked Questions
Can I be my own trustee?
Sometimes, for living trusts. For testamentary trusts, your executor often acts first, then continues as trustee.
Do trusts avoid probate?
Testamentary trusts are created by probate of the will; living trusts may reduce probate exposure for assets transferred during life.
Are trusts only for large estates?
No. Many modest estates use trusts to protect minors or manage timing.
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