Trusts BC — Testamentary, Inter Vivos, and Bare Trusts. A trust is a legal arrangement in which one person, the trustee, holds assets for the benefit of another person or persons, the beneficiaries. Trusts are powerful tools in BC estate planning and can serve multiple purposes. A testamentary trust is created within a will and comes into effect on the death of the testator. Testamentary trusts are commonly used to hold assets for minor children until they reach a specified age, to provide for a disabled beneficiary while preserving eligibility for government benefits, or to give a surviving spouse the use of assets during their lifetime with the remainder passing to children on the spouse's death. An inter vivos trust is created during the settlor's lifetime and can be used to avoid probate on assets held in the trust, to facilitate income splitting within a family, or to hold family business interests. A bare trust is a simple trust arrangement in which the trustee holds legal title to assets for the sole benefit of the beneficiary and must follow the beneficiary's instructions. New CRA reporting requirements for bare trusts have significantly increased the administrative burden on these arrangements. Andrew Liggett advises BC families on trust planning as part of comprehensive estate planning. Serving all of BC since 1991. Independent legal advice from a BC estate lawyer is strongly recommended before establishing any trust. Trust law in BC is complex and the tax and legal consequences of improper trust structures can be significant. Sea to Sky Law advises on trust planning and administration across British Columbia. Sea to Sky Law has served British Columbia families and businesses since 1991. Our approach combines practical legal advice with compassionate understanding of the human situations behind every legal matter. We serve all of BC by phone or secure video. Independent legal advice is always strongly recommended before making decisions that affect your family, your estate, or your business.