Making the Complex Simple.

Leave your fiduciary responsibilities and worries in the hands of our expert team.

The administration of a Trust is complex, time consuming, and fraught with personal liability. Taking on a fiduciary responsibility requires real expertise and an enormous investment of time. As a regulated trust company, CV Trust can take on this professional responsibility — it’s our business.

At CV Trust, we work with your professional advisors to create agile Trust solutions including:

Alter-ego and Joint Partner Trusts

PROBLEM

I am over 65 years old and am wanting to marry again, and want to provide for my new spouse. I don’t want my children fighting with their new step-parent over my estate.

SOLUTION

Click the icon to see the solution

If you transfer all or some of your assets to an alter-ego or joint partner trust, there will be fewer assets to argue over as these assets are the property of the trust, outside of your will.

After turning 65, this type of trust can be created to reduce estate litigation and provide for estate privacy. Probate savings can also be achieved. CV Trust can act as trustee to maintain family harmony.

Testamentary Trusts

PROBLEM

On my passing, I want to make sure my spouse is provided for during their lifetime and my children receive the balance of my estate when my spouse passes away.

SOLUTION

Click the icon to see the solution

A testamentary spousal trust forms part of your will, ensuring that only your spouse receives all of your estate’s income, but not necessarily all the assets during their lifetime. On their demise, your children can receive the remainder of your estate on a pre-determined basis, decided by you.

A trust created on one’s demise to ensure that your wishes are met and that estate assets are properly managed for the right people. CV Trust can act as executor to ensure your wishes are professionally carried out.

Inter-vivos Trusts

PROBLEM

I want to leave a legacy for my children, but want to protect it from potential creditors or, maybe one of my children is a spendthrift.

SOLUTION

Click the icon to see the solution

You could transfer your legacy to an inter-vivos trust to protect your children from others, as well as from themselves.

A trust created during one’s lifetime for continuity, protection of assets, and estate tax minimization. CV Trust can act as trustee to ensure your family is well protected.

Multiple Wills

PROBLEM

I’m under 65 years of age and have a complicated business that my family don’t have the time, or skill set to manage, but I want to give them the power to deal with my personal effects.

SOLUTION

Click the icon to see the solution

You could achieve this goal by having one will professionally managed for your business and a separate will for your personal effects managed by your family.

Two wills created during one’s lifetime before age 65 with one will for business assets and a separate will for personal items. Probate savings and estate privacy can also be achieved. CV Trust can act as an executor of your business will leaving your family to focus on what matters most – your family.

What is included in our fiduciary services?

Power of Attorney

In the case of incapacity, we step in to your shoes to act on your behalf. This includes, but isn’t limited to:

  • We ensure your financial matters are taken care of, assets secured and managed effectively, bills paid on time, etc.
  • If you have a business, it will need to continue to run effectively — we have the expertise to protect the value of your business
  • If you own real estate (personal, recreational, investment) it needs to be properly maintained, cared for, insured, etc. — we will take care of these to provide peace of mind.
  • As we are a non-deposit taking trust company, we don’t manage investments, so are free to use your existing advisors.
  • Ensuring your tax returns are prepared and any amounts paid.
  • We keep proper accounting should records ever be required.

Executor

On the passing of an individual, an executor administers the estate in accordance with the Will. This includes, but isn’t limited to:

  • Completing or overseeing the funeral arrangements per the Will, or in consultation with family and/or friends.
  • Applying for and obtaining Probate
  • Doing a full inventory of your assets, securing them, and re-registering them into the name of the estate, ensuring appropriate insurance, etc.
  • Properly managed the estate assets while the estate is being administered.
  • Publishing advertisements for creditors of the estate.
  • Filing the various income tax returns relating to the estate and applying for income tax clearance certificates.
  • Distributing items to named beneficiaries that were specifically-identified.
  • Creating cash within the estate to satisfy any cash legacies.
  • Where appropriate, making interim distributions to beneficiaries.
  • Making the final distribution assets to the named beneficiaries once tax clearance is received
  • Our strength is in complexity — we can deal with your: operating companies, holding companies, assets and beneficiaries in foreign jurisdictions, and complex family dynamics.

Trustee

We can act as an initial trustee of a new trust being set up (either in your will or during your lifetime) or be Successor Trustees for a trust already in place. Trustee services include, but aren’t limited to:

  • Having fiduciary (legal) responsibility over the assets in the trust, on behalf of the beneficiaries (spouse, children, grandchildren, charity, etc.).
  • Gathering and securing the assets that comprise the trust and ensuring proper levels of insurance if appropriate.
  • Managing the assets of the trusts in accordance with your wishes as outlined in the Trust. Because we are not money managers, we are flexible to deal with the types of assets you hold and want to keep.  Have a business?  Have a legacy piece of real estate?  We won’t sell these assets that are important to you just to put them in an investment account.
  • Reviewing and evaluating the performance of any 3rd party professionals, such as investment managers.
  • Paying any bills or expenses related to the administration of the trust.
  • Distributing income or capital to the beneficiaries.
  • Filing income tax returns for the trust.
  • Regular reporting to the beneficiaries.

Agent for Executor/Trustee

f you’ve already been named / began to act as an executor and are overwhelmed or don’t know where to start, we can do the heavy lifting for you. We do not take over fiduciary duties but can act on your instructions dealing with the administration of the estate. This includes, but isn’t limited to:

  • Assisting with the funeral arrangements.
  • Working with the client and their lawyer to apply for the Grant of Administration from the Probate Court.
  • Assisting with the gathering of the estate assets and making sure that they are properly insured, if need be, that legal title is re-registered in the name of the client and that the assets are professionally managed during the administration of the estate.
  • Arranging for the advertisement for creditors and then payment of any proven debts.
  • Ensuring that all tax returns are filed and applying for tax clearance certificates for the estate.
  • Assisting with the distribution of any bequests of specific property and payment of any cash legacies.
  • Determining whether an interim distribution is appropriate and, if so, arranging for the proper liquidation of assets to make the distribution.
  • Dealing with any legal claims against the estate such as under the Wills Variation provisions of the Wills, Estates and Succession Act.
  • Arranging for final distribution of assets from the estate upon receipt of tax clearance certificates.

Why are friends and family not always appropriate choices?

Friends and family may seem like the easy option to act as trustees, but often they aren’t properly equipped to deal with the demands of administering a Trust. Common concerns include:

  • Personally liable for mistakes — as a fiduciary, they are legally liable.
  • Not independent — conflict of interest, real or perceived.
  • Criticism and court challenges from family members.
  • Inadequate time for task — they have a job, a family.
  • Difficulty in dealing with financial matters — not everyone is wired the same way.
  • Wrong location – they may be on the other side of the country or world.
  • Their demise – a person is not a concern, but a corporation isn’t.
  • Unknown fees – we negotiate a fee with you in advance.
  • Complexity – is there an operating business, or a complex structure in place?

Why choose CV TrustCo’s fiduciary services?

Fiduciary responsibilities are complex and delicate. Putting those responsibilities and worries in the hands of our experienced team means that you can rest easy knowing your affairs will be expertly handled.

Making the Complex – Simple.

Leave your fiduciary responsibilities and worries in the hands of our expert team.

The administration of a Trust is complex, time consuming and fraught with personal liability. Taking on a fiduciary responsibility requires real expertise and an enourmous investment of time. As a regulated trust company, CV Trust can take on this professional responsibility – it’s our business.

At CV trust, we work with your professional advisors to create agile Trust solutions including:

Alter-ego and Joint Partner Trusts

PROBLEM

I am 67 years old and want to marry again and want to provide for my new spouse. I don’t want my children fighting with their new step-parent over my estate.

SOLUTION

If you transfer all or some of your assets to an alter-ego or joint partner trust, there will be fewer assets to argue over as these assets are the property of the trust outside of your will.

After turning 65, this type of trust can be created to reduce estate litigation and provide for estate privacy. Probate savings can also be achieved. CV Trust can act as trustee to maintain family harmony.

Testamentary Trusts

PROBLEM

On my passing, I want to make sure my spouse is provided for during their lifetime and my children receive the balance of my estate when my spouse passes away.

SOLUTION

A testamentary trust forms part of your will, ensuring that only your spouse receives all of your estate’s income, but not necessarily all the asset during their lifetime. On their demise, your children can receive the remainder of your estate on a pre-determined basis, decided by you.

A trust created on one’s demise to ensure that your wishes are met and that estate assets are properly managed for the right people. CV Trust can act as executor to ensure your wishes are professionally carried out.

Inter-vivos Trusts

PROBLEM

I want to leave a legacy for my children, but want to protect it from potential creditors or, maybe one of my children is a spendthrift.

SOLUTION

You could transfer your legacy to an inter-vivos trust to protect your children from others, as well as from themselves.

A trust created during one’s lifetime for continuity, protection of assets, and estate tax minimization. CV Trust can act as trustee to ensure your family is best protected.

Multiple Wills

PROBLEM

I’m under 65 years of age and have a complicated business that my children don’t have the time, or skill set to manage, but I want them to give them the power to deal with my personal effects.

SOLUTION

You could achieve this goal by having one will professionally managed for your business and a separate will for your personal effects managed by your children.

Two wills created during one’s lifetime before age 65 with one will for business assets and a separate will for personal items. Probate savings and estate privacy can also be achieved. CV Trust can act as an executor of your business will leaving your family to focus on what matters most – your family.

What is included in our fiduciary services?

Power of Attorney

In the case of incapacity, we step in to your shoes to act on your behalf. This includes, but isn’t limited to:

  • We ensure your financial matters are taken care of, assets secured and managed effectively, bills paid on time, etc.
  • If you have a business, it will need to continue to run effectively — we have the expertise to protect the value of your business
  • If you own real estate (personal, recreational, investment) it needs to be properly maintained, cared for, insured, etc. — we will take care of these to provide peace of mind.
  • As we are a non-deposit taking trust company, we don’t manage investments, so are free to use your existing advisors.
  • Ensuring your tax returns are prepared and any amounts paid.
  • We keep proper accounting should records ever be required.

Executor

On the passing of an individual, an executor administers the estate in accordance with the Will. This includes, but isn’t limited to:

  • Completing or overseeing the funeral arrangements per the Will, or in consultation with family and/or friends.
  • Applying for and obtaining Probate
  • Doing a full inventory of your assets, securing them, and re-registering them into the name of the estate, ensuring appropriate insurance, etc.
  • Properly managed the estate assets while the estate is being administered.
  • Publishing advertisements for creditors of the estate.
  • Filing the various income tax returns relating to the estate and applying for income tax clearance certificates.
  • Distributing items to named beneficiaries that were specifically-identified.
  • Creating cash within the estate to satisfy any cash legacies.
  • Where appropriate, making interim distributions to beneficiaries.
  • Making the final distribution assets to the named beneficiaries once tax clearance is received
  • Our strength is in complexity — we can deal with your: operating companies, holding companies, assets and beneficiaries in foreign jurisdictions, and complex family dynamics.

Trustee

We can act as an initial trustee of a new trust being set up (either in your will or during your lifetime) or be Successor Trustees for a trust already in place. Trustee services include, but aren’t limited to:

  • Having fiduciary (legal) responsibility over the assets in the trust, on behalf of the beneficiaries (spouse, children, grandchildren, charity, etc.).
  • Gathering and securing the assets that comprise the trust and ensuring proper levels of insurance if appropriate.
  • Managing the assets of the trusts in accordance with your wishes as outlined in the Trust. Because we are not money managers, we are flexible to deal with the types of assets you hold and want to keep.  Have a business?  Have a legacy piece of real estate?  We won’t sell these assets that are important to you just to put them in an investment account.
  • Reviewing and evaluating the performance of any 3rd party professionals, such as investment managers.
  • Paying any bills or expenses related to the administration of the trust.
  • Distributing income or capital to the beneficiaries.
  • Filing income tax returns for the trust.
  • Regular reporting to the beneficiaries.

Agent for Executor/Trustee

f you’ve already been named / began to act as an executor and are overwhelmed or don’t know where to start, we can do the heavy lifting for you. We do not take over fiduciary duties but can act on your instructions dealing with the administration of the estate. This includes, but isn’t limited to:

  • Assisting with the funeral arrangements.
  • Working with the client and their lawyer to apply for the Grant of Administration from the Probate Court.
  • Assisting with the gathering of the estate assets and making sure that they are properly insured, if need be, that legal title is re-registered in the name of the client and that the assets are professionally managed during the administration of the estate.
  • Arranging for the advertisement for creditors and then payment of any proven debts.
  • Ensuring that all tax returns are filed and applying for tax clearance certificates for the estate.
  • Assisting with the distribution of any bequests of specific property and payment of any cash legacies.
  • Determining whether an interim distribution is appropriate and, if so, arranging for the proper liquidation of assets to make the distribution.
  • Dealing with any legal claims against the estate such as under the Wills Variation provisions of the Wills, Estates and Succession Act.
  • Arranging for final distribution of assets from the estate upon receipt of tax clearance certificates.

Why are friends and family not always appropriate choices?

Friends and family may seem like the easy option to act as trustees, but often they aren’t properly equipped to deal with the demands of administering a Trust. Common concerns include:

  • Personally liable for mistakes — as a fiduciary, they are legally liable.
  • Not independent — conflict of interest, real or perceived.
  • Criticism and court challenges from family members.
  • Inadequate time for task — they have a job, a family.
  • Difficulty in dealing with financial matters — not everyone is wired the same way.
  • Wrong location – they may be on the other side of the country or world.
  • Their demise – a person is not a concern, but a corporation isn’t.
  • Unknown fees – we negotiate a fee with you in advance.
  • Complexity – is there an operating business, or a complex structure in place?

Why choose CV TrustCo’s fiduciary services?

Fiduciary responsibilities are complex and delicate. Putting those responsibilities and worries in the hands of our experienced team means that you can rest easy knowing your affairs will be expertly handled.

© 2019 CV TrustCo