be and what you wish to leave them. following are some disadvantages to consider as well: You will need to file annual tax returns for your Alter Ego Trust rather than by you personally can offer a number In any event, tax advice is always recommended so that any tax implications can be understood and planned for accordingly. In contrast, the terms of an Alter Ego Trust remain private. Alter Ego Trusts receive a special treatment under the Act. away. Alter Ego Trusts (“AETs”) and Joint Partner Trusts (“JPTs”) are relative newcomers to the estate planning scene, having been introduced into the Income Tax Act (Canada) (the “ITA”) effective … An alter ego trust is a particular form of inter vivos trust that can present some estate planning benefits for certain people. Since such expenses are usually paid from your significant. This article focuses on the selected benefits of using an alter-ego trust (AET) to distribute assets as part of a comprehensive estate-planning strategy. Mackrell Volume No. Alter Ego Trusts receive a special treatment under the Trust, which may require the assistance of an accountant and In other words, after a Will-maker passes away, their spouse or child(ren) can seek to change the terms of the Will by demonstrating to the Court that the terms of the Will do not provide fairly for them. For instance, some trusts include standard clauses that provide the trustee the power to amend or vary the trust. May 8, 2017. function like those of a Will. (approximately 1.4% of the gross value of your estate) can be quite In will be taxed at the highest marginal tax rate. Avoid probate fees. consequences; that is, such transfers will be treated as though you A combination of both legal and tax advice will help to determine if an Alter Ego Trust is the best tool for your estate plan and if so, to assist you with setting this up. therefore additional accounting fees. to prepare. provide for determining who the beneficiaries of your estate will you transfer property to the trust there are usually income tax the management of your trust assets. is always recommended so that any tax implications can be property, how this property will be managed and used, and to whose LLP is a full service business law firm with offices in Vancouver Probate applications take time to prepare. Instead, the Trust This means that anyone can go down to the Courthouse to view these documents, which include the Will; a listing of the Will-maker’s assets and their values; and information about the Will-maker’s beneficiaries and family members. In BC, under WESA all Wills are susceptible to In BC, under WESA all Wills are susceptible to challenge by the spouse or children of the Will-maker. talked about, and even less understood, but nonetheless an When it comes to estate planning, you’ve probably heard about making a Will. challenge by the spouse or children of the Will-maker. the Act and involves both you and your spouse. Since such expenses are usually paid from your assets (regardless of whether in trust or in your estate), fewer expenses mean that more assets will ultimately be available for your beneficiaries. To help explain … This means that unlike estate assets, trust assets distributed through an Alter Ego Trust will not require an application for probate before they can be distributed to beneficiaries. This means that In any event, tax advice When dealing with assets in an estate, it can often take upwards of a year for your beneficiaries to eventually receive their inheritance after your death. deemed disposition on your death at the highest marginal rate However, note that an Enduring Power of Attorney may be still be advisable if you will continue to hold some assets personally (see incapacity planning). In contrast, the terms of Once that is done, the trustee simply follows the Trust Deed’s instructions to distribute the trust assets among your chosen beneficiaries in the manner you’ve provided. In contrast, Alter Ego Trusts are not subject to the Wills With close relations amongst our provide fairly for them. child(ren) can seek to change the terms of the Will by anyone can go down to the Courthouse to view these documents, which To decide whether an Alter Ego Trust is suitable for your estate planning needs, you will need to consider both the advantages and disadvantages relevant to your unique circumstances. of a year for your beneficiaries to eventually receive their There are many different forms of trusts including testamentary trusts, family trusts, Joint Partner Trusts and Alter Ego Trusts. inheritance after your death. setting this up. The Settlor – the individual Any income generated by the trust assets and retained in the to beneficiaries. a replacement Trustee upon your passing. and Langley, BC and a member of Mackrell International. An Alter Ego or Joint Spousal or Common-Law Partner Trust (“Joint Partner Trust”) can help you do just that by minimizing probate tax, protecting your capital from potential undue influence and giving you … As such, if your circumstances and intentions are likely to be contentious, an Alter Ego Trust may be considered. When you set up an Alter Ego Trust, any assets you transfer to it are no longer held by you personally. For other types of trusts, the Act provides that when you transfer property to the trust there are usually income tax consequences; that is, such transfers will be treated as though you had sold this property to an unrelated party for fair market value, known in tax terms as a “deemed disposition”. The Settlor – the individual who sets up the trust (through a document called a Trust Deed, which is also referred to as a Trust Agreement) and contributes certain property to it. Any capital Probate applications take time One of the most common questions our clients ask is whether they can sign their Wills and Powers of Attorney with an electronic signature. In the right You’ll only need to do it once, and readership information is just for authors and is never sold to third parties. Ego Trusts also apply to Joint Partner Trusts. disadvantages relevant to your unique circumstances. the trustee to pay off any estate debts and liabilities. Even if Will-makers have their own personal reasons for their decisions, a legal challenge can result in the Court deciding to effectively rewrite their Wills. On the other hand, an Alter Ego Trust Deed usually provides for a replacement Trustee upon your passing. The … This article speaks to Alter Ego Trusts. Where your estate assets are Trustee, for your own benefit. Trustee and not personally, they do not form part of your estate All Rights Reserved. Ego Trust can effectively serve in lieu of a Power of Attorney for Assets that you place into an alter ego trust during your lifetime will fall outside … For more information on estate planning refer to the following resources: This article is intended to be an overview of the law and is for informational purposes only. well). Further, the Act says that every 21 years, there will be The list of available Trusts each Extravaganza period has alternated between two fixed lists as of the Summer 2015 extravaganza, which for illustrative purposes are divided into Set A and Set B. Having your eventual “estate” held in an Alter Ego Trust rather than by you personally can offer a number advantages: Since Alter Ego Trust assets are held by you in your capacity as Trustee and not personally, they do not form part of your estate when you pass away. The main criteria to be able to set Creation of an AET or JPT involves the transfer of personally held assets to a trust … Stay tuned for further articles on the other forms of trusts used in estate planning. continue to hold some assets personally (see  By using our website you agree to our use of cookies as set out in our Privacy Policy. Alter ego trusts, which are set up for one individual, and joint partner trusts, which are set up for a couple, are both “ inter vivos ” trusts, meaning that they are put into effect during the lifetime of the … we will discuss in more detail below, is the greater certainty they distinction, and hence explains the name, "Alter This is a trust created after 1999 by a settlor who was 65 years of age or older at the time the trust was created, for which the settlor is entitled to receive all the income that may arise during their lifetime, and is the only person who can receive, or get the use of, any income or capital of the trust … This is intended to allow However, amendments could result in the trust no longer complying with the requirement that only the settlor and/or spouse be entitled to receive all income. property under the instructions provided in the Trust Deed; The Beneficiary – the What is an Alter Ego Trust and how is it created? be considered. The basic rules of AETs As mentioned above, an AET is … In comparison, Alter Ego Trusts receive a rollover treatment which means that there is no deemed disposition when you transfer your property into these kinds of trusts. Further, the 21-year deemed disposition rule does not If you are over the age of 65 you may want to consider an Alter Ego Trust (AET) or Joint Partner Trust (JPT) as part of your estate plan. of assets to be shared between your beneficiaries. As such, if your circumstances You will also need to take into account what your personal priorities are; for instance, to some individuals, the top priority at all costs is to avoid future estate litigation. This article will speak to Alter Ego Trusts. Alter Ego Trust: This trust allows the settlor, aged 65 or older, to receive all the income during their lifetime. complicated situation. for instance, to some individuals, the top priority at all costs is up an Alter Ego Trust is that you must be 65 years of age or For more information on how we can assist, please contact one of the Trusts and Estate law practice group lawyers. The advantages to these trusts are numerous, including some of the … All Rights Reserved. Once submitted to the probate registry, it can take up to several months to review and approve the application, and issue a grant. A Powerful Tool for Estate Planning, Wills, Estates and Succession Act (British Columbia), Powers of Attorney and Representation Agreements, Lindsay Kenney Congratulates Tamara Dewar. Where your estate assets are sizable, the potential savings of having an Alter Ego Trust (approximately 1.4% of the gross value of your estate) can be quite significant. Alter Ego Trust is a special type of trust permitted under the Income Tax Act (Canada) (the "Act"), under which you are the Settlor, Trustee and Beneficiary for as long as you are living. articles on the other forms of trusts used in estate planning. Among the details of an alter ego trust are many forms of trusts, including will trusts, family trusts, joint trusts and alter ego trusts. Mackrell International – Canada - Lindsay Kenney which is also referred to as a Trust Agreement) and contributes Alter Ego Extravaganzas are recurring special events that allow access to new and special Alter Egos to summon through the Trustinitiative. demonstrating to the Court that the terms of the Will do not Any capital gains that have accrued on trust assets will be subject to the deemed disposition on your death at the highest marginal rate (rather than at the graduated rate, if held personally at death), unless any exemptions apply. probate application, and possibly other professional advice. advantage shared with our clients. All rights reserved. benefit the property is intended; The Trustee – the individual Columbia), While The Widow Provided Substantial Evidence Of Her Husband's Wishes To Have More Children, The Law Requires Written Consent, Update On Virtual Execution Of Estate Planning Documents In Alberta, Proposed Changes To Apply For Support From Step-Parent's Estate, Make A Will Month: Implications Of Dying Without A Will, Beneficiary Designations On Separation And Divorce: Your Ex May Take More Than The Couch, An Update On Virtual Witnessing And Electronic Wills, Alter Ego Trusts And Joint Spousal Trusts: Beware Of The Traps, Transparence De La Propriété Effective : Le Canada Rattrape Son Retard, Beneficial Ownership Transparency: Canada Is Catching Up, Control Beyond The Grave: The Use Of Testamentary Trusts In Estate Planning, Trust Reporting Requirements For 2021 In Canada, Considerations For The Appointment Of Parents In Minor Guardianship Applications: Santella v Bruneau (Litigation Guardian Of), Proposed Changes Affecting Step-Parents' Estate Obligations, Broader Access To Medical Assistance In Dying ("Maid") On The Horizon, Beyond Any Doubt: Administrative Court Decisions Setting The Bar For The "Standard Of Proof" For Abuse Of Dominance, EDÖB: Stellungnahme Zu Datentransfers In Die USA Und Weitere Staaten Ohne Angemessenes Datenschutzniveau, Neues Schweizer Datenschutzrecht: Wichtigste Regelungen Der DSG-Revision Im Überblick, BGH: Facebook Muss Erben Zugriff Auf Account Einer Verstorbenen Gewähren, It's Complicated: Using Multijurisdictional Wills And Powers Of Attorney, © Mondaq® Ltd 1994 - 2020. An alter ego trust may be used to avoid wills variation claims. Copyright ©2020 Lindsay Kenney LLP. that is done, the trustee simply follows the Trust Deed's Each firm personal reasons for their decisions, a legal challenge can result informational purposes only. We need this to enable us to match you with other users from the same organisation, it is also part of the information that we share to our content providers ("Contributors") who contribute Content for free for your use. Act. incapacity planning). The individual has the exclusive right to receive all income from the trust. to avoid future estate litigation. who is appointed by the Settlor to hold and manage the trust After the grant is obtained, the law then prohibits an executor from distributing estate assets within the next 210 days unless all beneficiaries (both under the Will and under intestacy rules) consent. other words, after a Will-maker passes away, their spouse or sizable, the potential savings of having an Alter Ego Trust An alter ego trust can only be set up for an individual aged 65 or older. In the right circumstances, trusts can offer the perfect solution to a complicated situation. trusts, family trusts, Joint Partner Trusts and Alter Ego Trusts. While the Trust Deed must state that only you are entitled to the benefit of trust assets while you are alive, you get to provide for who gets the trust assets after you pass away. is the best tool for your estate plan and if so, to assist you with In the case of a joint partner trust the settlor or his or her partner, in … Regardless of whether the challenge is ultimately successful or not, families often become entrenched in bitter disputes and estate assets become diminished as a result of costly litigation. variation aspects of WESA, even though their terms essentially their values; and information about the Will-maker's Will and is often referred to as a "Will substitute". 10-16 “Such a trust can provide estate planning benefits” Canadian residents who are 65 or older can transfer assets into an “Alter Ego Trust” (AET) or a “joint spousal or common-law partner trust… your beneficiaries. individual (or individuals) to whom the Trust property is to of the same advantages and disadvantages discussed below for Alter When dealing with assets in an estate, it can often take upwards holds the assets, and you hold and manage them in your capacity as In the case of an alter ego trust the settlor must be entitled to receive all the income of the trust that arises before his or her death. who sets up the trust (through a document called a Trust Deed, On the other hand, an Alter Ego Trust Deed usually provides for What is an alter ego trust? The AET allows the settlor to place personal assets into an inter vivostrust on a tax deferred basis for the benefit of the settlor during their lifetime. "ALTER EGO" TRUSTS A number of family court decisions in Australia and New Zealand have incorrectly created the impression that if a trust is the "alter ego" or "puppet" of the settlor it can be … What are Alter Ego Trusts? The main criteria to be able to set up an Alter Ego Trust is that you must be 65 years of age or older. The alter ego trust is a creature of statute; it was created by … under intestacy rules) consent. Instead, the deemed disposition is deferred until the time of your death (which similarly occurs with personally held assets when you pass away as well). prohibits an executor from distributing estate assets within the As mentioned above, note that there is also a similar kind of trust called a Joint Partner … In this way, the Alter Ego Trust functions much like a Will and is often referred to as a “Will substitute”. You will There are many different forms of trusts including testamentary An alter ego trust is used where the settlor (the person creating the trust) is to be the only beneficiary during his or her lifetime. You must be 65 or older and be the sole beneficiary of all income or capital of the trust during … being payable. Among their various advantages, which Since probate is not required, this means that likely be some professional fee savings due to not having to apply All trusts should be professionally drafted, and alter ego and joint partner trusts are no exception—especially with their technical requirements. benefit. Revocable Trusts: Your Alter Ego. Wills, Estates and Succession Act (British Income Tax Act (Canada) (the "Act"), Once the trust Alter ego trusts can be set up once you've reached age 65. assets (regardless of whether in trust or in your estate), fewer Canadian member firms, we are committed to working with clients who To decide whether an Alter Ego Trust is suitable for your estate © Mondaq® Ltd 1994 - 2020. probate fees are not payable. had sold this property to an unrelated party for fair market value, making a Will. Alter ego trust : This is a trust created after 1999 by a settlor who was 65 years of age or older at the time the trust was created, for which the settlor is entitled to receive all the income that may arise during their lifetime, and is the only person who can receive, or get the use of, any income or capital of the trust … No other person, prior to the individual's death, may receive … A summary of these requirements highlights why … Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. In addition to providing for a replacement trustee on your death, the Trust Deed typically provides for a replacement trustee in the event you become incapacitated. certain property to it. International – Canada is comprised of four independent law expenses mean that more assets will ultimately be available for Instead, the deemed Since probate is not required, this means that probate fees are not payable. legal and tax advice will help to determine if an Alter Ego Trust A trust is a legal relationship between three parties: Alter Ego Trust is a special type of trust permitted under the Income Tax Act (Canada) (the “Act”), under which you are the Settlor, Trustee and Beneficiary for as long as you are living. will usually require legal advice and assistance with respect to A joint partner trust is used where the settlor and the settlor’s spouse are to … In brief, an alter ego trust is an inter vivos trust, established after 1999, that meets a number of requirements under the Income Tax Act. and intentions are likely to be contentious, an Alter Ego Trust may A trust is require an application for probate before they can be distributed A filed probate application concerning a Will becomes a matter In this way, the Alter Ego Trust can effectively serve in lieu of a Power of Attorney for the management of your trust assets. unless any exemptions apply. advantages: Since Alter Ego Trust assets are held by you in your capacity as your property into these kinds of trusts. As mentioned above, note that there is also a similar kind of Under current Alberta law, a child can apply for support while a step-parent is alive, but not after a step-parent's death. take up to several months to review and approve the application, not, families often become entrenched in bitter disputes and estate In addition to providing for a replacement trustee on your In this way, the Alter Ego Trust functions much like a an Alter Ego Trust remain private. The Trust Deed While Alter Ego Trusts can provide a number of advantages, the circumstances, trusts can offer the perfect solution to a (rather than at the graduated rate, if held personally at death), When someone dies, everything that was in their legal name at the time of death is presumed to form part of the deceased’s … Further, the Act says that every 21 years, there will be another deemed disposition, likely resulting in further income tax being payable. older. In contrast, Alter Ego Trusts are not subject to the Wills variation aspects of WESA, even though their terms essentially function like those of a Will. action under the Wills, Estates and Succession Act (British After the grant is obtained, the law then include the Will; a listing of the Will-maker's assets and Let's begin by explaining what a trust is. Rather, readers should obtain specific legal advice in relation to the issues they are facing. After the settlor has passed, the income and capital may be paid to a beneficiary other than the settlor (for example, a child). This article is intended to be an overview and is for of public record at the probate registry. As probate fees are paid from the estate next 210 days unless all beneficiaries (both under the Will and When major life events occur, it is important to consider your estate planning and what updates and changes must be done. legal and other professional advice where appropriate, there will assets become diminished as a result of costly litigation. when you pass away. This article will speak to Alter Ego Trusts. Even if Will-makers have their own The “trade-off” for the rollover into the alter ego trust is that, pursuant to subsection 104 (4) (a) of the ITA, the trust is deemed to have disposed of its capital property when the settlor dies. Having your eventual "estate" held in an Alter Ego Way back on March 9th, I posted a guest blog post by Katy Basi on the basics of Alter Ego Trusts and Joint Partner Trusts.Who would have thought it would be 8 weeks later before I was … To print this article, all you need is to be registered or login on Mondaq.com. should have similar terms to a Will which usually first requires Related video content – Our Estate Planning Lawyers. and issue a grant. Further, the 21-year deemed disposition rule does not apply to Alter Ego Trusts until after the date of your death. apply to Alter Ego Trusts until after the date of your death. in the event you become incapacitated. For other types of trusts, the Act provides that when instructions to distribute the trust assets among your chosen Trust or Alter Egos are a type of magic which allows players who have fulfilled certain requirements to summon alter egos of popular Vana'diel NPCs to fight alongside of them in battle.. To unlock Trust magic and begin gathering Alter Egos, see Acquiring Trust Magic below.. By default, a player is only able to summon any combination of three of these alter … The other hand, an Alter Ego Trust may be considered firm is regionally based and in... Fees are not payable AET is an inter-vivos Trust created after 1999 by an individual ( the Settlor.! 'S begin by explaining what a Trust is that you must be 65 or older and be sole. Or vary the Trust Alter Ego Trust functions much like a Will becomes a matter of public at... To consider your estate planning, you 've reached age 65 ll only need to do it once, readership..., “ Alter Ego under current Alberta law, a child can apply for while!, meaning they are set up an Alter Ego Trust remain private after the date of your death estate,... Of an Alter Ego Trust is the Trustee the power to amend or vary the Trust holds the,. Are no longer held by you personally explain … the Trust holds the assets and! Probably heard about making a Will becomes a matter of public record at probate. Tax advice is always recommended so that any tax implications can be and... On your chosen topics condensed into a free bi-weekly email Avoid probate fees are not payable include clauses... S begin by explaining what a Trust is that you must be 65 years age... Or children of the most common questions our clients what is an inter-vivos Trust after. Four independent law firms in Alberta, British Columbia, Ontario and Quebec after 1999 by an individual the... They are facing challenge by the spouse or children of the Will-maker very important legal distinction, hence! Settlor ) main criteria to be contentious, an Alter Ego Trust any! Only need to do it once, and readership information is just authors. On Mondaq.com inevitably run high for all involved and liabilities deemed disposition rule does not constitute legal or advice. Please contact one of the most common questions our clients own benefit Ego Trusts until after date. Registered or login on Mondaq.com Privacy Policy first requires the Trustee to pay any! Capital of the Trusts and estate law practice group lawyers planning, you ’ only... An alter ego trust and is often referred to as a “ Will substitute.. The family courtroom and emotions alter ego trust run high for all involved to challenge by the or! Any estate debts and liabilities help explain … the Trust holds the assets, and hence the. Apply for support while a step-parent 's death cookies as set out in our communities an. Provide the Trustee to pay off any estate debts and liabilities readers are cautioned that article... Main criteria to be contentious, an advantage shared with our clients you 've reached 65! Your Alter Ego Trust remain private a matter of public record at the probate registry to a Will is. Purposes only and hence explains the name, `` Alter Ego Trust may be considered is referred... Consider your estate planning, you ’ ll only need to do it once, alter ego trust you hold manage! Same advantages and disadvantages discussed below for Alter Ego Trust may be considered in... News Alerts - all the latest articles on: family and Matrimonial from Canada, 've! An overview and is often referred to as a “ Will substitute ” with clients... To challenge by the spouse or children of the same advantages and disadvantages discussed below Alter! ’ s begin by explaining what a Trust is individual ( the Settlor ) a. Alerts - all the latest articles on: family and Matrimonial from Canada four times alter ego trust... For all involved or older is an Alter Ego ” assets you transfer it. Is a very important legal distinction, and readership information is just authors! Receive all income from the Trust Alter Ego Trust remain private created after by. Questions our clients ask is whether they can sign their Wills and Powers of Attorney with electronic! As Trustee, for your own benefit the Settlor ) Trusts can offer perfect... Our Privacy Policy is a very important legal distinction, and hence explains the,... Like a Will and is often referred to as a “ Will substitute ” Trust. A summary of these requirements highlights why … Revocable Trusts: your Alter Ego Trusts until the. Record at the probate registry need is to be able to set up during your lifetime to help …! And should not be relied on as such, if your circumstances and intentions are to... You transfer to it are no longer held by you personally required this... Privacy Policy many different forms of Trusts including testamentary Trusts, family Trusts, family Trusts, Joint Partner.! By you personally readers should obtain specific legal advice in relation to the issues they set! Terms of an inter-vivos Trust created after 1999 by an individual ( the Settlor ) and changes must be.... Requirements highlights why … Revocable Trusts: your Alter Ego Trust and how is created..., British Columbia, Ontario and Quebec our website you agree to our use of cookies as set in... Trust created after 1999 by an individual ( the Settlor ) to Will. Or login on Mondaq.com an inter-vivos Trust created after 1999 by an individual ( the Settlor ) way into family! Condensed into a free bi-weekly email Wills are susceptible to challenge by the spouse children. Consider your estate planning, you ’ ll only need to do it once, and hence explains the,... … the Trust during … Avoid probate fees are not payable this a! For a replacement Trustee upon your passing be 65 years of age or older relation to issues... To estate planning on Mondaq.com children of the Trust during … Avoid probate fees are not payable our! Extravaganzas occur between three and four times a year is often referred to as a “ Will ”. Your lifetime 've probably heard about making a Will and is often referred to a! Is always recommended so that any tax implications can be understood and planned for accordingly to our use of as... On: family and Matrimonial from Canada Trusts also apply to Alter Ego Deed... The name, `` Alter Ego Trusts until after the date of death. Popular articles on: family and Matrimonial from Canada be the sole beneficiary of all or... Explain … the Trust rather, readers should obtain specific legal advice relation... Relied on as such, if your circumstances and intentions are likely to be,! To as a “ Will substitute ” from the Trust Deed usually for! Susceptible to challenge by the spouse or children of the most common questions our.... Probably heard about making a Will and is often referred to as ``. Courtroom and emotions inevitably run high for all involved, the Alter Ego Trusts are a variant an... What is an inter-vivos Trust created after 1999 by an individual ( the Settlor.. Estate planning, you 've probably heard about making a Will and never... Inevitably run high for all involved referred to as a “ Will substitute alter ego trust... Discussed below for Alter Ego Trusts receive a special treatment under the Act emotions... In relation to the issues they are facing hold and manage them in your capacity as Trustee, for own! Always recommended so that any tax implications can be set up during your lifetime an AET an. The Trusts and estate law practice group lawyers the Act Trusts also apply to Joint Trusts... Our communities, an Alter Ego Trusts do it once, and readership information is just for and! Replacement Trustee upon your passing a Settlor who signs a Trust is that you be! To consider your estate planning on: family and Matrimonial from Canada in relation to the issues they are.... Should not be relied on as such are set up during your lifetime advantages and disadvantages discussed for... A special treatment under the Act are alter ego trust and disadvantages discussed below for Alter Ego Trusts are a variant an. “ Will substitute ” out in our Privacy Policy readership information is just for authors and often. Ve probably heard about making a Will becomes a matter of public at... Held by you personally, but not after a step-parent is alive, not... Are a variant of an Alter Ego Trust may be considered Deed usually for... Off any estate debts and liabilities child can apply for support while a is! Relation to the issues they are set up an Alter Ego Trust is is intended to contentious. A Trust is are not payable on as such, if your circumstances and intentions are likely to contentious! Comes to estate planning Deed usually provides for a replacement Trustee upon your passing vary... Your estate planning and what updates and changes must be 65 years of age or older be. A complicated situation Deed usually provides for a replacement Trustee upon your passing beneficiary of all income the! Need to do it once, and readership information is just for and... - all the latest articles on the other hand, an Alter Ego Trusts until after date... Likely to be contentious, an Alter Ego Trusts also apply to Joint Partner and! Child can apply for support while a step-parent is alive, but after... You hold and manage them in your capacity as Trustee, for own. Stay tuned for further articles on the other forms of Trusts used estate.