Although many of us are lucky enough to have friends or family willing to administer our estates when we are gone, or to help us manage our property and finances if we become incapable, others are not so lucky.

Trust companies have traditionally offered a solution in these circumstances as they provide professional attorney, executor or trustee services, but today, as estate administration becomes ever more complex, people are increasingly turning to trust companies to do the jobs that loved ones might be able to do, but would prefer not to.

First and foremost, trust companies offer expertise, which is desirable for all estates, but especially those involving trusts for minors or persons with disabilities, or containing significant or complex assets.

They also provide neutrality, which can go a long way if your beneficiaries include quarrelsome family members or a sometimes strained blended family.

Trust companies also guarantee Canadian residency, so they can really save the day if your loved ones reside outside of Canada, as appointing non-residents as attorney or executor will yield negative tax consequences for you and your estate.

In addition to all of that, most trust companies charge the same or very close to what anyone else would be entitled to claim for these services – so, if someone is going to do the job and be compensated for it, in most cases it just makes sense for that ‘somebody’ to be a professional.

As a result, trust companies are proving to be the perfect solution for more and more people.

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This article is intended for information purposes only and should not be taken as the provision of legal advice. Grace C. Cleveland is a lawyer with the law firm of Cleveland Doan LLP and can be reached at (604)536-5002 or grace@clevelanddoan.com.