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The Henson trust was first used in Ontario in the late 1980s. It became of wider interest when the Supreme Court of Ontario ruled in 1989 that the trust assets were not vested in the beneficiary and thus could not be used to terminate government benefit programs. A Henson trust can be established as either a living trust, or a testamentary trust.
The Family Law Act (the Act) is a statute passed by the Legislature of Ontario in 1986, [1] regulating the rights of spouses and dependants in regard to property, support, inheritance, prenuptial agreements, separation agreements, and other matters of family law. [2]
Family trusts are meant to live beyond the grantor's life. A family trust has an extended lifespan that enables it to distribute assets based on designated milestones (ie., marriage, having children).
For an example see the "nil-band discretionary trust", explained at Inheritance Tax (United Kingdom). Co-ownership: Ownership of property by more than one person is facilitated by a trust. In particular, ownership of a matrimonial home is commonly effected by a trust with both partners as beneficiaries and one or both owning the legal title as ...
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Probate explained: Best not go there Many folks don’t even know what the word “probate” means until it literally defines them. This court-supervised process involves many steps and can ...
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